Merchant Account In Ireland

What Is A Merchant Account?

When we talk about the payment through credit or debit card we often come across the term ‘merchant account’. So what exactly is merchant account?

A merchant account is basically an online setup in which the retailer or a seller can receive the payments through different modes, primarily by credit or debit card.

merchant account in Ireland
Ireland merchant account

How to set up a merchant account in ireland?

There are two options to establish a merchant account. The first approach is to get in touch with a reputed bank that helps in online card processing. Second, is to find an agent or an independent sales organisation or payment service provider to ease up whole application process. 

Evaluation of Payment service provider for merchant account

Ideally, we all go by the fees or commission that a payment service provider would charge. Though this is the criteria but this alone cannot be the deciding factor.

  • Choose a provider who offers a better browsing experience while making payment transactions
  • Securing the payment data with proper PCI DSS compliance
  • Opt for a provider who has better credibility in credit card processing of the card payments
  • The customer support and sharing of client references

Payment processing in Ireland

There are various online payment options available for the people of Ireland. The payment through credit and debit cards dominate the digital market in Ireland. More than 65% of online transactions are done through cards. Merchants planning to trade in Ireland or outside Ireland should use a reliable card payment solution. We can help you connect with a multi-currency payment service provider that will help you in achieving your vision. The multi-currency solution can help domestic businesses in selling products and services to the global markets.

Chargeback Alerts and Notifications

No matter how effective is your customer care team some of the customers may not be satisfied. few of these customers may call the card issuer and raise a dispute. In this case this dispute can be concidered Chargeback. The chargeback and return ratio plays a significant role in the stablity of your merchant account. With the Chargeback alert services international merchants from Ireland can reduce there CB and Return ratio easily.

Credit, debit, Echeck and ACH processing

The business owners need to open a merchant account to accept online payments. The processing company will set up a merchant account for online business. In this merchant account, all the payments received from online sales gets accumulated. The payment processor will charge fees for the services rendered. There are many companies involved in the processing of credit Card payments. Merchants from Ireland who sell in the United States of America can also use the ACH or Echeck Solution. This is a reliable alternative payment mode.

POS - Card Present Transactions

POS devices are common in Ireland today. With Point Of Sales Terminal merchants can accept orders in the store. The customer hands over the card and the merchant swipes it over the terminal. With the implementation of Chip technology major card brands have observed a huge reduction in global card fraud. If you are looking forward to get a point of sales machine for your retail business then feel free to contact us and we will be glad to help you with the application.

Ireland Economy

Ireland is one of the richest countries as per the ranking in the OECD and EU -27 of 2008. Their GDP (PPP) growth amounts to $325.831 billion (nominal, 2017)*. There is 7.8% growth in the economy and $ $69,231 per capita income with the inflation of -0.2%. There was some technical recession reported in the past years but then the economy gradually improved due to the export sector. In 2014, the economy reached 4.8%. The Wall Street Journal and The Heritage Foundation indexed Ireland as sixth economically free country*. The main growing industries are Alcoholic beverage industry, pharmaceuticals, aircraft leasing, IT and financial service sectors. The export sector includes computers, medical equipment, chemicals, food and animal products which are managed mainly by foreign multinationals and are key to economic growth. Their main export partners are from USA, UK, and Belgium.

Among European unions, Ireland is the first state to adopt electronic signature directive and electronic commerce directive issued by Electronic Commerce Act 2000 (ECA). The 82% people of Ireland have internet access out of which about 40% buy online. The services that are bought online are travel, tickets for events and hotel accommodation. More and more Irish companies are venturing into online sales portal. The 84% retailers are into online sales and the majority of them are advertising on social media such as Twitter and Facebook. They also intend to focus on new technology such as Mobile apps and tablet for sales growth. 

The following points should be taken care of before signing up a merchant account

  • Terms and conditions in setting up a merchant account
  • Interchange cost on Card Brand
  • Contract term and fraud prevention tools
  • Transactions based on volume commitments

At Quadra Pay, we help business owners to choose right processor for their businesses. Our partnership with leading merchant account providers help merchants to save money and time!