Open a Merchant Account in Turkey

The explosion of the online market has led to Turkish banks implementing new solutions for companies offering their services or selling their products over the Internet. This has happened because Turkish companies needed the means to process online payments and thus increase the comfort and the confidence of their clients. Nowadays, both large and small online business, but traditional ones as well, have the option to create merchant accounts in order to process payment.

The merchant account is different from a regular bank account and our company formation agents in Turkey can offer more information the two types of accounts.

What is a Turkish merchant account and how to open it?

The merchant account is a bank account which can be opened with any bank or company in Turkey offering financial services and which allows for the processing of credit or debit card payments. In order to set up a merchant account in Turkey, a company must sign an agreement with the intermediary online payment processor or with the bank directly and then have a unit which processes the payments installed on the premises of the business.

There are various ways in which payments can be processed through a Turkish merchant bank account and thus the company setting up this type of account must take into consideration how the payments will be processed. They can have credit card payment terminals installed or various payment gateways which allow for the online processing of the transactions.

Our Turkish company formation consultants can also offer help investors create an online business in this country.

Have you decided on business and need a team of accountants in Turkey? You can get in touch with our certified experts and see how you can be helped in this field. A firm needs payroll services, bookkeeping, audits, support for the preparation of annual financial statements, and debt monitoring among others. Investors can also ask for personalized financial consultancy services and a series of reports that can help them understand the business from a financial point of view.

What are the usual services connected to a merchant account in Turkey?

When opening a merchant account in Turkey, a company must pay attention to the type of payments the processor allows, but also to fees associated to the transactions. Also, Turkish companies seeking to open merchant bank accounts must verify the banks the operator works with. Most of the financial companies offering merchant account services in Turkey offer the following facilities:

• -          free installation of the payment processor;
• -          safe payment authorization;
• -          various payment options;
• -          customer care services.

For full information on the requirements related to starting a merchant account, please contact our company registration advisors in Turkey.