A merchant account is simply a type of bank account for your business, which is specifically setup to receive your payments in various ways, usually via debit or credit card, and they are the backbone of any online retail business.Apply
A merchant account is a business bank account which is used to acquire payments from your clients debit and credit cards. The charges are taken from your client’s account and sent directly to your merchant account, where the funds are held until they are settled into your nominated bank account.
Know your customer (KYC) is the process that a business must go through in order to verify the identity of its clients. Many financial organisations are governed by a regulatory body, which states that each and every organisation has to be fully verified. KYC regulations are in place to protect both you as a customer, and the bank that you are using.
Banks can vary in their KYC requirements, but you can expect to be asked for the following KYC documents during the verification process:
• Passport or Driving License for the major shareholders and directors
• Utility Bill or some form of address verification for the key people (Personal ID)
• Utility Bill or some form of address verification for the Business (Business ID)
• Business bank statements
Each Merchant Bank has their own KYC process, and the way in which things are done will differ slightly from bank to bank; however, the above list details the basic supporting evidence that you’ll need to provide to ensure KYC compliance.
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