Merchant accounts have become more or less a necessity for any business in Norway especially if it has an online segment. The main facility provided by a merchant account is that it allows businesses to process credit and debit card transactions. The merchant account is obtained by the signing of a contract between a legal entity and a bank, with specific clauses depending on the particularities of each company. Our consultants in company formation in Norway can assist you with more information regarding the way you can obtain a merchant account in this country.
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Facts about merchant accounts in Norway
If you have never used a merchant account before it is useful to open one, by signing an agreement with a local bank. You should verify certain conditions, in order to apply for a merchant account in Norway, such as being in business for some time, and having a clean business history.
One of our experts in company registration in Norway can offer consultancy on the signing of your contract with the bank. They can draw your attention on the most important clauses to be included in a merchant account agreement for your enterprise.
Advantages provided by a merchant account in Norway.
The services provided by a merchant account to entrepreneurs include a more efficient and flexible administration of the financial transactions. The merchant account in Norway is like an intermediate account in which the customer payments enter, before being transferred in the business’ bank account.
Through a merchant account, entrepreneurs can not only facilitate transactions but also save up to 20% from the processing fees, depending on the deal you obtain from the bank. Especially in the online environment, the merchant accounts provide increased transaction security, and they are designed in order to resist to the high risk of the virtual market.
Feel free to contact our specialists in company formation in Norway in order to explain you in detail the utility of the merchant account for your enterprise and how you can profit of these services to enhance your financial performance on the Norwegian market. There are particular rules that apply in terms of VAT registration in Norway for sole proprietorships. If you are running this kind of business and need support in relation to taxation, you can rely on our accountants who can offer tailored services in this regard. Do not hesitate to contact us for guidance.