Merchant Account Setup

Merchant Account Setup UAE | Easily Transfer Your Online Payments To A Dubai Bank

Merchant account setup UAE: Payment options, merchant account with payment gateway, issues, how it works, steps and time taken

Varal fee for merchant account setup: US$ 300 or AED 1,100.

In today’s business environment it’s essential to offer as many different payment options as possible. If you don’t and your competitors do, you will certainly lose some business to them.

Please invest 2 minutes of your time to watch the merchant account setup UAE video below. It spells out how you can benefit. Or if you prefer to read, then feel free to skip the video and go straight to the text below:

 

Some businesses in the United Arab Emirates [UAE] still use only checks to transact business. Others use both checks and online bank transfers. But new ways are being invented rapidly as technological advances snowball into the financial sector.

The various payment options today are:

  • Cash
  • Checks
  • Bank transfer online
  • Accepting credit card payments via a machine in your office or shop
  • Credit card payments online via your website
    • Need a merchant account with a payment gateway
  • Credit card payments via email based invoicing
    • Need a merchant account with a payment gateway
  • Using a mobile phone wallet
  • Using new touch methods launched by various technology giants e.g. iPay

Every generation grows up using the current inventions for payments and receipts. Earlier it was cash and checks. Is your business offering only these payment methods?

If you want your business to grow with the younger generation, you must also offer the current payment methods to facilitate online payments and mobile banking.

Many millennials have never written a check.

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What is a merchant account with a payment gateway?

A merchant account is a bank account that allows businesses to accept payments by payment cards, typically debit or credit cards and deposit the funds into that account.

Face to face credit or debit card payment accounts have fewer rules for the minimum hold of funds. Online payments gateways can require the business to keep a certain percentage in case of disputes or returns.

A payment gateway is a company that offers credit or debit card payment processing for online payments. Some also offer email based invoices which can be sent to your clients who can pay via the email link for wherever they are in the world.

Merchant Account Setup UAE | Transfer Your Online Payments To A Dubai Bank Easily

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Issues you need to look at before deciding on one

  • Some banks want a minimum guaranteed monthly value of transactions
  • Check on the transaction and other fees
    • Per transaction
    • Setting up
    • Monthly
    • Fee to withdraw to your credit card or bank account
  • In the United Arab Emirates [UAE], until recently, you couldn’t withdraw money from your bank account, but only into your credit card.
    • What does your merchant account and payment gateway allow?
  • What type of products or services does your payment processor allow?

One of the most widely used payment gateways is PayPal. And now you can withdraw funds directly from your local UAE bank.

However, documentation and linking are tedious and time-consuming.

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How does it work?

Remember that your site doesn’t process credit or debit card payments. The payment gateway does.

So when you start accepting credit or debit card payments ‘on your website’ it means that your website has a link that takes your customers to the payment processor’s website.

The payment is then processed by them. And they transfer the funds to your merchant account that is linked to your payment gateway.

The security of your site, while important, is not as important as the security of the payment processor’s website. They have all the details of your client.

Your merchant account could be in your own bank. Or it could be in one offered by the payment processor. E.g. PayPal has it’s own, and you can give it instructions to transfer the funds as they are accrued to your business bank account

If your payment gateway allows, you can also send an online invoice which allows your client to use their credit or debit card for online payment through this link.

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What steps do I need to take to set up one?

To set up a merchant account with a payment gateway you need the following:

  • Website
  • Application to payment processor
  • Details of your business
  • Filling up of payment processor documents

To set up a link with the payment processor and your bank account in the UAE:

  • Company owner’s copy of passport with visa page and Emirates ID
  • Valid company business license copy
  • Last 3 months’ bank statement
  • Bank account IBAN number
  • Proof of address using any utility bill copy

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How long does it take?

The recommended payment gateway and a merchant account for the UAE are PayPal.

Network International now facilitates the withdrawal of your funds from your Paypal account to your UAE bank account. For a fee, of course.

This fee depends on the volume and value of transactions.

They claim that setting this up takes about 5 business days. However in practice, it could be anywhere up to 3 months. Hopefully, they will become faster since this is a recently started service.

Merchant Account Setup UAE | Transfer Your Online Payments To A Dubai Bank Easily

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Merchant Account Setup was last modified: May 8th, 2016 by Ramapati Singhania

Ramapati Singhania

He strives for excellence in all he does and brings out the best in his people through guidance, a strong vision and support. He is exceptionally open-minded, flexible, dependable, understanding and straightforward in all words and actions and encourages personal as well as professional growth.

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