Cyprus Merchant Account & Cyprus Payment Gateway: Insiders Guide.
A Cyprus payment gateway is a digital transaction processing solution that allows businesses in Cyprus to accept online and in-store payments via credit cards, debit cards, e-wallets, and alternative payment methods. The Cypriot payment gateway works as a bridge between the merchants, customers, and acquiring banks.
It is important to be aware that the terms Cyprus merchant account and Cyprus payment gateway are closely related; however, they serve different roles in payment processing. The payment gateway authorises and transmits payment data safely to other important parties, like the merchant’s acquirer, a card issuer, etc. By contrast, a Cyprus merchant account is a business bank account that allows merchants to receive and hold funds from credit card transactions before it can be settled into the merchant’s business bank account.
The merchant services team at QuadraPay has written this detailed article. We want to share our insights about credit card processing for businesses in Cyprus. This guide is especially beneficial for businesses operating in industries like Forex, gaming, betting tips, prop trading, money transfer, and crypto, as many merchants from such industries struggle to get adequate payment processing options.
This guide also explores various segments of the entire merchant account setup process, such as application, review, contract negotiation, integration, and important FAQs. We are confident that after carefully reading this guide, you will have deep information about how to find a good payment service provider in Cyprus, negotiate affordable rates, and effectively handle chargebacks. You can also explore the audio and video version of this resource. Let’s start by discussing the various types of payment solutions available.
Types of Merchant Account Solutions in Cyprus
Businesses in Cyprus generally rely on two main types of merchant accounts. These are online/eCommerce merchant accounts and retail mobile payment terminals. Each caters to different business models.
Online credit card processing in Cyprus
For online and eCommerce businesses in Cyprus, a digital payment gateway is required. This online payment gateway integrates with merchants’ websites and apps. Customers can make payments using both cards and e-wallets. Important features of an online payment gateway include multi-currency processing, fraud detection, subscription payments, and invoice payments.
Credit Card Processing Terminals in Cyprus.
For businesses on the move, such as food trucks, taxis, and market vendors, compact pocket-sized mobile card readers are perfect. With these small devices, entrepreneurs can easily collect payments on the go. Credit card readers can be easily connected to smartphones or tablets. These devices come with Bluetooth and SIM card functions. Wi-Fi is not necessary for processing transactions. Merchants can accept all types of credit cards as well as contactless payments. These card readers also support chip-and-PIN and QR code-based payments. The key benefits include portability, fast on-the-go transaction processing, and affordability. These devices are comparatively cheaper than countertop retail credit card terminals.
Which type of merchant account solution is best for you in Cyprus will depend on your business type, transaction volume, and customer preferences. eCommerce businesses benefit from multi-currency gateways, while mobile merchants do well with lightweight, easy-to-use card readers. In the next section, we will explore the features of such solutions.
Cyprus Merchant Account features
Low Rates: For any business, cost reduction is an important factor. So why not cut costs on payment processing? Why pay more when you can accept credit and debit cards at lower prices for better savings? Our processing partners believe in establishing long-term relationships with merchants and thus believe in offering competitive rates to merchants across Cyprus.
DCC Multi-Currency: The system provides a dynamic currency conversion feature. If you sell to international clients, then it becomes vital that you allow them to pay in their local currencies. With the dynamic currency conversion feature, you can display the product price in your customer’s home currency. This feature enhances the conversion rate.
Quick Settlements: Our merchant service provider partners not only offer competitive rates but also prioritises expeditious settlements for the merchant. Most low-risk merchants get settlements in the T+1 and T+2 cycles. Settlements for businesses in high-risk industries typically receive payout every week.
Easy Integration: The platform provides APIs and plugins. The underwriting team will send you detailed information about how to use the API once they approve your account. They will also provide you with instructions on how to download ready-to-use plugins for popular content management systems such as WordPress and Magento. With detailed API documentation, your team can easily create custom code to use the full functionality of the payment gateway.
Fraud Reduction Tools: The world is getting connected, and merchants are doing business with clients across the globe by utilising the power of e-commerce; unfortunately, there are various type of risk associated with e-commerce. One key risk factor associated with e-commerce is the potential for fraudulent transactions. Our payment gateway solution comes with advanced tools that help merchants reduce the risk of fraudulent transactions. These built-in fraud reduction tools act as your security officers, always looking forward to reducing the risk to your account. Additional features, like AVS and 3DS, as well as tokenisation, make the solution a secure choice for your business.
Multilingual user interface: The interface supports multiple languages for your comfort. You can choose the language that works best for you. For deeper analytical insights into how your business is doing, the gateway comes with a reporting module that allows you to extract reports of different kinds.
