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MERCHANT ACCOUNT OPENING

A Merchant account is a "bank account" established with a payment processor for conducting credit / debit card transactions. Any merchant who wants to take payments through credit / debit card, must establish a merchant account. Merchant account processing services are usually provided by a bank or a third party processor to the merchant. These services include authorization of credit cards, transfer of funds through the financial institutions (MasterCard/Visa), depositing of funds to checking accounts, merchant billing, and account activity reporting.

Formations House offers a complete Merchant solution including Merchant account and credit / debit card processing facilities. This Merchant services package is offered in combination with Formations House Accounting services package.

The set up cost for this service is £150 for UK companies and £250 for offshore companies. There will also be a charge of 4%-8% per transaction for both, offshore and onshore (UK), customers. Please note that the transaction fee may be increased or decreased based on the nature of business and the business activity.

It takes approx 2 weeks to complete this procedure. To order, please email your order request to info@formationshouse.com with a description of your business activities (intended or ongoing). After reviewing the business description and activities you will be advised about the actual transaction rate that you will be charged.

The following information and documents are required to setup the service:

  • Company name
  • Registration number
  • Copy of the certificate of registration
  • Copy of the articles and memorandum of association
  • Two proofs of identity e.g. notarized copy of passport and notarized copy of driving license
  • Two proofs of residence e.g. 2 notarized copies of utility bills
  • Notarized bank statement for last three months

 
 

Infini Plan

Plan Your Business For £100
Extreme Accounting £500

On a tight deadline? Prepare and file your accounts in
14 workings days!

Express Dormant Company Accounts £150

Single-click E-filing to both, Companies House and Tax office

Outsourced Accounts Department £300

Handles daily bookkeeping; Files; tax returns; Deals with customer and supplier enquiries.

Dormant Company Accounts £75

Single-click E-filing to both, Companies House and Tax office

Managed E-commerce Websites
£50 per year

Pro-active E-commerce web site management Complete web site creation and support services

Merchants Accounts
Merchant processing solutions for both on- and off-shore companies
Accounts Pro
Accounts Pro £250
Enterprise Accounts Express
Enterprise Accounts Express £100
Managed Tax System
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