21 June 2019

Drozdova & Partners Law Firm assisted Ukrainian business with opening US merchant account

Drozdova & Partners Law Firm helped a Ukrainian company to expand its business out of Ukraine with the opening of a US merchant account.

Drozdova & Partners Law Firm Director Ms Olena Drozdova provided support for the execution and preparation of necessary documents and applications.

A ‘merchant account’ is a special identification code of a customer in an integrated e-payment system. Such system integrates financial and other aspects to allow for making online transactions. The code is assigned directly by a bank, which is a member of the system.

‘A merchant account, in fact, drives sales growth,’ tells Ms Drozdova. ‘The account allows for the round-the-clock collection of payments, whatever are the aspects of the bank’s operations.’ The seller will have the money credited to their account at any time of day or night, and even on holidays or weekends. Another convenience is that a merchant account allows customers to pay for their goods and services directly on the company’s website. In addition, payments can be accepted from all over the world and even in those currencies, which are sometimes unavailable for conventional banking services.’

The expert has advised that the opening of a merchant account would require:

– current account opened with a financial institution;

– certificate of state registration, articles of incorporation, license, and articles of association;

– address of the company’s website;

– information about refund mechanisms of the company;

– recommendations from the industry; and

– passport photocopy.