Open a Merchant Account in Bulgaria
Open a Merchant Account in BulgariaUpdated on Friday 03rd November 2017
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The merchant account is a type of bank account useful for those businesses in Bulgaria that want to allow debit or credit card payments. Depending on the type of business, this may be a mandatory procedure that is taken care of during the early stages of company formation.
In order to open a merchant account in Bulgaria, investors are advised to seek the services provided by the bank where they have opened their corporate account.
Our lawyers in Bulgaria can answer all your questions regarding the requirements for companies in terms of banking and payment.
The uses of a merchant account in Bulgaria
The merchant account is used by companies that accept online or POS (point of sale) credit and debit card payments. The account can be designed for some or all types of transactions, for example, it can be used only for online transactions.
The merchant account is set up as an arrangement between the seller, the business in Bulgaria, and the payment processor that settles the transactions made via debit or credit card. Most of these transactions are subject to fees, as per the policies of the payment processor.
How to set up a merchant account in Bulgaria
The merchant account is usually opened with the same bank where the existing company has its corporate account. The fees for opening and managing the account will usually depend on the bank’s tariffs for these types of accounts and procedures. The company constitutive documents, as well as copies of the founder's IDs, are likely to be required when opening a merchant account in Bulgaria.
Our lawyers in Bulgaria can help you submit the necessary documents and can provide you with more information about the steps needed to open a new account or a merchant account. If you are a foreign investor and language seems to be a barrier, one of our lawyers can assist you throughout the process and in all matters related to company formation in the country.
Contact our law firm in Bulgaria for more information on doing business in the country.