Merchant Account In Ireland
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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.
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.
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
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!