Puerto Rico has become a popular hub for FinTech and E-Commerce companies. The local tax incentives attract organizations to move their operations to the island. It is estimated that close to 2,000 companies have relocated some of their operations to Puerto Rico in 2021. Most of these businesses are e-commerce companies.
E-commerce organizations often require online payment processing. MagicPay provides merchant account for Act 60 merchants in Puerto Rico. Additionally, we can provide payment processing to to any other entity in Puerto Rico. Systematically, a merchant account for Act 60 business owners would enable credit card processing worldwide. Moreover, the settlement can be to a local bank in Puerto Rico.