Maltese financial companies nowadays offer a wide range of services, one of the most important referring to the opening of merchant accounts. E-commerce companies are the businesses requesting most of this type of bank account as part of their activity implies offering online payment services.
Financial companies offering merchant bank account services in Malta also benefit from a legal framework which enables them to create the account and process the payments going through the terminal. Our company formation consultants in Malta can offer information on the law related to the creation of a merchant account.
How to open a merchant account in Malta
The Bank of Valletta is the main bank in Malta processing payments coming from and going to merchant accounts. It is also the one of the two Maltese banks allowing companies to create this type of account.
In order to set up a merchant account in Malta, a company must sign an agreement with the financial company intermediating online payments or directly with the bank. In order to open the Maltese merchant account, the applicant must submit a series of documents with the bank. These are:
- – the ID or passport of the person opening the account, in the case of natural persons or sole traders;
- – information on the company’s department opening the account, in the case of legal entities;
- – an application form which must be filled out;
- – information on the types of payments the company will process through the terminal.
Our company registration agents in Malta can offer more information on how to apply for opening a merchant account.
What happens after creating the Maltese merchant account?
Once the bank has accepted an application and has created the merchant account, a payment processor identification number will be issued for the company or person requesting the account. Through Maltese merchant accounts, companies can accept payments made with credit or debit cards through terminals or can accept online payments.
In the case of online companies carrying out activities through websites, a verification of the website will be carried out by the bank.
For assistance in setting up a merchant account, please feel free to contact our company incorporation representatives in Malta.