Opening a company in the Philippines implies several steps, however, in the case of online companies, additional requirements apply. One of these requisites is the creation of a merchant account. This type of account enables the company to process payments from its customers. There are various banks and payment institutions which allow the opening of merchant accounts in the Philippines.
Our Philippines company formation agents can help business owners who want to open merchant accounts.
Steps to open a merchant bank account in the Philippines
There are several steps to follow when setting up a merchant account in the Philippines. Below, we present you a list with all the steps you need to follow when setting up such account:
- Choosing a Filipino bank to work with
Companies can choose the same bank where the corporate account is opened to link the merchant account to. However, it is also possible to choose another payment institution which offers lower fees or other advantages.
- Prepare the documents requested by the Philippines financial company
It must be taken into consideration that each bank or financial institution has its own regulations related to the documents they need for opening the merchant account. The business owner must make sure all the documents required are complete before submitting them.
- Inform the merchant account provider about the services the company needs
It is very important to know that there are several services a merchant account in the Philippines can provide. Among these are:
- payment processing services which only enable the provider to process the payments received by companies;
- online payment services which are suitable for both physical and online shops;
- installation of payment processors, as some providers only offer the installation of end processors;
- acceptance of credit or debit card payments, however, companies can opt for the processing of both types of payments.
- Install the payment processor and start using the merchant account
We mentioned above that some institutions offer services related to the installation of payment processors, however some companies don’t; therefore, the last step to have a working merchant account is to install the processor which enables the Philippines company to start operating.
Documents needed when opening a merchant account in the Philippines
The following documents are required when opening a merchant account in the Philippines:
- information about the company, such as the Certificate of Incorporation issued by the Trade Register;
- information about the services the company will offer, for example, selling goods and services;
- a business plan, which should contain an estimate of the revenues for the first year of activity;
- information about the company’s website; this is mandatory in the case of online stores.
For assistance in setting up a merchant account, please contact our company registration specialists in the Philippines.