Banking Facilities

Card Payment Processing Services – Card Payment Solutions

 

In an evolving world, for an online business to be able to accept credit and debit cards payments, it is essential for it to operate in the most efficient way and have a good chance in the market competition. It is not always the easiest of tasks to obtain a credit and debit card payment processing system, and as a consequence, it is advised to seek professional assistance for the matter.

Parparinos Milonas Corporate and Legal Consultants can provide the kind of assistance your business requires in order for you to be able to install and operate the system properly.

Most online businesses use the credit and debit card processing as it gives their clients the freedom and flexibility regarding the method of payment of the goods and services purchased. Furthermore, a business gives the opportunity to its clients to pay for those goods and services even if they cannot afford them at the time being.

The processing of the above mentioned cards can be done offline and online. When referring to offline we refer to the processing via Point of Sale (POS) terminals (chip or pin terminals). When talking about online processing we are merely referring to the payments made through the internet using one of these cards in a secure way.

In order to be able to have this processing system you must firstly have a merchant account, secondly have a registered company and thirdly a bank account for the company to be able to receive the payments.

The Benefits:

 Security and Safety of this method of payment

  • Systems and policies regarding anti-fraud are in place
  • It is easier and more convenient for the customers
  • Gives the opportunity to expand the range of target markets around the globe
  • Widens the business network of a company

Parparinos Milonas Corporate and Legal Consultants is well equipped to provide the necessary assistance for your company’s needs. The qualified personnel in place is ready to provide you the help you need in all the steps mentioned above (merchant account, registered company and bank account). Furthermore, the team is able to assist you in properly and safely using the credit and debit card processing system.

Mobile Payment Services

An alternative way of conducting payments from wherever in the world is the mobile payment system. This offers clients the opportunity to pay via their phone based devices (e.g. Smartphones), quickly and efficiently.

This is an advanced payment system which is quickly becoming one of the most commonly used systems around the world. Through the mobile payment system there are many ways to conduct a payment. A good example of one way is via SMS, where the transaction is approved by sending an SMS confirming a payment.

Another way which is spreading at a fast pace, is the direct mobile billing where the user will let the site charge his / her mobile phone account. This is one of the safest and quickest ways to purchase a product or service, as no banking information is needed for the transaction. The user will receive a mobile phone bill at the end of the month with the transaction charged on it.

Furthermore, this type of payment can also be achieved via mobile phone scanning terminals. A user can use his / her mobile phone to scan the bar code of a product and payment will be made instantly. The price of the product will be added to the mobile phone bill, or immediately deducted from the pay – as – you – go credit of the person from whose phone the transaction is authorized.

There is also the method of the online wallet. While making the first payment using this system, the user will have to give some personal information, such as their mobile phone number. Once the purchase is completed an SMS will be sent to that number with a unique PIN number which will be used for any future transaction made via the online wallet.

Another way of making payments is based WAP/3G technology through which a person can complete any transaction, while connected to the internet using a mobile device. These might charge the used through their mobile phone or through a site such as PayPal. As is the case for the above mentioned, this system as well offers customers a quick and safe way of dealing with their financial needs.

Parparinos Milonas Corporate and Legal Consultants will be more than happy to assist you in opening a bank account as well as a merchant account so that the process and acceptance of mobile payments becomes easier for you.

Our team of professionals will be able to guide you step by step of the way in order to help you obtain the suitable mobile payment as well as advise you on how to implement the processing in the correct way. 

Online Payments and Merchant Account Services

A merchant account is a processing facility necessary for the payments made to companies, whether they operate online or offline.

Online Merchant Account

If a company is present online then, through a merchant account, it has the chance to provide its customers with a wide range of online payment options.

Offline Merchant Account

When referring to an offline merchant account we are talking about accounts set up by businesses with a physical presence (e.g. Stores) which use cash and Point of Sale terminals (chip, PIN). There are three types of merchant accounts, international, forex and travel merchant accounts. Depending on your company’s needs you will need to set up the right one.

