Open a Merchant Account in France
Open a Merchant Account in FranceUpdated on Friday 09th June 2017
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Starting a business in France has become quite simple, as the government has enabled various support schemes, especially for those interested in setting up startups here. Moreover, opening an e-commerce business in France has become the latest trend among young enterprisers who have many tools at their disposal. One of these tools in the merchant bank account which enables them to process various payments through their companies. The Banking Law also enables French financial institutions to offer merchant bank account services to customers. When referring to financial institutions, these can be companies offering payment services or banks which have been previously approved by the Financial Authority in France.
Our lawyers in France can offer more information on the banking legislation applicable in the country.
What features do French merchant accounts have?
Opening a bank account in France is quite simple and the same process applies to those interested in having a merchant account here. Before requesting the opening of a merchant account with a French financial institution, it is recommended to verify a few aspects related to the services offered by the company. Among these aspects are:
- - the setup and administration costs associated to the account;
- - the terminals through which the payments will be processed;
- - the contract to be signed with the financial institutions opening the account;
- - the processing methods.
Online companies must first register a business form with the Trade Register before being allowed to open a merchant account in France. Our law firm in France offers company registration services.
Requirements to open a merchant account in France
French companies or sole traders can set up one or more merchant accounts depending on the type of payments they want to accept. Those accepting credit or debit card payments must set up merchant accounts for this type of activity, while those processing online payments will need accounts which offer this type of facility. No matter the type of payment processed, each financial institution will have its own requirements related to the documentation for opening the French merchant account. Among these are information about the company and the person or department handling the account and a specific application form.
For assistance in opening a merchant account, please feel free to contact our French attorneys.