A Planet Payment™ credit card acceptance account is a special bank account that enables your business to accept payment by credit card. Credit card payments can only be processed through this type of account.  Planet Payment can also obtain an American Express® merchant account for your online business.

A payment gateway is a software program that integrates to a merchant’s website for the purpose of transmitting transaction data to the credit card acquirer for both authorization and settlement purposes.  It is the Internet’s virtual equivalent to the physical world merchant terminal.

What documents are required in order to open a Planet Payment account?

The documentation Planet Payment requires differs depending on the type of company applying for our services:

Merchant Application Document Requirements – For Private Companies:

 1.       Certified copy of Share Register or other corporate documentation that lists all shareholders of the company  (If not available in English, please submit an English translation as well as the official document)

2.       Hard copy of ORIGINAL, signed, complete Merchant Services Agreement

3.       Notarized, legible copy of one form of government issued photo ID for each principal owner* (e.g. passport and drivers license)

4.       Bank reference letter for each principal owners* personal bank account, from a recognized financial institution with which the principal owner has had a relationship for at least two years

5.       Proof of address for each principal owner*, such as a utility bill issued within the prior six months

6.       Certified copy of Certificate of Incorporation  (If not available in English, please provide an English translation as well as the official document)

7.       Financial statements for the past two years (preferably audited) OR, if a startup, your business plan, including detailed financial projections

8.       Business Plan or, in certain cases, detailed Executive Summary

9.       Set of marketing brochures, if available

 * Principal owner includes each beneficial owner who owns at least 5% equitable interest in the company.

 Merchant Application Document Requirements – For Publicly Traded Companies: 

1.       Original, signed Planet Payment Merchant Services Agreement

2.       Ticker symbol & Stock Exchange(s) on which stock is traded

3.       Corporate bank reference letter from lead bank commenting on the integrity and length of the banking relationship

4.       Certified Copy of Certificate of Incorporation

5.       List of Directors

 What are Planet Payment’s rates for e-commerce payment processing services?

 To receive our current rates, contact us at merchant-support@planetpayment.com and we will email them to you immediately.

 How do I apply for a credit card acceptance account and payment gateway services? 

Simply complete our online Merchant Application Form. 

Will I need to open a U.S. bank account? 

Unlike most other Internet payment processing solutions, Planet Payment does NOT require that you open a U.S. bank account or have a U.S. presence of any kind in order to use our services.


What currencies will I be able to accept?


Another unique aspect of Planet Payment’s services is that it is a multi-currency payment processing solution.  Merchants can accept payment in up to 140 currencies, and funds can be settled into the merchant’s local bank account in most major currencies.


What credit cards will I be able to accept?


We are currently able to process Visa®, MasterCard® and American Express® credit card transactions.  We expect to expand our services to other cards, as demand requires.


What is a discount rate?


The discount rate is the processing fee associated with your credit card acceptance account.  It is a percentage of your gross sales.


What is a per transaction fee?


The per transaction fee is a nominal amount charged on each transaction, which is associated with the processing of each transaction through the payment gateway and the credit card acceptance account.


What is a chargeback?


A chargeback occurs when a cardholder informs the credit card issuer that a particular charge was not authorized, or that goods were not delivered as promised. If a customer alleges the goods or services paid for were not delivered, the merchant has 7 days to produce evidence that the goods were received or that the cardholder’s account was credited.


What is a chargeback reserve?


In lieu of requesting an upfront security deposit, Planet Payment imposes a chargeback reserve, generally 6%, which is maintained in a rolling reserve account for the benefit of the merchant.  Funds are released from this account after six months, less any amounts charged back.


What can you tell me about multi-currency technology?


You can access our White Paper on Multi-Currency Technology at the



Do I need to have SSL?


In order to ensure that your customers are protected when they enter their credit card information onto your buy page, the Planet Payment gateway utilizes Secure Socket Layers (SSL) to encrypt sensitive personal information, including credit card numbers, when transmitted to the payment gateway.  If your server does not support SSL, your buy page can be hosted on our gateway’s server at no extra cost.


How often will I receive payment?


Planet Payment transfers funds from your credit card acceptance account into the local bank account you designate for settlement of funds twice monthly, on the 8th and 23rd of each month.  Payment on the 8th is for funds settled into your account through the last day of the prior month; and payment on the 23rd is for funds settled to your account through the 15th. When applicable, a wire transfer fee will be passed onto you each time we transfer funds to your account.


 What type of equipment do I need to process credit card transactions using Planet Payment?


All you need is a personal computer and an Internet connection.



How do I integrate my web site with Planet Payment’s gateway?


Integration is simple; it typically takes a qualified programmer less than an hour.  For details on integration issues please see the developer’s guide for our gateway located at:



What shopping cart should I use?


The only software which must be compatible with our payment gateway is the shopping cart software you choose, if you decide you need a shopping cart for your web site.  All other software is optional.  For a list of compatible shopping carts please visit our website at www.planetpayment.com and click on the “Our Services” button, or go directly to:

http://www.planetpayment.com/planet.cfm?pagename=shopping_cart.   If you do not see the shopping cart you are interested in on that list, please feel free to contact our technical support to see whether they are planning on adding your desired cart onto the list of compatible shopping carts in the near future.


What is an acquiring bank?


The acquiring bank is the bank in which the merchant’s credit card acceptance account is held, and from which funds are transferred into the merchant’s local bank account twice monthly.


What is Planet Payment Assured™?


When a cardholder submits their credit card information to the merchant using Planet Payment, Planet Payment Assured service enables users to be confident that the transaction will be securely completed.  Planet Payment will be responsible for the purchase.  Planet Payment Assured provides cardholder protection if they do not get what they pay for.


 How is Planet Payment different from other payment processing services?


§         Planet Payment provides both credit card acceptance AND payment gateway facilities, so that there are no hidden charges.  Planet Payment’s rates cover everything you need in order to get set up to accept payment by credit card online.

 §         Planet Payment can process payments for businesses located outside of the United States, in U.S. dollars and most non-U.S. currencies. 

§         Planet Payment’s banking partners have agreed to provide credit card acceptance accounts to Planet Payment’s clients for Internet based credit card transactions.  Most banks will not permit merchants to process transactions arising out of electronic commerce to be processed through a traditional merchant account. 


§         Planet Payment’s gateway is powered by Authorize.Net, a company foremost in the industry for reliability and customer support. 


Planet Payment’s banking partners have among the highest possible ratings from major credit card associations, so we are equipped to enable your business to grow, without unreasonable ceilings being imposed on the amounts you are able to process through your credit card acceptance account.


For more information about Planet Payment’s Internet payment solutions or to sign up now, please fill in this form.

Planet Payment will follow up with the merchant to obtain all required supporting documentation.  You should anticipate a response from Planet Payment within two weeks of receipt of a merchant application complete with all required documents.  To check the status of an application, feel free to e-mail us.

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