1. How Do I Get Started?
2. How Long Is The Process From Initial Application To Bank Approval, Integration And Go-Live?
3. What Documents Will I Need To Provide For My Application?
4. To Whom Do I Send The Supporting Corporate Documents?
5. Is There An Initial Application Fee?
6. Are There Other Associated Fees?
7. If I Am New To eCommerce, Can I Apply For A Direct Merchant Account With You?
8. What Would Prevent Me From Securing A Successful Application?
9. Can I Apply For Other Services At The Same Time As My Merchant Account?
10. What Happens If My Initial Application Is Declined?
11. Will You Tell Me Why My Application Is Declined?
12. What Happens If My Initial Application Is Accepted By You, But The Bank Subsequently Declines My Business?
13. Can I Apply For Other Services If I Am Not Able To Obtain A Direct Merchant Account ?
14. Will The Bank Tell Me Directly If I Am Approved?
15. Will The Bank Tell Me Why If They Decline My Application?
16. How Many Contracts Will I have To Sign With FAC To Facilitate A Direct Merchant Account ?
17. How Many Contracts Will I have To Sign With The Bank?
18. Do I have To Incorporate First To Be Able To Apply For A Direct Merchant Account?
19. Why Do I Need To Incorporate?
20. What Happens If I do Not Incorporate Once My Business Received Bank Approval?
21. What Are My Jurisdictional Options For Incorporation?

How Do I Get Started?

Please go ahead and complete our online application form and your personal account manager will respond within 24 hours to advise next steps.

Alternatively, you may wish to call a member of our business development team. Chris Burns, Vice President, International Business Development can be reached from 9.00am -5.30pm Atlantic Standard Time (AST), Monday to Friday, on + 441 294 4622 cburns@fac.bm

How Long Is The Process From Initial Application To Bank Approval, Integration And Go-Live?

Much of the timeline is down to you and how quickly your teams can provide the supporting application and account opening documentation, sign the relevant bank and processing contracts, and then, once approved, whether priority is given by your technical teams to completing integration and testing.

In our experience, where merchants prioritise across all aspects of the process, the move to live processing can happen within a 4 to 6 week window.

What Documents Will I Need To Provide For My Application?

• Competed application form
• 6 months most recent processing statements showing chargebacks

• Completed and signed bank application form
• One-page business overview
• 2 years most recent financial statements (audited preferred)
• Existing parent company Certificate of Incorporation
• Colour copies of passports for all principals, account signatories and/or directors of the company
• Original copies of bank references for the parent company to include principals, account signatories and/or directors of the company
• 6 months corporate bank statements

To Whom Do I Send The Supporting Corporate Documents?

Initial application documents should be sent directly to us.  Completed bank applications should be e-mailed to us initially for review, and once all is in order, originals should be sent directly to the partner bank concerned. Our business development team will provide all the relevant bank contact details.

Bank account opening completed forms and relevant corporate documentation should be sent directly to your bank contacts.

Is There An Initial Application Fee?

No. Submitting an application to us is free.

Are There Other Associated Fees?

Other than courier costs for the documents you will need to provide directly to our banks as part of your application pack, there are no costs that are likely to be incurred until final bank approval is confirmed.

Bank approval is the trigger for integration and company formation to begin. At this stage you will receive an invoice from us for a one-time integration fee.

Incorporation costs are agreed and levied directly between you and your chosen corporate services provider.

If I Am New To eCommerce, Can I Apply For A Direct Merchant Account With You?

Yes, if you are an established brick and mortar company, with a strong trading history, that wants to sell online for the first time, we will review your application.

Please note that we are unable to accept applications from start-up companies.

What Would Prevent Me From Securing A Successful Application?

• High chargeback levels of over 1% of monthly processing
• Restricted business type (adult, multi-level marketing or illegal businesses)
• Inability to provide the required supporting documentation
• Poor financial performance (based on partner bank risk assessments)
• Start-up

Can I Apply For Other Services At The Same Time As My Merchant Account?

Yes. We can provide a full end-to-end package that includes all of our online fraud and data management solutions, Geolocation services and pre and consumer authentication solutions.

You can take one, or all, of these solutions from the outset, or start with just a few, and extend these as your business requirements dictate.

What Happens If My Initial Application Is Declined?

If we, or our partner bank(s), choose to decline your application, you will be notified directly by our business development team.

Will You Tell Me Why My Application Is Declined?

We will advise you (if appropriate) at INITIAL APPLICATION ONLY.

We are NOT at liberty to disclose why our banks have declined your application.

What Happens If My Initial Application Is Accepted By You, But The Bank Subsequently Declines My Business?

All of the banks that we work with follow their own policies and procedures and are at liberty to decline a merchant application based on these. We will notify you directly if the banks do not wish to proceed, but are not able to advise why as we are not told.

Can I Apply For Other Services If I Am Not Able To Obtain A Direct Merchant Account?

Possibly. Our business development team will review your application and advise accordingly.

Will The Bank Tell Me Directly If I Am Approved?

No. Our business development team will advise you directly so that they can introduce you to the next steps in the process.

Will The Bank Tell Me Why If They Decline My Application?

No. They are not permitted to share that information.

How Many Contracts Will I have To Sign With FAC To Facilitate A Direct Merchant Account?

• First Atlantic Commerce Know Your Customer (KYC) form
• Payment gateway agreement in duplicate (contains all our terms and pricing)

How Many Contracts Will I have To Sign With The Bank?

This is bank dependent, but a general guideline would be:

• Merchant Agreement (contains all their terms and pricing)
• Authorized signatories form(s)
• Account opening form(s)

Do I have To Incorporate First To Be Able To Apply For A Direct Merchant Account?

No. Bank approval of your application is the trigger for Incorporation to begin.

Why Do I Need To Incorporate?

To comply with Visa and MasterCard cross-border regulations which require all online merchants to established a corporate presence in the jurisdiction in which they settle their funds.

What Happens If I do Not Incorporate Once My Business Received Bank Approval?

Your application will stop and you will not be able to open accounts with the bank.

What Are My Jurisdictional Options For Incorporation?

• Mauritius
• Bermuda
• The Netherlands
• Sweden
• Luxembourg
• Panama
• EU countries