Frequently Asked Questions

About Strondy

Strondy provides cutting-edge payment solutions that empower digital businesses of all sizes to connect with customers worldwide. Our tailored payment gateway, business accounts, and merchant accounts streamline transactions and foster growth.

Strondy is a trading name of Xchange Finance Ltd, a UK-registered company (registration number 11454223) with a registered address at 65 Compton Street, London, England, EC1V 0BN.

Strondy offers a suite of payment solutions for digitally native businesses. Our services encompass business accounts, merchant accounts, and a payment gateway, all tailored to meet the unique needs of online businesses.

To get started with Strondy, simply fill out our short application form. Our Sales team will then contact you within 24 hours for a follow-up discussion. Together, we’ll determine the best payment solution for your business based on your industry, location, and other preferences.

Strondy’s services are available to businesses registered in any European Economic Area (EEA) Member State, provided they don’t operate in prohibited industries.

Please visit our Pricing page for more information.

If you wish to file a complaint, please refer to our Customer Complaint Procedure

Merchant Account with Strondy

A merchant account is a financial arrangement that enables businesses to accept and process payment card transactions. The account is provided by an acquirer, who deposits funds received from issuers into the account.

To open a merchant account, businesses must apply and go through an evaluation process. The application process considers various factors, including:

  • The nature of the products or services offered
  • The sales method (e.g., in-person, online, etc.)
  • The payment method (e.g., recurring billing, free trial offers, single sale, etc.)
  • The business’s processing history
  • The perceived risk, which is often determined by analyzing chargeback activity

Some merchants are considered high-risk because they have the potential to be a financial or regulatory liability for the acquirer. These merchants need a specific type of merchant account.

Before receiving a merchant account, merchants are evaluated to determine the level of risk they pose to the acquirer. Several factors are taken into consideration, including:

  • The business is new and has little to no payment processing history.
  • The merchant’s industry is known to have a high rate of chargebacks or is classified with an MCC that the card brands consider high-risk.
  • The merchant uses a subscription billing model or free trial offers.
  • The merchant has a high average ticket amount.
  • The sales model includes delayed or future delivery of goods.
  • The merchandise the merchant sells poses a reputational risk to the acquirer.

To mitigate these risks, acquirers may require additional information or documentation from high-risk merchants, such as financial statements, business plans, or proof of compliance with industry regulations. Acquirers may also impose stricter terms and conditions on high-risk merchants, such as higher fees, stricter fraud controls, or more frequent account monitoring.

A rolling reserve (RR) is a type of collateral that protects both merchants and financial institutions from potential losses due to chargebacks. It serves as a safeguard against chargebacks. If a business operates in an industry with longer delivery times or subscriptions, the rolling reserve will be higher, as determined by the acquiring financial institution. Once the RR is applied to a transaction, the funds will be settled within a specified time frame, as outlined in the merchant’s contract.

The merchant settlement period refers to the time frame between processing a card payment and the funds being cleared into the business’s account. This period is important for merchants to understand, as it affects their cash flow and financial planning.

Business Accounts with Strondy

Yes, when opening a Business Account with Strondy, you will get an IBAN assigned on the name of your business. If you deal with multi-currency, you can also get several IBANs assigned (one per currency) to better manage your cash-flows.

The IBAN assigned to your business account by Strondy is a dedicated IBAN on your company’s name.

If your business is registered in any European Economic Area (EEA) Member State and not on the prohibited industries list, you’re eligible to apply for a Business Account. For more information on your business’s eligibility, please contact us.

To open a business account, simply click here or contact us if you need any assistance.

Absolutely! We collaborate with financial institutions that are fully regulated, and your funds are kept in a segregated trust account, in line with the Electronic Money Regulations. This ensures that in the unlikely event of insolvency, your money is safeguarded from other creditors and can be refunded to you.

We offer holding and exchange services for two major currencies: GBP and EUR. However, if you have a specific request, we can grant you access to additional currencies.

Ready to open your account?