Connecting to Rietumu Online Banking
Our company offers you processing, online banking and merchant account opening services with Rietumu Bank.
Rietumu payment system cooperates with various types of online businesses. In addition, Rietumu is a major Latvian bank and companies connected to its processing do not experience difficulties with withdrawing funds.
By connecting your website to the Rietumu system, we provide:
• Minimum security deposit amount
• Minimum transaction fees
• Minimum chargeback fees
• Fastest possible contract conclusion and system connection
The Rietumu payment system is very careful in selecting its counterparties. Any miscalculation during negotiations or inaccuracy in the documents will lead to a serious increase in your material and time costs. Our company takes the following steps to minimise difficulties in connecting:
• Analysis of your company’s compliance with all Rietumu requirements and assessment of the possibility of quick connection
• Preparation of all documentation, company business plan in English and financial model
• Due Diligence
• Consulting on bringing your website into compliance with the technical requirements of processing
• If necessary – company registration services in Europe
• Managing all stages of the negotiation process from the first contact to the conclusion of the contract
Services provided by Rietumu
Rietumu provides the following range of services for entrepreneurs:
• Opening an Internet merchant account for companies registered in Europe
• Serving major popular card systems: Visa, MasterCard, American Express, Diners
• Constant access to real-time transaction reports
• Availability of a Virtual Terminal (checking and managing your account from anywhere you have Internet access)
• High data processing speed
• Secure payment pages that can be connected to websites that are unsure of their own level of security
• Compliance with 3D Secure security standards: Verified-by-Visa and MasterCard SecureCode
Rietumu is also ready to cooperate with processing centres that comply with the PCI DSS standard and have at least 3 years of experience in the market. Details can be obtained from our consultants.
Rietumu service charges
For entrepreneurs:
| Description | Processing fee |
| Application review | 0 EUR |
| Connection to the system | 500 EUR |
| Monthly fee | 30 EUR |
| Fee per transaction | By agreement |
| Claim handling fee | By agreement |
| Chargeback fee | Depends on the average payment |
| Insurance coverage (up to 180 days) | 10% of the payment amount |
For processing centres:
| Description | Cost |
| Application review | 1500 EUR |
| Connection to the system | 0 EUR |
| Monthly fee | 150 EUR |
| Fee per transaction | By agreement |
| Claim handling fee | By agreement |
| Chargeback fee | Depends on the average payment |
| Insurance coverage (up to 180 days) | 10% of the payment amount |
Procedure for connecting to Rietumu processing
Rietumu requires the following documents:
1. Company information (legal address, information about the owners)
2. Company contacts (telephone, fax, e-mail address)
3. Company website to be connected to the processing
4. Description of the company’s business activities, goods and services planned to be sold through the website
5. Estimated amount of one transaction
6. Estimated monthly turnover
7. Name of the bank where the corporate account is registered
8. Sales statistics for the last year
9. Personal data of the contact person (place of residence, telephone, e-mail, position)
Companies involved in the distribution of pharmaceuticals must also provide:
1. CV of the owner or manager of the company
2. Letter of recommendation from the company’s bank
3. Licence to distribute pharmaceutical products
Companies providing online casino services are required to provide:
1. CV of the owner or manager of the company
2. Licence to operate in the field of online gambling
You can provide us with all these documents electronically (scanned and sent by e-mail).
Start-up companies must also provide:
1. Business plan in Russian, Latvian or English
2. Financial model of the company (prepared in accordance with UK accounting standards)
3. Dossier on the owners of the company with documentary evidence
4. Bank statements for corporate accounts and accounts of the company’s owners
5. Other documents and evidence that may be requested by the processing at any time
Processing clients are obliged to “freeze” a pre-agreed amount in their account, which will be used by the processing to resolve any problems with the company’s payments. This is the “security deposit”.
Our specialists will provide you with all the services to meet the technical and quality requirements of the website.
Rietumu’s requirements apply to every client, but they are particularly strict for young companies. Our specialists are able to simplify and speed up the entire process of connecting to Rietumu processing as much as possible, minimising the required set of documents, the amount of the security deposit and the duration of the negotiation process.
The application review procedure takes 5 days from the date the bank receives the complete set of documents. This period may be extended if the bank requires additional information about the new client.
Advantages and disadvantages of Rietumu
Rietumu Bank was founded in 1992. It is one of the largest Latvian banks, which annually occupies leading positions in the lists of commercial banks in Latvia in terms of profit, assets and other indicators.The advantages of Rietumu include its willingness to work with a wide variety of businesses.
If you wish to connect your website to the Rietumu payment system, please contact our company. Our specialists will carry out the connection procedure as quickly as possible and with minimal costs. Call us.