just rang chronopay regarding a third payment processor. Im interested in SETTING up a business. resreached it for 18 months great idea great customer base. researched suppliers for my product - ridiculous profits i just want to set the site up etc. chronopay say i i need to set up a business account. can anyone reccomond the least complicated form of business to set up so i can just get on with it. Sole propietership is this enough for a payment processor? or do i need a corporation? cheapest and simplist is the best for me someone please help
WHat is the easist way and definate way to get accepted by a payment processor. I have never ran a business before .
For direct accounts V/MC requires you to have a legal presence (either citizenship or an incorporation) in the same country as the bank. Typically, as long as you are a citizen, you can get a merchant account as a sole trader / proprietor as long as the name on the settlement bank account matches the name on the merchant agreement. If you're not a citizen, then you have no choice but to incorporate. If its a third party account in Europe, their acquirer be requiring an EU corp...in which case they should be able to give you some guidance as to the best place to domicle it.