Frequently Asked Questions

What is IRIS PAY?

IRIS PAY is a payment service of Iris Solutions Ltd., licensed payment institution by the Bulgarian National Bank.

Why should I choose IRIS PAY?

  • Lowest rates for accepting payment
  • Fast and easy registration process for merchants

  • Your smartphone may be your payment terminal

  • Easy integration in online shops and portals

  • No requirement to open new accounts

  • Intuitive to use payment terminal

  • Ability to actively manage the accounts that serve your payment terminal

  • One transaction fee - regardless of the payment account

  • Price transparency 

  • Data analysis and useful business information

  • Intuitive API integration solutions

How much is the IRIS PAY payment terminal through which I can accept payments?

 

Transaction fees are calculated based on a percentage of your total transaction volume for the month. We only charge a fee if the transaction was successful. VAT is not charged on the transaction fee. Contact us and we will send you an individual offer.

What are the transaction fees?

Transaction fees are calculated based on a percentage of your total transaction volume for the month. We only charge a fee if the transaction was successful. VAT is not charged on the transaction fee. Contact us and we will send you an individual offer.

Are there any hidden fees?

We have no hidden fees. Our fees are significantly lower than the fees for other payment terminals.

What types of accounts can I accept?

You can accept payments from all types of payment accounts - current accounts, major accounts, debit or credit card accounts.

Can I accept card payments?

IRIS PAY's payment terminal works with payment accounts, not cards. You can accept payments from the payment account serving the card, but not from the card itself.

Can I start using IRIS PAY immediately?

Yes, you can. In order to receive payments from customers, you need to sign up for a merchant platform at https://trade.irisbgsf.com/. After reviewing your registration, Iris Solutions will contact you. If your request to use the service is accepted, we should sign a contract and proceed to accept payments.

Is there a requirement for the number / volume of payments accepted?

We have no requirement for the number / volume of payments accepted.

Can I use IRIS PAY while traveling home or abroad?

Yes, you can. Your phone / tablet is your payment acceptance terminal.

Do I need a company bank account?

We recommend to use a company bank account to separate business income from your personal finances.

Should I have to provide personal information?

Yes. IRIS PAY is a service of Iris Solutions Ltd., licensed payment institution by the Bulgarian National Bank. We strictly comply with the Bulgarian legislation governing the collection and processing of personal data. We need your information to verify that you are actually an individual registered with IRIS PAY, and that you are the primary contact for your business. The company is governed by strict provisions related to the processing of payments. We apply the highest standard of data protection technology in addition to the security systems implemented by banks.

When will I be able to see the payments from my account?

Payment via IRIS PAY is a type of bank payment, i.e. the transactions are made through the banking systems for electronic payments. If your client and you are using an account at the same bank, your transfer will be certified immediately. If you use the services of different banks in Bulgaria, your transfer will be certified within 2/4 hours or early in the morning the next day, if the payment is made to you after 3 P.M.

Do I have to issue a cash voucher when receiving a payment via IRIS PAY?

You do not need to issue a cash voucher. Payment via IRIS PAY is a type of bank transfer / credit transfer. According to Article 3, Paragraph 1 of Ordinance H-18 of the Ministry of Finance, in this case it is not necessary to issue a cash voucher.

Do I need to open a new account to use IRIS PAY's payment terminal?

It is not necessary. The IRIS PAY payment terminal allows you to receive payments to your existing bank account, ie. you do not need to open a new account and pay additional fees for it.

What are the requirements for my bank account for using IRIS PAY?

When registering your bank account in IRIS PAY, please note:

  • Your bank account must be in the official currency of the country where your account is registered (enter a Bulgarian lev bank account when registering in Bulgaria).

  • IRIS PAY accepts payments from all types of payment accounts.

  • You can register more than one bank account in your account and choose which one you want to receive payments from customers.

For sole traders, the bank account must be in the name of the owner or business.

Note: Personal bank accounts are acceptable but not recommended. For Legal Entities, the bank account must be in the company name. For others (partnerships, foundations, clubs / associations, non-profit organizations, schools, colleges or universities), the bank account must be in the name of the organization.

Why does IRIS PAY require you to have a company account and not allow the use of a personal account?

With this requirement, Iris Solutions Ltd. eliminates the possibility of tax evasion and ensures that our dealers are successfully operating in accordance with European Union (EU) Directive No.4 to combat money laundering. Thus, Iris Solutions Ltd. maintains international standards in the sector.

NEXT GENERATION FINANCIAL SERVICES

  • Facebook
  • YouTube
  • LinkedIn