Hi,

I want to open web hosting company. I would be reseller and sell mostly VPS, Dedicated, and maybe Shared. I want to be able to accept payments from my customers. Also to automatically bill them each month, etc. Everything what one hosting company needs for that.
Here is the catch: I live in Bosnia and Herzegovina, and PayPal do not allow me to receive money. Is there any company that will enable me to accept payments and start this business?
Are there any other things I need to know regarding this?

I would suggest setting up a merchant account and then accepting credit card payments directly. That is what many hosting companies do.

How can I open merchant account? Is it possible regardless of country of residence?

I believe so, yes. Paypal offers this service - But googling "merchant account" will bring back endless results.

I think Paypal is the most widely accepted form of payment short of credit cards. Only thing you run into there is the possibility of charge backs.

Choosing something that doesn't allow charge backs such as e-gold could secure your payments - but then you run into the problem of who actually has an e-gold account.

Credit Cards / And / Or Paypal is what I suggest

As I said, catch is that I live in Bosnia, and paypal provides only US merchant accounts I believe.