Payment Gateway in Latvia – An Overview
Payment gateway in Latvia is vital for any business from the country which is looking forward to expanding its customers base. Quadrapay works with various payment processing companies across the globe, and many of these PSPs are comfortable in onboarding merchants from Latvia. Businesses across Latvia can gain massive growth by using payment gateways and merchant account. The traditional way of accepting payments has always been cash, but in the modern days, it is vital for any organization to adapt to the cashless mode of payment processing. Latvia is a fast growing nation that attracts a right amount of foreign direct investment. This FDI plays a crucial role in making the country stronger and a recognizable brand across Europe. In general, there are two modes of credit card processing in Latvia. The first one is Card Not Present(CNP) transaction and the second one is Card Present transaction. With Card Present Transactions Latvia based businesses accept payments in store by using credit card readers. With Card Not Present transactions these businesses accept payments online by using online payment gateways. Quadrapay can help Latvian enterprises in getting reliable payment gateways for online sales.
KYC Documents for Latvia payment gateway
To get a merchant account and payment gateway the service providers will ask you for various documents. These are the KYC documents also known as Know Your Customers Documents. The most common documents needed to get a payment gateway in Latvia are listed below.
- Business Registration Proof. Business Proof can be your business license.
- Letter of good standing from your corporate bank or Void cheque of your bank account.
- Utility bill in the name of the business owners, Major stakeholders, and the company.
- Business plan.
- Profit and loss statement of the previous year any processing history if available.
- The National ID for identity and address proof.
The application process for a merchant account in Latvia.
After sending the merchant account application and the KYC documents to the payment service provider the underwriting team at the payment service providers location will evaluate your documents as well as your website. They will perform a rigorous analysis of your business model as well as materials. Based on their understanding they will let you know whether there is a possibility of offering you a merchant account or not. They will also share the rate of the transaction and the payout schedule. All the terms will be mentioned on your merchant account agreement. We strongly recommend you to have a close look at the terms and then if you are comfortable you can sign on the agreement. After you send the contract to the payment service provided your account will be activated. Your technical team will have to integrate the Gateway on your website this can be quickly done by reading the API instructions provided by the payment service providers.
Most common E-commerce CMS and Web Builder platforms in Latvia
Merchants in Latvia use various CMSs and site builders to create attractive in e-commerce websites. The most common content management systems in Latvia are WordPress, Woocommerce, Prestashop, Opencart, and Magento. It is also quite common to find merchants using Shopify as a website platform in Latvia. Your payment service provider may offer readymade plugins or integration codes for these platforms. It is a good approach to contact your provider and ask them if they can integrate the gateway to your website by using any ready-made plugins. Apart from using credit and debit card processing various Merchants in Latvia use alternative modes of payment processing. One alternative mode of payment processing in Latvia that is common among merchant selling to customers in the united state is ACH payment processing. To integrate ACH payment processing to your Latvia based website all you have to do is add an HTML code and a PHP file to the website. More details about integration will be provided by the specific payment service provider that offers USA Echeck solution.
Chargeback Alerts and Latvia merchant account
Latvia based high-risk merchants must use various measures to reduce the chargeback ratio. Good customer service team can also help you in lowering the chargeback and return ratio. You can also evaluate multiple chargeback notification services that are provided by well known CDRN service provider companies. Quadrapay works as an agent for many CDRN service providers, and we will be happy to get you connected to one of the best chargeback alerts and notifications service providers. Service can be beneficial if your customers are located in the United States, Canada, Australia and the United Kingdom