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The importance of a merchant account


Feb 26, 2022

Development and business are not separable. When you decide to take your business to the next level, you will need a modern fintech solution. There are many services which offer you a bank online account, but we would like to tell you about Genome.

What is a merchant account?

To accept credit and debit card payments, you first require a merchant bank online account, which is one of the key features of Genome. It is a special type of online account, which you open with a package of documents that proves your business activity.

Why do you require a merchant account?

As an entrepreneur who sells products or provides services, it is important for you not to limit your customers in terms of payment options. This is what Genome is for. This approach makes it easier for your customers to pay. Operating such a bank online account is very simple. When your client pays with a debit or credit card, the funds are sent to your merchant account, and then you can transfer them to your Genome business account. If you are in Europe, the money acceptance flow is automatically converted to your chosen currency in your online account, which can be USD, EUR, or GBP.

When you do business with a Genome account, you use an eWallet solution that helps you manage your income online, anywhere, anytime. Registering a bank online account gives you access to a wide range of functionality:

  • Linking multiple IBANs;
  • Exchange rates
  • Ability to use SEPA and internal transfers
  • Analytics and statistics about your online account and much more.

In addition, by creating a bank online account with Genome you get excellent customer support, a convenient and, most importantly, a safe platform where you can track all your performance statistics, and free online resources where you will find tips to grow your business.

What do I need to apply for an account?

Once you’ve decided and selected the payment solution that’s right for you, you’ll need a few documents to apply online to open a merchant account. The list of such documents for a bank online account includes:

  • Identity Documents;
  • Documents on state registration of the company;
  • Statements from financial institutions;
  • Documents on the structure of the company.

And that’s it. Checking all the submitted information and the subsequent creation of an account does not take much time. And you’ll be able to take full advantage of Genome’s capabilities.

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