To get an extended warranty merchant account, the applicant is supposed to send the filled merchant account application to the payment service provider. This is usually a two to three-page document that collects vital information about the merchants business and the business model. Details like
- Companies legal name
- Business Address
- Details about the owners and the promoters of the company
- What kind of payment mode is required Moto/VT/API.
- What currency does the merchant want to accept?
- Merchants are also expected to let the processor know about the preferences of the credit card brands that they wish to receive.
Most of the times on the last page of the application form will have a list of website compliance and KYC documents. The website compliance list clearly mentions all the requirements for the website. This Includes
- Products and Services to be clearly displayed on the business website.
- Customer care number, email and the business address of the company must be mentioned on the contact us page.
- Policies and terms and condition should be clearly mentioned.
- The refund policy should be simple and easy to understand
- The pricing structure and the delivery time frame of the service should also be clearly mentioned on the merchant’s extended warranty website.
Now that we have discussed the website compliance.
Let’s talk about KYC documents. KYC or KYM both mean the same. KYC stands for know your customer and KYM stand for know your Merchant. When a merchant applies for an extended warranty merchant account, he submits an application form and along with application form is also required to submit the copies of the KYC documents. The most common KYC documents include
- Business license of the company
- National ID and Address proof of the directors and the major shareholders of the company.
- The payment processing institution will also ask for the cancel cheque or the letter of good standing from the business bank.
- The merchant is also supposed to share the business plan and existing processing history if available.
Apart from these documents, the merchant account processor or acquiring institution may ask for additional documents to speed up the underwriting process.
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