Online Merchant Accounts are essential for companies in the Cayman Islands that want to accept electronic payments. It is particularly important for companies in the islands that want to invest in e-commerce payment solutions for their website. Services, like ours at First Atlantic Commerce, require that local companies have a merchant account/merchant ID in order to access our online payment solutions.
An online or e-commerce merchant account is primarily the first step required to start the process of implementing an e-commerce payment option on a company’s website. This is different from a Point of Sale (POS) merchant account. After acquiring the account, companies can then benefit from the many pros of having the account and having the ability to accept payments online.
What is an Online Merchant Account and what are the benefits?
An online merchant account is a type of bank account that allows businesses to accept any and all electronic payments. An online merchant account is used to accept debit and credit card payments in an online or “Card Not Present” environment. There are a lot of benefits of having an online merchant account:
- Companies can accept credit and debit cards online
- It is safe and convenient for both the merchant and the customer
- Allows companies to access e-commerce services
How do companies obtain an Online Merchant Account in the Cayman Islands?
Online Merchant Accounts are available from many local banks on the islands. Depending on the type of company and the bank chosen the criteria and documents may vary. Generally, businesses are advised to contact the bank they work with and ask what the next steps would be
Below, we have listed banks in the Cayman Islands that offer merchant services and how to contact them:
Royal Bank Canada – Cayman Islands
RBC in the Cayman Islands also offers merchant accounts. However, they ask that customers visit their nearest branch or contact their Merchant Services Team directly. Customers can call the following numbers:
- (345) 946-5245 ext. 69038
- (345) 946-5245 ext. 69038
- (242) 356-2045 ext. 67058
Scotiabank – Cayman Islands
Scotiabank also asks customers interested in their merchant services to contact them via phone. People interested in these services can call:
- (345) 949-7666
Canadian Imperial Bank of Commerce (CIBC) – Cayman Islands
Companies interested in merchant services with CIBC are asked to visit their nearest bank on the islands, which they can find on their map of branches and ATMs. Companies can also contact the following number and email address:
- (345) 815-2232
Butterfield Bank – Cayman Islands
Butterfield Bank asks customers interested in their merchant services to contact them via phone or email for more information and next steps:
- (345) 815 7574
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!