The merchant account
is a type of bank account that offers the option to accept multiple payment methods. The key benefit for all businesses that open a merchant account in Portugal
is that they will be able to accept payments via a credit/debit card which is a preferred payment method for many clients. By doing so, the business will be able to increase not only its revenue but also the client satisfaction level.
1. What are the advantages of using a merchant account?
A business that opens a merchant account in Portugal will be able to accept debit and/or credit card payments. This means that the payment method is simplified and even made more advantageous for some types of clients. Moreover, certain types of businesses like an online store could not do without this type of account. A potential increase in sale and a more advantages payment tracking method are two other advantages.
2. What types of businesses can open a merchant account in Portugal?
Any type of company in Portugal
can open a merchant account if this payment method is relevant to its business needs. When business owners know that their company will primarily use credit/debit payments, then they can set up this account from the beginning. This account is used in retail, for online businesses and e-commerce companies in general.
3. What are the steps for opening a merchant account in Portugal?
The merchant account can be set up by the same bank with which the company has its corporate account. Establishing an online payment method will require an additional request submission with the bank and the applicant will be asked to follow a few steps among which filling in related forms, submitting the company’s constitutive documents and the identification details for the representative, any power of attorney (if applicable) and others, as requested by the bank.
4. Can a non-resident company operate a merchant account?
Yes. This is possible. However, the bank may ask for additional documents from the company such as the Decision to open a branch in Portugal
from the parent company or other types of documents for subsidiaries. One of our lawyers in Portugal can help foreign companies handle the set-up process for opening a bank account and a merchant account.