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Setting up bank account for online business

  • 13-07-2010 1:20pm
    #1
    Big Mouth
    Closed Accounts Posts: 234 ✭✭


    Hi,

    I'm in the very early stages of setting up an internet business based soley for Irish customers. How do I go about setting up a bank account and online payment solution?

    I've heard it can be quite hard to get bank approval for e-commerce. Would Paypal be the best option or would it not be suitable for a business that would expect a fairly high volume?

    Any thoughts or suggestions appreciated.


Comments

  • #2
    fishy21
    Registered Users, Registered Users 2 Posts: 159 ✭✭fishy21


    to be able accept straight credit card payments online in ireland you will need a merchant account. Now to be qualify for one, the bank usually looks for about 6 months previous trading history and without an merchant account how could you trade.

    So if you are looking at the paypal root no merchant account is required, which is great. But paypal doesn't except irish laser, which is a must for an online business operating in ireland.
    Note; paypal do have expensive charges.

    Regards
    Peter.


  • #3
    kilburn
    Registered Users, Registered Users 2 Posts: 3,912 ✭✭✭kilburn


    banks are a joke when trying to set up a merchant account for a new business


  • #4
    fishy21
    Registered Users, Registered Users 2 Posts: 159 ✭✭fishy21


    yep, thats what i have heard as well. Best way to start is trade for 6 months using paypal. Do a proper business plan and hopefully you'll get accepted for a merchant account.


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