First Atlantic Launches Dutch/Caribbean Merchant Account

by Amanda Banks, Tax-News.com, London

15 September 2005

First Atlantic Commerce Ltd (FAC), a leading Bermuda-based e-Commerce payment solutions provider, this week introduced an innovative solution that offers companies the ability to apply for merchant accounts in both Europe and the Netherlands Antilles, leveraging a single Dutch corporate structure.

FAC’s Kingdom of the Netherlands solution enables merchants acquiring through FAC’s partner banks in Europe and/or the Netherlands Antilles or both - creating a dual acquiring presence in the Latin America Caribbean Region and the European Union.

“To meet with the Card Associations cross border compliance all merchants are required to establish a corporate presence in the same jurisdiction as their settlement bank,” says FAC CEO Andrea Wilson. “Merchants who establish a Dutch Company in the Netherlands Antilles (Curacao, Sint Maarten or Aruba) are then eligible to apply for merchant accounts in both The Netherlands and the Netherlands Antilles leveraging one single Dutch corporate structure,” says Mrs Wilson.

“This very practical solution enables merchants to take advantage of the Netherlands Antilles offshore and e-zone tax structures, as well as establishing a solid entry point into the EU for European currency solutions, 3-D Secure™ and channeled marketing,” concludes Mrs. Wilson.

FAC’s solution provides merchants with the opportunity to offer their customers a number of secure payment choices including US Dollars, Euros, Pounds Sterling, and Swiss Francs with the merchant having the choice of settlement jurisdictions within the LACR and/or Europe.

FAC’s Dutch Kingdom banking solution automatically protects eligible merchants with Verified By VISA and MasterCard SecureCode™ on qualifying VISA and MasterCard transactions. Based on the Card Associations’ 3-D Secure ™ technology, cGate®SecureVerify provides merchants with protection from fraudulent transactions, unauthorized payments and chargeback liability shift.

FAC’s banking partners in Europe and the Netherlands Antilles offer full Internet banking services enabling merchants to easily and securely manage their accounts.

First Atlantic Commerce is headquartered in Bermuda, and was established in 1998 to create secure card based payment solutions for e-businesses, FAC provides powerful technology designed to work with most merchant platforms, including Microsoft®, UNIX, and LINUX platforms. FAC’s cGate® technology offers state-of-the-art service, flexibility and security to adapt to many business and bank acquirer requirements. Business solutions such as 3-D Secure™ Payer Authentication, Virtual Corporations and offshore multi-currency payment solutions are available in the LACR and Europe. Further details on FAC’s portfolio of solutions can be found at the Company’s web site www.firstatlanticcommerce.com.

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