QuadraPay offers Tier 1 quality merchant accounts and payment gateways in Hungary.
Hungary, with its well-developed economy, attracts significant foreign direct investment, particularly in manufacturing, automotive, and software exports. The country’s innovation and high education standards are globally recognised, with over 13 Nobel Prize winners from Hungary.
Credit Card Processing for Retail Stores in Hungary
Retail stores across Hungary use POS devices and EDC machines to accept credit and debit card transactions, with credit card processing prevalent nationwide. Most stores accept both domestic and international credit and debit cards, catering to the many travellers visiting Hungary.
Internet Merchant Account and Online Merchant Account in Hungary
E-commerce is thriving in Hungary, with multiple websites offering products and services. These e-commerce platforms utilise internet payment gateways for credit card transactions. Merchants pay a fixed transaction fee for each sale, known as the merchant discount rate (MDR). Most European payment processors are comfortable working with Hungary-based merchants.
High-Risk Merchant Account Payment Gateway in Hungary
In the merchant account industry, accounts are classified as low-risk and High Risk. A low-risk merchant primarily accepts credit and debit cards and avoids a high chargeback ratio. High-risk merchants, on the other hand, attract a higher chargeback ratio. Many payment service providers in Hungary may be hesitant to onboard merchants from high-risk industries. Hungarian merchants can turn to offshore payment service providers for reliable, high-risk credit card processing accounts. To apply, merchants must possess a business licence and provide additional KYC documents. The application process for a high-risk merchant account is similar to any other merchant account. The Hungarian merchant submits a merchant account application and includes copies of KYC documents. The underwriting team at the payment processing company reviews the documents and application, along with the merchant’s website. If approved, the merchant can start accepting online credit and debit card transactions. For phone orders, the merchant can apply for a virtual terminal or mobile.
For more information on credit card processing and debit card processing for your Hungary-based business, feel free to email us at [email protected]. The Quadrapay team is available to discuss alternative payment modes, including ACH and Echeck payment processing, as well as strategies to enhance your e-commerce sales. We look forward to connecting with you.
