What You Need to Know About Opening a Merchant Account in The Bahamas

A Merchant Account is an important payment option for many businesses.  Not only does it allow businesses to process electronic payments it is also one of the first steps businesses can take to start accepting e-commerce payments on their website.

At First Atlantic Commerce we provide online payment solutions and credit card processing for merchants and banks Our service enables merchants in the Caribbean and Central America to accept and process credit and debit card payments online.  However, one of the main requirements necessary to begin this process is having a merchant account or a merchant ID.

What is an E-Commerce Merchant Account?

An e-commerce merchant account is a type of bank account that enables businesses to accept electronic payments in multiple ways, however, it typically refers to debit or credit cards payments. E-commerce Merchant Accounts are provided by a merchant acquiring bank that partners with merchants to facilitate electronic payments.

Merchant accounts allow businesses to have safe and convenient transactions with their customers.  Especially, in this modern-day when card payments in person and online are becoming the predominant method of transaction, it is imperative that businesses in the Bahamas have an e-commerce merchant account.  Especially if they want to invest in a website with e-commerce payments.

How do I obtain an online Merchant Account?

Each bank in the Bahamas has a different set of criteria to open an online merchant account.  The requirements/documents vary by bank and depending on the type of business you have (Sole Trader, Partnership, Limited Liability).

Most banks do not have this information readily available to the public online so companies and entrepreneurs will have to contact their respective bank.  Some documents that you should have readily available are:

  • A form of valid ID, if the company is a partnership, an ID for each partner will need to be provided.
  • Certificate of Incorporation (specifically for medium to large companies)
  • Business License

As mentioned before each bank will have a different set of requirements so it is important to contact your bank first.  Listed below are the banks that offer merchant services and the numbers to contact their merchant services department:

Royal Bank Canada (Bahamas and Turks & Caicos):

  • (242) 322-2045 ext. 67063
  • (242) 356-8544
  • (242) 322-2045 ext. 67058

Scotiabank Bahamas

  • (242) 356-1697

CIBC First Caribbean International Bank

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 on your website!