Does anybody know which Portuguese banks can provide a merchant account?
After one hour on the phone with MillenniumBCP the answer I get is that they donít know if they do or not. It is more difficult because I donít actually speak Portuguese. Or does anyone know how to translate internet merchant account into Portuguese?
The way this works is like a batch file sent every day to their system on a daily bases
Either way, compared to US Prices, you can find this to be a bit expensive.
Last time I checked MBNet costed about 100 - 150 euros a month
Unicre prices are based on your overall market. The more your volume of sales the less expensive it will be. But the low end overall volume. Eg: <=$5,000/month it will also be something like 100 - 150 euros a month
Hi, thank you for your replies. I will look a bit more into these options. You are right I'm not sure they did understand. Am I right in thinking these options would be a bit like Worldpay? Also would either be able to process in UK pounds as most of our customers ar UK based.
Mike, You might want to look into a offshore merchant account. Many provide multi currencies to process funds for your clients needs. I wouldn't worry so much on obtaining a Portuguese merchant account, but one that works for your business model, and has decent rates and fees.
WorldPay is an alternative and yes because worldpay processes in multi currency you can choose to process pounds and euros for example. Personally my experience wasn't very good with worldpay but that's another subject.
You can also try 3pp if you are short on cash and don't wish to setup a merchant account or off-shore or others
You have several different solutions available to you as many processors in Europe will be able to set up a direct merchant account for your directly through an acquiring bank. Here is a list of reputable companies in Europe who will be able to set this up for you and can also support multicurrency:
WorldPay (although they normally require set up fee around 300 pounds I believe)
As they are official resellers for different acquirers, they will be able to get a lower rate with the acquiring bank than a merchant individually will get.