Important Documents While Applying for a Merchant Account

Important Documents While Applying for a Merchant Account

Many successful businesses are taking advantage of e-payment technology to offer their customers greater ease in completing transactions. Companies today integrate payment solutions and gateways with the latest technology and artificial intelligence. This leads to greater client satisfaction and loyalty in the long run.

However, while applying for a merchant account is fairly simple, firms lose out when they submit incomplete applications as this delays the process considerably. Here is an overview of what documents are required during the application stage.

Basic business documents

Online payment service providers often require complete details with regard to the business. This would include important paperwork such as a certified true copy of the certificate of incumbency which has been issued within one year before the application date, the business registration certificate, articles of association, information pertaining to the directors and shareholders, and the certificate of incorporation.

If there has been a name change, then those certificates would also be required.

Proof of identification and residence

Providers that offer e-payment technology will also require identity proofs which could include a certified true copy of your passport. All beneficiary owners, principal shareholders, intermediate owners, directors and the applicant would need to submit these proofs. It is also important to submit residential proof of principal shareholders and directors. Only proofs issued by a trusted authority will be accepted.

Financial documentation

Apart from basic business documents and proof of identification, it is also vital to submit various financial documents. Some of these documents may be relevant only if applicable. It may not pertain to all industries and niches. Online payment service providers normally look for documents pertaining to business trade licenses, statements relating to online payment processing for the previous six months, bank statement clearly listing about the name of the bank, the account holder’s name, the opening and closing balance, SWIFT, IBAN, account number, etc.

In some cases, policies relating to CFT (counter-financing of terrorism) and AML (anti-money laundering) may also be required. Some firms will also ask for a detailed ownership or organization structure chart.

This is to clearly identify the country of incorporation, parent company details, number of shareholders, ultimate beneficiaries, registration number, etc. This chart should be certified by the directors.