Acceptance of bank card transactions via POS in possible only for entities that are incorporated in Bulgaria as the banks are very strict when it comes to providing online payment system (merchant account – virtual pos) to its clients.
How will a merchant account support your business?
Often clients do not dispose of cash at the moment of purchase. Most of them, however, have bank cards, which they carry along all the time. The POS terminal provides yet another way of payment and, thus, it will boost the sales.
Payment via a bank card is also more convenient not only to the client but to the merchant as well – the physical counting and giving back change is eliminated. There is also enhanced the security of payment – the danger of paying with counterfeit banknotes is avoided.
Accepting payments via bank cards will also improve your accounting – the servicing bank will provide you with regular monthly (if necessary, weekly or daily as well) reports on the executed transactions.
What are the relations between a bank and a merchant?
In order to accept payments via bank cards, the merchant needs to sign an agreement with a licensed processing bank. Banks serve as intermediaries in the client-merchant payment process. This is the case since the electronic transfer of funds between the buyer’s and the seller’s accounts requires authorization, clearing, settlement, and accounting, while the issuance and acceptance of card payments is subject to licensing rights. Nowadays, merchant account or virtual POS in Bulgaria is one of the best way to offer goods via e-shop.
What bank should I choose?
Our team can help you choose the best bank for your merchant account with the most extensive experience in the field of card payments on the Bulgarian market with competitive fees and commissions for accepting card payments!
Most of the merchant accounts in Bulgaria accept payments with all card types, issued in Bulgaria or abroad.
Services of the banks
Most of the bank that we work with provide the following:
- Free-of-charge POS terminal
- Free-of-charge training
- Free-of-charge technical maintenance
- Free-of-charge commercial materials
- Free-of-charge consultations
- An option for performing checks of the turnover (specialized or standardized via UBB electronic banking)
- Monitoring for fraudulent transactions and protection in case of chargebacks, etc.
What types of cards are accepted by the bank?
Through the bank’s POS terminals you have the opportunity to accept payments with the following card types:
- Visa, VisaElectron and V PAY
- MasterCard, MasterCard Electronic, Maestro
- Diners Club, Discover
- Аmerican Express
Pre-approval for opening a merchant account in Bulgaria
Due to our partnership with the most of the Bulgarian banks, we use the pre-approval procedures which allows the bank to revise the documents of the company upon a filled application for opening a merchant account (Virtual POS) in Bulgaria form and scanned copies of the documentation. After the approval of the bank we proceed with the translation and legalization.
For more information and price quote do not hesitate to contact us.