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Merchant onboarding

Accepting card payments

What is an Acquiring Account

An acquiring account is a vital component of accepting electronic payments. The primary role of a acquiring account is to remit authorised transactions from your payment gateway to your business account.

What is a payment gateway?

A payment gateway is a secure software system, adhering to the PCi industry standards, that integrates with your payment gateway and acquiring account. It uses a system called tokenisation where the cardholder information is represented by a sophisticated token to ensure the details are transmitted securely.

How do I open a Merchant Acquiring Account

Simply provide us with some basic information about your business and we will provide you with a response on whether or not we can assist you with your requirements. We have a 98% approval rate, so the chances are we can help!

What does the application process involve?

Once we do some basic checks, we will require more details about how you will be using the facility and the amounts and volumes of transactions you will be making.

What does the application process involve?

Once we do some basic checks, we will require more details about how you will be using the facility and the amounts and volumes of transactions you will be making.

What is 'Know Your Customers' (KYC)?

KYC is a process of identifying the applicant to ensure the details provided are accurate and authentic. We will need to identify and verify the the owner of the business, the location and that the facility will be used for the intended purpose.

What does the verification process involve?

To verify the application is being submitted accurately and by the persons with the authority to do so, we may request identification documents for the Director(s) and UBO(s).

What documents will you require for verification?

We will need to firstly, identify the Director(s) and UBO(s) with 25% or more shareholding of the business. This will usually be satisfied by ONE submitting the following identifying documents:

  • Passport Photo ID
  • Photo Driving Licence
  • Official Government ID

We will also require proof of address for the Director(s) and UBO(s) with 25% or more shareholding. We will request ONE of the following documents:

  • Home utility Bill Dated (within the last three months). Mobile Bill not accepted.
  • Personal Bank Statement
  • Official correspondence from Tax or Regulatory bodies addressed to the signatory.

Company Registration Documents will be required in English. Please ensure shareholder information is included. This is not necessary for applications from the United Kingdom.

Do you accept sole traders or Individuals

Yes, we accept sole traders and individuals trading as their business name. We will require the same details for identity except company verification information. Please note the business bank account must be in the name of the applying business. Funds can not be settled to personal accounts not linked or named as the applying business.

How long does the process take?

We aim to provide same day approvals accounts set up within 48 hours.

What are the terms of service?

The terms of service are provided once the risk of providing the service to you has been assessed. Opening an acquiring account is the same as providing any other form of credit facility as transactions are subject to dispute and potential chargebacks. Therefore certain provisions may be included if your application presents a higher that accepted risk. This can vary depending upon your industry. The duration of your agreement for the facility is also provided at this stage. If your account includes a payment device that is not purchased outright a minimum term may be requested. A majority of agreements especially for online payments do not have any minimum term requests.

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