Here are the generally detailed documentation(irrespective of any country) that are required for the merchant account is:
To prove that the applicant is the legal resident of the country he/she should have these documents to initiate the application process:
Legal presence in the country: The merchant should have a registered legal name and address and a Doing Business As the name.
Physical presence: The merchant should have a physical presence of the business place. This physical presence can be the applicant’s home or an office from where the business is being incorporated.
An existing personal or business bank account in the country where the applicant is applying for the merchant account.
The documentation that will be required while filing the application form and get the approval as soon as possible:
Applicant’s form: This is typically provided by the bank or processor to get filled by the applicant that acts as the resume of the applicant which will contain almost all the details about the applicant. The basic details that should be specified in this document are business’ fundamentals, Tax ID, address of the applicant, e-mail address, web portal details of the business(if available), sales and processing volume details.
Business license: This document help business owner to prove that the business is registered with the local government body and the merchant have the legal authority to sell the products.
Article of Incorporation: This document is required whenever the merchant or business claims to be owned by multiple people or claims to be in process on the world level.
Voided check: A voided check must be deposited by the merchant; this should be a permanent check that is the name should be pre-printed on the check.
Guarantee: This is one of the things that will be required if the business belongs to the high-risk industry or the transaction volume of the business is high. For this, the merchant needs a third party that can give assurance about the business’ profitability and existence.
If the business is a high risk that is if the volume of transaction is high or the product belongs to the industry that is categorized in the high-risk business industry the merchant needs to provide these details:
Financial transaction details of the personal account, of the last two financial years.
Financial transaction details of the business account, of the last two years.
If the business has used the virtual terminal they should provide the transaction processing details of at least last 3-6 months.
Legal presence in the country: The merchant should have a registered legal name and address and a Doing Business As the name.
Physical presence: The merchant should have a physical presence of the business place. This physical presence can be the applicant’s home or an office from where the business is being incorporated.
An existing personal or business bank account in the country where the applicant is applying for the merchant account.
The documentation that will be required while filing the application form and get the approval as soon as possible:
Applicant’s form: This is typically provided by the bank or processor to get filled by the applicant that acts as the resume of the applicant which will contain almost all the details about the applicant. The basic details that should be specified in this document are business’ fundamentals, Tax ID, address of the applicant, e-mail address, web portal details of the business(if available), sales and processing volume details.
Business license: This document help business owner to prove that the business is registered with the local government body and the merchant have the legal authority to sell the products.
Article of Incorporation: This document is required whenever the merchant or business claims to be owned by multiple people or claims to be in process on the world level.
Voided check: A voided check must be deposited by the merchant; this should be a permanent check that is the name should be pre-printed on the check.
Guarantee: This is one of the things that will be required if the business belongs to the high-risk industry or the transaction volume of the business is high. For this, the merchant needs a third party that can give assurance about the business’ profitability and existence.
If the business is a high risk that is if the volume of transaction is high or the product belongs to the industry that is categorized in the high-risk business industry the merchant needs to provide these details:
Financial transaction details of the personal account, of the last two financial years.
Financial transaction details of the business account, of the last two years.
If the business has used the virtual terminal they should provide the transaction processing details of at least last 3-6 months.
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