A Merchant account has a variety of benefits to local businesses in Barbados. It allows transactions between businesses and their consumers to be safe, convenient and easy. It is particularly essential for businesses that want to invest in an online website and have an e-commerce option available to their customers.
What is a Merchant Account?
A merchant account is a business bank account that enables businesses to accept and process any electronic payment or card transactions. It allows businesses to accept card payments and thus allows businesses to have a more convenient and safe transaction for both the business and its customer. It especially reduces the risks for the business when it comes to issues such as dishonoured checks or any security risks that can occur when a business has large sums of money on the owner or business premises.
Why is a Merchant Account Important to have?
- It allows companies to accept money via credit cards and debit cards on-site
- It is safer than having a large sum of cash on the premises
- It enables businesses to facilitate online payments and e-commerce solutions through companies like First Atlantic Commerce
How do I get a Merchant Account?
Many acquiring banks provide this service, however, what is required by the company differs based on each bank and the type of company requesting to open the merchant account. For example, a partnership will typically have to provide more documents than a sole trader. Some banks may also have different requirements. While there are no set criteria by all the banks on the island, generally, in Barbados, banks will ask for one or all of the following documents:
- Copies of Certification of Registration
- A form of valid ID, if the company is a partnership, they will need to provide an ID for each partner.
Larger companies especially a Limited Liability Company will have to also provide:
- Copies of Certificated of Incorporation or Continuance
- Notice of Directors
- Notice of Secretary
- As well as valid IDs for all the Directors and the Secretary
However, it is still important that businesses contact their respective bank and request more information on the process. Some banks may require more documents in order to open a merchant account.
Listed below are banks in Barbados that provide merchant account services and the numbers to call to speak to their merchant services representative or customer service team:
Republic Bank Barbados Limited: (246) 431-5900
Royal Bank Canada Barbados: (246) 467-4032
First Caribbean International Bank: (246) 467-8847
First-Citizens Barbados: (246) 431-4500
Scotiabank Barbados Limited: 1.800.744.2672
First Atlantic Commerce provides online payment solutions and international credit card processing for merchants, banks, and partners all over the world. Our services allow merchants to accept and process credit and debit card payments online! Learn more about our online payment solutions and how you can implement it in your company today!