Cost Saving Payment Gateway in Latvia
QuadraPay offers payment gateway in Latvia that allows businesses to accept credit and debit card payments from local as well as international customers. A payment gateway acts as an intermediary between the merchant’s website and the credit card processor. A full stack payment gateway validates, authorizes, and settles the transaction.
Why QuadraPay for Payment Gateway in Latvia?
There are various reasons that make QuadraPay an excellent choice as a payment gateway solution provider in Latvia. Let’s look at some key reasons.
Local Expertise and Support: The team at QuadraPay fully understands the unique payment processing needs of Latvian businesses. We provide solutions that match the special requirements of most Latvian businesses. Our merchant account solutions are perfect for all type of legal businesses from Liepāja to Jelgava.
High Security Standards: Security is a top priority for QuadraPay partners. Our payment gateway solutions are fully equipped with advanced security measures, including PCI DSS compliance. These measures ensure a high level of protection for customers’ transaction data. Our processing partners use encryption and fraud detection tools to for better security.
Wide Industry Coverage: Whether a business runs an online store in Ventspils or a high-risk business in Jūrmala, QuadraPay has the right credit card processing solutions for them. We support a wide range of industries and work with most business types in Latvia without any discrimination. From e-commerce to travel and hospitality, our payment gateway is designed to meet various business needs.
Smooth Integration: Our payment gateway integrates easily with websites or mobile apps. Whether the merchant uses popular e-commerce platform like WordPress, WooCommerce, Magento, Shopify, or a custom-built website, our solutions can be integrated. We offer API documentation that makes the integration process easy. For many popular content management systems, merchants can use ready-made plugins.
Robust Customer Service: Our partner processors believe in providing exceptional customer service. A dedicated support team is available to assist merchants with any issues or questions. The team supports with all questions related to account usage, technical problems, settlement queries, integration, and any other merchant account and payment gateway-related issues.
KYC Documents for Latvia Payment Gateway
Getting an online payment gateway in Latvia involves various steps. One of the most important steps is KYC, also known as Know Your Customer. This is the initial step where the merchant submits the filled application form and other required documents to the merchant processor. Keep in mind that the document requirements remain the same irrespective of the location of the sponsor bank. Whether the application is for a PSP in Riga, Nicosia, or Tallinn, these documents stay the same. The KYC documents are required to check the legitimacy of the company and its promoters. Let us look at the list of KYC documents for credit card processing solution in Latvia.
Business Registration Proof: To confirm the legal status of the business, merchants need to provide proof of business registration. Depending on the type of business legal structure, the proof of business document may differ. Approved business structures include:
- Sole Proprietorship (Fiziskā persona – komersants)
- Limited Liability Company (SIA – Sabiedrība ar ierobežotu atbildību)
- Joint-Stock Company (AS – Akciju sabiedrība)
- Partnership (Komandītsabiedrība)
- General Partnership (K/S – Komandītsabiedrība)
- Limited Partnership (K/S – Komandītsabiedrība)
- Branch Office (Filiale)
- Representative Office (Pārstāvniecība)
- Non-Governmental Organization (Nodibinājums)
These documents serve as evidence of the business’s legal existence and are essential for the processing of various business transactions and activities.
Letter of Good Standing: A letter of good standing from the merchant’s banks helps confirm the business’s financial stability and also validates account details. If the letter is not available for any reason, then the merchant can also submit a voided check. The notation of the bank account number, SWIFT code, and IBAN listed on the voided check helps the underwriters confirm the account’s legitimacy.
Utility Bills: Merchant account and payment gateway solutions are only available to businesses that have a physical presence in Latvia or anywhere else in the European Union. Unfortunately, businesses with only post office box addresses rented from Latvijas Pasts cannot apply for a dedicated merchant account. A physical address is a must. To validate the physical address of the company and directors’ residence, merchant must provide a utility bill. This can include electricity, phone, gas, or any other similar bills.
Business Plan: The business plan is required for startup merchants that don’t have any previous credit card processing experience. This document outlines the business goals and operational strategies of the company. The business plan must include an explanation of the business model, potential market analysis, a detailed online marketing strategy, financial projections, and a day-to-day operations plan. A good business plan helps create a positive image of merchants company in the minds of underwriters.
Financial Statements: These include business bank account statements, processing history, personal bank account statements of directors, and the profit and loss statement of the company. All these documents together give a clear picture of the financial stability of the company. The processing history, in particular, displays the average monthly sales volume, return, and chargeback ratio.
National ID: To confirm the true identity of the company directors and Ultimate Beneficial Owners (UBOs), the merchant acquirer will require a copy of a valid national ID. The approved ID types include Passport, National Identity Card (Personas apliecība), and Driving License (Autovadītāja apliecība).
Additional Considerations
To improve the chances of account approval make sure that sales website complies with credit card brand requirements. Update policy pages such as terms and conditions, privacy policy, cookie policy, and return policy.
Application Process for a Merchant Account in Latvia
After submitting the merchant account application and KYC documents, the underwriting team at the payment service providers office evaluates documents and website. Following a thorough analysis they will provide information on the possibility of offering a merchant account, transaction rates, and payout schedules. once the merchant sign the the agreement then the merchant account goes live.
Common E-commerce CMS and Web Builder Platforms in Latvia
Popular content management systems (CMS) and site builders in Latvia include WordPress, WooCommerce, PrestaShop, OpenCart, Magento, and Shopify. Our payment service provider partners may offer ready-made plugins or integration codes for these platforms.
