Newbie question about European merchant accounts

I realize it's difficult to set up a merchant account directly with an acquiring bank, but just how difficult? Can someone please explain which steps we should take. We have the financial resources here in Europe. That's not a problem, and if need be, we can set up a master merchant account. We just don't know which banks to approach as this isn't a "office front" business. Do we still need an underwriter? We'd like to avoid 3rd party solutions like Verotel as much as possible. Thanks.