First Atlantic Commerce was the brainchild of Andrea Wilson, Director, who, while working for one of Bermuda’s banks in the late 1980s, received a phone call from a merchant asking for help with online purchasing. Andrea decided to research the requirements for providing credit card processing for Internet merchants, quickly realised the potential, and First Atlantic Commerce was launched.

First Atlantic Commerce was founded in April 1998.

No, it is part of a privately-owned company that includes a bank.

First Atlantic Commerce is based in Bermuda for historic reasons. Andrea founded the company while working on the island, and it is now owned by Bermuda-based CAPITAL G Ltd.

First Atlantic Commerce currently employs 17 staff.

Bermuda is recognized around the world as a leading offshore financial jurisdiction with a robust and world-class infrastructure. The island’s banking sector is regulated by the Bermuda Monetary Authority. The Bermuda Stock Exchange services many markets and a number of international investment funds list here with Bermuda being one of the busiest markets for stock-crosses for some of the largest brokerage firms in the world. Bermuda is also a major centre for insurance and reinsurance attracting many international names including ACE and XL Capital.

KPMG, Deloitte, Ernst & Young and PricewaterhouseCoopers are some of the well known international names that provide accounting and management services in Bermuda.

Bermuda is Britain’s oldest remaining colony and is governed by British Law. Known as the Islands of Bermuda, it is in reality a string of over 100 islands. Bermuda is to the east of North Carolina, 650 miles (1046 km) away. New York City is 750 miles (1215 km) to the northwest and London is 3,460 miles (5568 km) to the northeast.

Many people make the mistake of thinking Bermuda’s somewhere in the Caribbean. It’s not. Bermuda is actually 950 miles (1529 km) to the north of Nassau, Bahamas.

First Atlantic Commerce’s head office is in Bermuda and we have consultants in Toronto, Canada.

First Atlantic Commerce is a true provider of DIRECT MERCHANT ACCOUNT solutions via established Acquring banks around the world. The company does not facilitate Dynamic Currency Conversion (DCC) services. First Atlantic Commerce prefers to offer Internet merchants like-for-like presentment and settlement online credit card processing in all the world’s major currencies.

Additionally, the company facilitates online credit card processing in 58 different currencies (ideal for emerging geographic markets) with settlement to USD.

Processing credit card transactions online is real-time, with all First Atlantic Commerce merchants receiving settlement daily (terms apply).

First Atlantic Commerce has also developed a powerful suite of online fraud and data management solutions, consumer authentication services and IP Geolocation products from which merchants can pick and choose and tailor to their specific business needs. These services are available separately from credit card payment processing if this is the preferred route.

First Atlantic Commerce differences at a glance:

In 1998, First Atlantic Commerce became the first international online payment gateway to certify with First Data Merchant Services in the USA linking Bermuda banks to First Data for internet merchant credit card processing.

In 2001, First Atlantic Commerce established eCommerce payment processing for the Cayman Islands, and in May the same year, expanded its international processing business to facilitate Internet credit card payments throughout the Latin America Caribbean Region (LACR).

In 2002, First Atlantic Commerce contracted with banks in Panama to provide Latin and Central American merchants’ eCommerce acquiring solutions. This was the first region to implement multi-currency presentment solutions in 58 different currencies, with USD settlement.

In February 2004, First Atlantic Commerce and MasterCard International certified MasterCard SecureCode payer authentication solutions for the Latin American Caribbean Region (LACR) thereby becoming the first to implement the service in the region.

November 2004 saw First Atlantic Commerce certify to the European payments clearing switch and began offering services in Euros, GBP, CHF, USD and CDN. The company also completed certification with Visa and MasterCard EU and CEMEA regions for Verified by Visa and MasterCard® SecureCode™solutions.

In February 2007, the company completes integration of its payments processing platform in Mauritius and launches Pacific Rim Internet credit card processing. A month later, First Atlantic Commerce unveils a universal host translation module to enable certification to ANY card payment platform in the world.

Just three months after that, in June 2007, the company completed certification to VISA in Israel to expand into the Central and Middle European eCommerce payments markets. In September of the same year, First Atlantic Commerce certifies to a credit card processing platform in Puerto Rico, supporting additional LACR banks.

In January 2008, First Atlantic Commerce contracts with PROSA in Mexico to provide Verified by Visa and MasterCard® SecureCode™to their acquiring banks in the region. The company also signs a deal to provide Banco Santander online merchants 3-D Secure™solutions.

First Atlantic Commerce obtained the first eCommerce Private Act of Parliament for Segregated Cell legislation (August 1999). It now operates a very unique Bermuda-based processing solution whereby companies are able to establish a Virtual Corporation (Segregated Cell) structure, instead of full incorporation, to facilitate their credit card processing.

Today, the company processes, on average, one million transactions a month for online merchants from across the globe, and works with big-name companies including Visa, MasterCard, Avis and the Government of Jamaica. FAC attracts online merchants of all sizes from a range of industries, and tailors solutions specific to each of their needs.

First Atlantic Commerce tailors end-to-end, direct merchant account, multi-currency online credit card processing solutions for Internet merchants around the world.

Services include:

  • Multi-currency credit card processing with presentment in up to 58 currencies with US$ settlement and/or pricing and settlement in 15 currencies
  • Pan-European, Pacific Rim, Bermuda and LACR direct merchant account solutions to support single-point geographic expansion
  • AVS-only solutions to help screen fraudsters by comparing the billing address provided by the purchaser to the billing address on the cardholder’s credit card statement
  • CVC solutions (CVV2/CVC2/CID) to validate the security code found on the back of credit cards, which confirms that the purchaser has the card in hand
  • Pre-authorisation requests along with AVS and CVV2 data checks

3-D Secure™based payer authentication services:

  • Provides Internet merchants with the ability to verify a consumer’s true identity through a secure, electronic, non “face-to-face” authentication process
  • Enables all parties in an eCommerce payment transaction to transmit confidential and valid payment data
  • Provides verification to the merchant that the buyer is the authorized owner of a card account
  • Offers immediate protection from fraud-related chargebacks (“I didn’t do it” chargebacks)

First Atlantic Commerce has assisted a number of banks with their eCommerce merchant acquiring programs. Our years of expertise and direct experience of supporting Internet merchants with credit card payment processing around the world, makes us ideally suited to providing banks with meaningful strategic and tactical support to launch (or upgrade) their services.

Services include:

  • Strategic Planning – development of an effective eCommerce strategy that takes into account your unique banking environment
  • Needs Analysis – recommendations on how to implement your new eCommerce strategy
  • Planning and Implementation – the planning and delivery required to support your bank’s specific objectives
  • e-Risk Management and Best Business Practices – guidance on effective risk management practices to fully support a comprehensive Internet merchant acquiring programme
  • 3-D Secure™- Leverage our cGate®SecureVerify payer authentication solution as an outsourced service
  • Fraud and Data Management Solutions

To find out more please contact us. Or simply apply online.