Parparinos Milonas Corporate and Legal Consultants can provide the appropriate assistance in setting up the proper account suitable for your needs (online or offline), as well as on how to make the most of the merchant account you will set. Furthermore, it is imperative for a company to comply with the standards of the industry it operates in and for this, our Firm can also provide you with the correct guidance and assistance.

Merchant Checklist and Application

Business Merchant Account Checklist and Application

Here follows a brief explanation of what is needed to set up a merchant account and the steps you need to take for the actual setting up of the account.

In order to set up a merchant account you will be required to have:

  • A Company based in the relevant jurisdiction: It is imperative to have a company incorporated in the same jurisdiction as the merchant bank account. This is because some restrictions were put up by processors in some jurisdictions. In the event you do not have a registered company in the jurisdiction of your interest you can contact us to receive assistance.
  • A Company Bank Account: If you already have a company in the specific jurisdiction you will also need to have a bank account set up for it. In the event you don’t have a company in the jurisdiction of your interest, you can contact us and we will take care of registering a company for you and opening a bank account for it.
  • A business plan: This is required by most acquirers if you are a new online merchant. For the established online merchants, a processing statement is enough. In the event you don’t have a business plan, our team of professionals will provide it for you.

 Once the above is settled you must follow the steps below in order to open your merchant account:

  • You will have to fill in our Application Form.
  • After reviewing your application we will inform you if you qualify for a merchant account or not.
  • In the event you do qualify for the setting up of a merchant account, we will send you the complete application form. Furthermore we will send your documents to the acquirer.
  • The acquirer will run a risk assessment on your company. After the acquirer’s estimation we will inform you as to whether you can become a merchant or not.
  • If the answer is positive, you will be asked to sign a contract with the acquirer and your account will begin to operate.

Should you need an Application Form you will have to contact our offices so we can provide you with one electronically.

Online Payments and Merchant Account Services

A merchant account is a processing facility necessary for the payments made to companies, whether they operate online or offline.

Online Merchant Account

If a company is present online then, through a merchant account, it has the chance to provide its customers with a wide range of online payment options.

Offline Merchant Account

When referring to an offline merchant account we are talking about accounts set up by businesses with a physical presence (e.g. Stores) which use cash and Point of Sale terminals (chip, PIN). There are three types of merchant accounts, international, forex and travel merchant accounts. Depending on your company’s needs you will need to set up the right one.

Parparinos Milonas Corporate and Legal Consultants can provide the appropriate assistance in setting up the proper account suitable for your needs (online or offline), as well as on how to make the most of the merchant account you will set. Furthermore, it is imperative for a company to comply with the standards of the industry it operates in and for this, our Firm can also provide you with the correct guidance and assistance.

Opening of Bank Accounts

At Parparinos Milonas Corporate and Legal, we take pride in our close ties and cooperation with the Cyprus Banking Sector which inevitably enables us to provide a vast range of banking services with the major Cyprus Banks. Offshore Banking is an additional service which is provided for all major destinations.

Our Services include:

  •    Private banking
  •    Private and corporate bank accounts
  •    Escrow accounts
  •    Provision of all types of plastic cards
  •    On line banking facilities
  •    Execution of payment and instant provision of swift vouchers
  •    Letters of credit
  •    Processing of investment and lending facilities
  •    Share trading accounts

It is important for any company in need to receive payments to set up a bank account. To do this, the first step is finding the right bank as it is the element which will influence the way the payments will be received as well as the way you will assist your clients in making those payments.

To find a right bank you will need to conduct a search of bank institutions in order to find out about their services and fees and assess which one is more suitable for your line of business. It is highly recommended to seek professional assistance to conduct this search, as it will make it easier for you to narrow down the candidates and make the right choice.

Furthermore, before making your final decision, you will need to choose between a variety of corporate bank account models. You need to be careful in choosing the type of corporate bank account you will set up as it needs to cover all your payment processing needs.

