In preparation for signing up to a payment gateway provided merchant account service, it's beneficial to know what you will need to do when applying for an account. Whilst these questions may seem extreme, like any financial institution providing merchant facilities, payment gateways are subject to Austrac's Know Your Customer (KYC) and Anti Money Laundering/Counter-Terrorism Financing (AML/CTF) requirements.
The information below is what will be asked for:
Depending on your structure, most likely Incorporation.
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Sole Trader |
Pty Ltd |
Trust |
Partnership |
Incorporation |
|
|
Individuals who require verification |
Owner |
All Directors; and All Shareholders, with more than 25% share ownership of the applying entity. |
All Trustees |
All Partners |
All members of the executive committee. Generally: President / Chair, Secretary, Treasurer. |
|
Proof of Business Bank Account |
Recent Bank statement in the name of the Sole Trader applying for the service. |
Recent Bank statement in the name of the entity applying for the service. |
Recent Bank statement in the name of the Corporate Trustee applying for the service. |
Recent Bank statement in the name of the Partnership applying for the service. |
Recent Bank statement in the name of the entity applying for the service. |
|
Additional Documents (where applicable) |
N/A |
N/A |
Signed Trust Deed to confirm Trustees. |
Signed Partnership Deed |
Signed AGM minutes to confirm executive committee members. |
Verification Options:
Two methods for individuals to verify their identity and residential address details are provided.
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Electronic ID Verification
Within the online application forms, individuals can electronically verify their details against secure third party databases. Once an individual’s details have been successfully electronically verified, they do not need to provide any identification documents.
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Certified Copies of Documents
Provide recently certified copies of identification and proof of residential address.
For more information regarding what documents can be accepted, or how to get documents certified, please visit: this link
Application Questions
The gateway will typically ask the following questions in the online application
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First & Last Name
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Email Address
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Phone Number
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Industry Type
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Business Website
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Description of the Items Being Sold
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Average Order Size
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Average Days Paid in Advance (time from payment to delivery to the customer)
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Your Bank Account Details
Website Requirements
Before accepting any electronic commerce transactions over the internet, the payment gateway will tell you that you must establish a website that clearly displays the following information, this is despite the payments being processed through MemNet rather than your website.:
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Requirement |
More Information |
|
Delivery Policy |
Include a link in the footer which consumers can click on. If a product, it needs to state delivery timeframes. If a digital product/service, it needs to state how the delivery will be made. |
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Refund Policy |
Include a link in the footer which consumers can click on. |
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Privacy Policy |
Include a link in the footer which consumers can click on. |
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ABN |
Display the applicant's ABN in the footer of the website or during the checkout process. |
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Description of Product/Service |
An outline of what each of the products or services are being sold, including price and a picture. |
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Checkout Page |
A live or test website that includes a checkout page. |
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SSL Certificate |
The checkout page must be encrypted with an SSL certificate (Secure Socket Layer). |
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Contact Details |
Include a link, or contact us page. This information must include:
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Credit Card Chargebacks
When accepting online payments, there may be cases of credit card chargeback, where a cardholder disputes the transaction with their bank requesting their money back. For more information on credit card chargebacks please click here.
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