Before initiating the merchant onboarding process, businesses should prepare the necessary documents and materials. Gathering these materials ahead of time can expedite the process and minimise potential delays, in a process that can be time-consuming.
Here is a list of key documents and materials businesses should plan to have ready:
Business registration documents
Copies of the business’s registration documents, such as articles of association, certificates of incorporation, or other relevant documents that verify the legal existence of the business.Tax identification numbers
The business’s tax identification numbers (TFN)Ownership information
Information about the business’s ownership structure, including details about the owners, partners, or directors. This may involve providing personal identification documents for key shareholders, such as government-issued IDs, passports, or driving licences.Bank account information
Details about the business’s bank account, including the account number, routing number, and the name and address of the bank.Business website and online presence
Information about your business’s website, online store, or mobile app, including URLs and descriptions of the products or services offered.