When it comes to setting up a bank account in Europe, many questions exist around how the process actually operates. Especially for those many Britons expecting major rule changes following the British exit from the European Union (EU), uncertainty is quite rife. This can make it hard for you to know whether or not you should set up a European bank account.
However, there is far more to think about with regards to bank accountancy than where you set-up. You also need to factor in one three major questions, which are:
- What is the reputation of the bank that I am considering signing up with?
- What does the bank do when it comes to the closure of accounts?
- Does the bank provide both personal and professional accounts?
Especially if you believe that you will be doing a lot of business in the EU or across Europe, you might need to factor in the above. For example, one of the most common accounts today for professionals looking to carry out commerce across the EU is a European high risk merchant account.
Not sure what this does? Use this guide to inform you on high risk merchant accounts.
What is a Merchant Account?
For any professional who is carrying our work across Europe, using a merchant account is likely to be essential. Such accounts are a major part of your professional business, providing you with a means of managing payments online.
This will give you the chance to take credit card payments and deal with a host of different payment systems, giving your customers peace of mind when it comes to buying from you.
If you are looking for an account that is going to give you the support that you need to make payments possible, then you should absolutely look towards getting a merchant account.
Without this, you will likely lack the tools needed to take card payments and online payments outside of gateways such as PayPal. Many clients will not use a company that does not some kind of protection in place, though, so keep that in mind – without a merchant account, expect purchases to be left at the checkout.
Security and confidence in the purchase is an essential skill for anyone in the commerce industry. With that in mind, you should focus on getting access to a merchant account right away today.
What is a High Risk Merchant Account?
The main thing that might worry you about this term – ‘high risk’ – is typically a misnomer. You will find that a high risk merchant account is an account designed specifically for two kinds of business owners:
- Those with an account history that is not in great standing, and might find it hard to get backing from a bank elsewhere.
- Those who tend to work in high risk, volatile industries that could require that extra level of guarantee and protection long-term.
The high risk nature of the term, though, typically is more to do with the kind of work that you do as much as anything else. A high risk merchant account means that you can still handle large sums of money on a monthly basis across Europe, all the while allowing you to work without having to constantly clear hurdles with your banking partner.
This is why many people use these accounts; you want to get an account that allows you to run your business in the way that is most natural to you. This is why many people today choose to get a high risk merchant account to get their business up-and-running.
Are High Risk Merchant Accounts Dangerous?
Only if you bank with the wrong institute. Many people today will find a bank that they can trust by looking at various bodies offering a European high risk merchant account. We recommend that you look to find someone who can help you out as quickly as possible, as the sooner you get an arrangement in place the sooner your business can start to move forward and make a success of its plans.
Now, you can easily deal with credit card and debit card payment processing safely and securely. Your customers will feel safer, and your business will benefit from the increased revenue.
Many times, though, the danger is more in line with how a bank would perceive you. It is more to do with either what you do for a living, or your previous financial situation.
Still, this should not allow you to fall to the wayside and make it impossible to get started as a merchant. Past performance should not be the deciding factor in whether or not you have a chance to turn yourself into a practicing merchant. That’s why a high risk merchant account might be what you need.
What Should I Do?
We recommend that you look to open up a standard merchant account with your most trusted bank first and foremost. However, in the likely event that you are rejected, you might wish to look into enrolling a European high risk merchant account.
This gives you the access that you need to the tools and resources to make a genuine step forward and a chance to progress. If you feel as if your professional progress is hampered by an inability to secure a merchant account, solutions do exist.
Take a look at European high risk merchant accounts, and you will soon find it is possible to do business – even in fractious circumstances or challenging industries.
- How to Open a Bank Account in UK
- How to Open a Bank Account in Australia
- 10 Best Services To Send Money Online
Author: Namrata J