Application Process for a Cypriot Payment Gateway and Merchant Account
Setting up a merchant account in Cyprus is a systematic process that ensures regulatory compliance and secure transaction processing. Whether you are an online business in Strovolos or a local merchant in Aglandjia, selecting the right payment processor can significantly enhance your company’s transaction processing capabilities.
The process starts with the business registration and document submission. To open a merchant account in Cyprus, you must have a registered business and a business bank account. The company must be valid. You will have to provide the company registration certificate. You will also need to provide a utility bill for both the company and the directors, proof of identity for the directors, and a letter from the bank confirming the details of your business’s bank account.
High-risk businesses, particularly those operating in industries like Forex trading, nutraceuticals, and CBD sales, may require additional documents such as previous processing statements or financial statements. CBD merchants need to submit the lab certificates for the products to confirm the THC level under the prescribed limit. Gaming merchants are required to submit appropriate gaming licenses. Authorities may request IATA certification from airline businesses. These additional documents help meet the payment gateway compliance requirements in Cyprus.
One important step involves submitting the necessary documentation to your chosen payment processor. They will conducts a risk underwriting assessment. This comprehensive step assesses the risk involved in boarding the merchant.
Once the merchant account has been approved, you can begin the integration process. The payment gateway can be integrated using an API connection. The payment service provider will provide assistance as needed.
The last stage involves verifying the integration, during which the merchant conducts test transactions on the website. The service provider will share test credit card details, and only these card details should be used for test transactions. Using any valid card details for text transactions is not allowed. Once the provider validates the success of the test transactions, they switch the gateway to live mode, allowing the merchant to begin accepting real transactions.
Cypriot Payment Processor: FAQ
Does QuadraPay offer high-risk merchant accounts in Cyprus?
QuadraPay definitely has solutions for Cyprus-based high-risk merchants. We offer stable, high-risk credit card payment processing solutions to Cyprus-based merchants from various industries.
What are the advantages of opening an offshore merchant account in Cyprus?
Opening an offshore merchant account in Cyprus comes with several advantages. One major benefit is the ability to accept payments from over 100 countries. It broadens your reach and makes your business more accessible globally. Cyprus offers fewer trading restrictions, providing more flexibility for merchants. Another significant advantage is the lower tax rates. Moreover, Cyprus, as part of the European Union, enjoys a high reputation in the financial sector. Acquiring banks in Cyprus are considered grade one.
Are there any restrictions on the transaction volume for businesses with offshore merchant accounts in Cyprus?
Generally, US- and Canada-based payment processors prefer working with merchants whose monthly sales volume is up to 25,000 USD. It can be challenging for many merchants, as a practical viewpoint suggests that a monthly sales volume of 25,000 USD may not contribute much to a company’s growth.
However, when it comes to most Cyprus-based processors, this is fine. Virtually, you can process any amount. However, keep in mind that the growth needs to be consistent. In the payment industry, any significant fluctuation, whether it’s an increase or decrease, can be a potential sign of risk or fraud. In essence, with a Cyprus merchant account, you have the flexibility to process a high volume of payments without strict limitations.
What is merchant account processing Fees in Cyprus?
For merchants, we don’t charge any application or setup fees. However, some merchants from high-risk industries may require mandatory high-risk registration. It is a requirement determined by our acquiring partner. Apart from that, regular fees are applicable; however, our rates can vary based on many factors. Our acquiring partner will provide you with a terms sheet after reviewing your profile to ensure fair pricing without overcharging.
What are the most popular payment methods in Cyprus?
Cyprus is evolving in terms of digital transactions, with a noticeable decline in cash usage. Popular digital payment methods include credit cards, debit cards, internet banking, direct debit, mobile payment, e-wallets, QR codes, and NFC payment. The younger generation is adapting to these new payment methods faster than the older generation. It’s essential to note that cash is still a major payment method in Cyprus.
Other widely used payment methods in Cyprus include Apple Pay, Amazon Pay, Alipay, and MasterCard, among others. All major credit card brands are popular in the country. The post-COVID era has seen a significant increase in the adoption of digital payments in Cyprus, aligning with the global trend.
Final Words: QuadraPay, Your Permanent Merchant Services Partner in Cyprus.
For the growth of your online business in Cyprus, you will need a payment service provider, and QuadraPay is your partner in the search. Our payment service provider solutions come from leading acquiring institutions in Cyprus and the European Union. These solutions will enable your company to expand its reach into new nations. With us, you will experience a truly omnichannel payment experience, as we bring online, mobile, and retail payments together from one provider. One agreement does it all for you, eliminating the need for multiple bank relationships. Ask us today for a zero-obligation quote. Feel free to email us at [email protected].
