Bermuda solution

Our Bermuda solution offers merchants the ability to present in up to 58 different currencies including US Dollars, Canadian Dollars, British Pounds, Australian Dollars, Hong Kong Dollars and Euros with settlement to US Dollars to a direct merchant account.

Our Bermuda solution also allows merchants to take advantage of our Payer Authentication solution for Verified By VISA and MasterCard® SecureCode™. Based on the Card Associations’ 3-D Secure ™ technology, our cGate®SecureVerify provides merchants with protection from fraudulent transactions, unauthorized payments and chargeback liability shift.

VirtualCorp – our unique incorporations vehicle for Bermuda:

Merchants can obtain an Internet merchant account from a Bermuda-based bank without the requirement for full local incorporation (as required by the Card Associations) by way of a Segregated Cell Company (VirtualCorp), leveraging our unique Private Act of Parliament 1999.

This option saves qualifying merchants the time and money required to establish and maintain a separate corporate entity in Bermuda.

Of course, merchants can alternatively choose to fully incorporate in Bermuda to leverage the offshore tax benefits associated with the jurisdiction, and we work with several local corporate service providers who can assist with Bermuda company formations.

Merchant types:

Our Bermuda solution best fits publicly traded companies, established low-risk retailers, digital content businesses, property reservation sites, stored value and pre-paid card merchants, and some online pharmacy merchants.

We have an extensive list of acceptable merchants, so please do check with our team by applying now.

Qualifying criteria:

• Merchants must have existing sales volumes of a minimum of USD $250,000 per year and be able to provide estimated future sales.
• No start-ups (merchants must have at least 6 months of online credit card processing history).
• Merchants must have a low percentage of credits to sales and chargebacks of less than 1% to total sales volume.
• Merchants must provide audited financials or similar proof of income.

Merchant websites must be available for review and show:

• Credit card flag symbols in color to indicate card acceptance.
• Privacy, security and refunds policy.
• Complete description of the products or services offered.
• Pricing of product(s).
• Transaction currency.
• Contact information (e-mail, phone number, fax).
• Delivery policy.
• Security capabilities and policy for transmission of payment card details.
• Export restrictions (if applicable).
• Address of the merchant’s corporate office in Bermuda (once completed).