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.
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:
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.
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.
It is very important to know that there are several services a merchant account in the Philippines can provide. Among these are:
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.
The following documents are required when opening a merchant account in the Philippines:
For assistance in setting up a merchant account, please contact our company registration specialists in the Philippines.
Are you interested in other services and solutions for businesses? Our team also offers accounting services, focusing on operational bookkeeping, tax filing and payment, as well as preparing the audited annual financial statements. You can discuss about the mandatory requirements with our team of certified accountants in Philippines. Reach out to us for details about our services.
If you have questions about other matters, such as how to move to the Philippines, our team can offer personalized answers. Being well aware of the particular conditions that apply to this process, namely the immigration quota based on nationality, is important before you start any application process. Our team can give you updated information about the entry conditions according to your nationality.