fbpx

What information/documents do we need to open a merchant account?

RapidCents takes the safety and security of our users’ financial information very seriously. For that reason, an extensive account verification process is used to make sure that every member organization is 100% legitimate.

To register for a RapidCents Account, you or the person or people submitting the application (your “Representative”) must provide us with

1- Business or trade name (DBA: Doing Business As) and Business registration documents (such as Article of Incorporation or any other type of government-issued business license)

2-Physical Business Address and phone number.

3-email and business website

4-business identification number (Tax identification number)

5- the nature of your business or activities(and certain other information about you that we require)

6- Voided check or bank verification letter (Bank verification letter should be stamped and dated)

7-We also collect personal information (including name, birthdate, and government-issued identification number) about your beneficial owners, principals, and your RapidCents Account administrator. Until you have submitted, and we have reviewed and approved all required information, we can not open the merchant account.

Why you may need to provide business information?

In addition to protecting against financial risk, the underwriting and review processes will support the identification of suspicious activities which may be related to money laundering or terrorist financing as required by the Anti-Money Laundering (AML) laws including The Criminal Code and the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), as well as the Visa International Operating Regulations and Mastercard Rules.  RapidCents will take the above actions to meet the requirements of these laws.

 

You can check the Prohibited merchant list.