A merchant account in Lithuania is an account for a commercial organization that makes it possible to take client payments with cards, such as MasterCard, as well as transactions from client accounts made online. Its core benefit is the acceptance of money round-the-clock from any place in the world. These accounts often come with many fees, but also a set of services.
Overview of a merchant account
Basically, accοunt services are delivered with certain fees, therefore, it is significant to make a wise well-thought decision with the help of professionals. It must provide the best sοlutions for your company and foster online business growth. Subject to your business structure, we might suggest highly efficient and affordable options and your cross-border payment operations that might fit your business better than a typical payment gateway. We establish the connections for Lithuanian clients, both start-ups and corporations in Lithuania to the best-suited prοviders of payment gateways where clients may decide on such types as:
- Merchant (for e-commerce);
How merchant accounts in Lithuania operate
This type of account is set up by acquiring banking institutions which cooperate with merchants to make easier e-payments for their offerings.
If a physical store may not accept e-payments and only allows for notes, then they would not obligatory need to open a specific account and could use just a traditional deposit account at any banking institution. Businesses, operating in the Internet, on the other side, must set up accounts as part of their commercial operations as e-payments are the sole option for clients in purchasing.
Completing credit card and debit card transactions
In a payment conducted online, a business directs card communicatiοn via an e-terminal to the acquirer. The last one contacts the card processor which in its turn contacts the lender or card issuer. The lender verifies the payment operation and once it is checked it is sent to the acquirer via the network processing system. If not denied, the acquirer approves the transaction and initiates the settlement of money in the merchant’s account.
All communications normally take a few minutes and entail some fees which are charged from the account. Merchant-acquiring banks also charge payments once a month as well as any other fees.
ELI Lithuania has all the necessary knowledge and competence to set up merchant accounts. Please contact us for a consultation!