Are you having multiple banks in the back from all over the world or how else can people "from all over the world" sign up for their own merchant account? The VISA rules donīt allow that at all, each bank can only serve itīs own country (or a specfic range around it).
The bank said: there is no problem in getting customers around the world. I don't know how, but this is a bank not a regular srevice, and it's sure they have an agreement with Visa and MasterCard to serve any one in the world
$1960 as an insurance, which will be held for unknown preiod of time
$135 as a monthly fees
4% - 5% as a discount rate (depends on your business type)
The money is sent to you whenever you ask for for them for only $10
Do you think this would be a good apportunatiy?
No it sounds like a simple scam.
1960 that they sit on until they find a reason to keep it
discount %age thats at least twice the going rate
135/month fee is obviously inflated to cover your commission
and they sit on the money until you ask, and chareg $10 to remit
It will probably only be taken up by 3 groups - the completely clueless newbies, those too stupid to shop around or those with credit ratings so poor no other bank would touch them.
And AFAICR you're not actually allowed to open a merchant acount in a country you dont trade from.
Which bank is it, I need to stick them on my list of financial institutions to avoid.
They are a bank othellotech, and they know what do they do. Actually I gave them the idea of running a service like paypal in the middle east, but they found it hard in the meantime and they said it's hard to make this legal in Saudi Arabia. So we agreed on only reselling their current online payment processor until we can find something on the semi-paypal system. I use their payment processor now for a rate that's a bit more than what I put here, and I can say it's perfect, easy, and it has no problem at all!
Saudi Riyal and UDS. The bank is NCB (National Commercial Bank).