It must be noted that by finding the right bank, you improve your company’s reputation as the payment processing will be done in a secure manner and at a high level of service.

It’s a known fact that in today’s globalized financial and commercial world and with the raging war going on against offshore banking centres, having a ‘top notch’ bank and an efficient bank account has become a tedious task.

In an effort to provide high quality banking to our International clientele, our Firm prides itself in its exquisite relations with banks both in Cyprus and Worldwide and has officially signed agreements with various chosen banks.

Internet Banking is one of the most professional, secure and efficient ways of banking worldwide.

By opening a Corporate Bank Account you will have access to all the necessary facilities which are essential for your international operations such as swift transfers, multi-currency, zero tax on a bank account on interest earned on deposits, digipass, no minimum deposit terms, debit or credit card allowing cash withdrawals from ATM machines worldwide including an anonymous card should you need complete confidentiality.

The good news is that you do not need to be physically present in order to open a Bank Account due to the ability to take advantage of our introducer’s status, therefore the need for travel to and from for visiting the bank is not necessary. Internet Banking enables you to do your banking transactions from the comfort of your own home or office wherever you are around the world.

Parparinos Milonas Corporate and Legal Consultants can assist you with finding the right bank and setting up the best suited account for your company’s needs. Whichever type of bank account you choose, our specialized personnel is in place to guide you through the process.

Parparinos Milonas Corporate and Legal Consultants are Official Introducers to the following banks:

  • EUROBANK CYPRUS
  • HELLENIC BANK CYPRUS
  • ABC BANK MAURITIUS
  • EWUB LUXEMBOURG
  • TK BANK

Electronic Payment Solutions

Parparinos Milonas Corporate and Legal Consultants offers its clients a number of products and services regarding electronic payment.

Online retail has become one of the most common ways to purchase any goods and services one may require. The most commonly used ways to conduct online payments for these goods and services are debit and credit cards. However, in an evolving world, credit card fraud and the damage due to default is increasing worldwide. Effective risk management is of utmost importance for the acceptance of payments via credit and debit cards.

The high requirements in efficiency, data security and availability of the systems are considerable aspects of this kind of transactions.

We, as a leading network of integrated concepts for electronic payments, offer full service of the highest standard, also in credit card processing.

Cooperation with all credit card organizations around the globe and numerous acquirers is feasible through our partners. Through a standardized interface we are able to offer merchants worldwide efficient access to notable payment processing systems and extensive fraud protection systems.

The platforms used are based on the latest security technologies, fulfilling all requirements imposed by the credit card organizations including PCI certification, and supporting the processing of additional industry-specific data from the financial, digital, car leasing, hotel and airline industries.

Processing of electronic payments, transaction and customer verification, support services concerning call centre and email management are achievable via the over 90 payment and risk management solutions offered through our international solutions.

We offer smooth processing of card-based payments solutions in retail.

 Key benefits:

  • Use of all important credit and debit cards
  • Effective risk management concepts
  • Data transmission and processing is conducted securely and safely
  • Costs for processing are low
  • Highest availability – also during peak periods

We offer a wide range of products and services regarding electronic payment, enabling customized solutions for secure and smooth payment processing.

Through our payments solutions network we offer the following:

 All current payment methods

  • All important currencies
  • Highest security standards
  • Smooth systems integration
  • Cost-effective outsourcing
  • Web-based administration

 Electronic payments make business via the Internet or call centres possible, thus providing significant challenges at the same time. Payment alternatives, time zones, currencies, systems integration, fraud and data security are various challenges one can encounter.

Individual solutions are offered for the entire process of their electronic payments based on the business model, requirements, goals and target markets of each merchant. This includes the integration of the respective key national and international payment options as much as an effective safeguard against default. Our payment system is characterized with high reliability, transparency and efficiency. Furthermore, integrating these solutions into existing IT structures and business processes will not constitute a problem and is done with ease.