It is not easy to gain new payment processing, as each bank varies in the requirements. At Paywithclear we wanted to present the basic information required for any merchant looking to gain new processing, and what is required.
Below provides you with the overview of what documents are required, and what information must be presented on your website in order for a bank to consider your business application.
The application stage provides us with the key information about the business model, and helps us to make a decision on the acquiring bank we will look to place your business with.
Once completed, the application will be reviewed, and you will be contacted within 24 hours to confirm if we can pursue the application on your behalf.
It’s important that all the documents are dated within the last 90 days, and the banking partners will require all documents requested.
We are required to provide details for all directors and shareholders a who own a 25% share or more of the business. If a company owns more than 25% of the business then we will need a complete pack on this entity also.
The business will need to provide the following;
- Incorporation Certificate/ Articles and Memorandum of Association
- Proof of Address- Dated within the last 90 days
- Proof of Business Banking Account – Dated within the last 90 days
- Proof of 6 months card Processing History statements (including chargebacks and refunds)
For the individuals we will need the following;
- Valid Identification Document (Utility Bill of UBO)
- Identification Photo (Passport, Driving Licence or National ID)
Please add any additional documents if requested as part of the application process below:
- Proof of business address- Dated within the last 90 days
- UBO/Shareholder Register
- Business License
- Proof of domain ownership
- Anti-Money Laundering Policy Agreement (if applicable)
- Company structure chart (if applicable)
- Supplier Agreement/ Invoice (if applicable)
- Power of Attorney (if applicable)
- Business Plan (if applicable)
- Flow of funds (if applicable)
As an ecommerce business you will also need to ensure your website is compliant:
- Terms of service
- Registered company details (on the home page)
- Contact details (on the home page)
- Returns policy
- Refund policy
- SSL certificate
- Visa/ MasterCard brands shown clearly on site
You may be required, depending on the type of business you operate, to also provide additional information on your website such as;
- License (Gaming /Crypto)
- Regulatory license
- Certificates for goods (testing)
Failing to provide the documents will delay your application with the acquiring bank, however, we will be here to help support you through the process, to ensure that your business has the best opportunity to get the best acquiring solution on the market.
If you have any questions, please feel free to contact our team to discuss in more detail.
If you feel that you have all of these documents, and are ready to proceed, then please follow the link on Paywithclear.com and sign up for an account today.
Our team will help you in connecting to the best bank for your business.