Do I need a bank account to get a merchant account

Before you can be approved for a merchant account, you'll need to open a business bank account (IBAN account) in the name of your registered merchant entity.

Your IBAN account is where your merchant account provider (acquirer) will deposit the proceeds from your credit card sales, net of any fees.

If you don't already have an IBAN account, you can open one with a local bank in your area or may be eligible to open one from one of our merchant account providers.

Obtaining an IBAN account directly from your merchant account provider offers advantages in that funds are settled more quickly, and you will have end-to-end visibility on your funds throughout the settlement process.

Recommended Reading:

• Check out this article on the documents required to open a merchant account.
• Sign up on our website to find out more about IBAN accounts for your business type.