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Merchant Onboarding KYC requirements
Merchant Onboarding KYC requirements
Updated over a week ago

To work with Paynt, you will need to provide some information about you and your business.

This information is used to ensure that we can support your business, and so we can run various checks required by our financial partners, credit card networks and regulators.

These checks and requirements are intended to prevent abuse of the financial system, provide your potential customers with clear and useful information, and prevent material loss to your business or to Paynt.

Our merchant application form will typically ask for the following information about your business:

Company details - registered number, address, VAT number or Tax ID

Director and Shareholder details - name, address, date of birth, nationality, ID details

Business overview - short description of what your business does, monthly processing volumes, average transaction value, processing method

Contact information for key personnel

Detailed below are the documents and information that we need you (the merchant) to provide:

Document

Details

KYB

Certificate of Registration

It is a document issued by a commercial register (or the equivalent

authority in the specific jurisdiction) confirming that the government of

such jurisdiction has officially recognised a legal entity (legal entity meets that jurisdiction requirements) and indicates at least: (i) full legal entity

name, (ii) date of registration and (iii) registration (ref.) number

Articles of Association (AoA)

It is a document that specifies the regulations of legal entity operations,

its governance rules and defines the purpose (objective). The document

should also clearly indicate management and representation rights

Directors’ Register Paynt may request this in the cases where the commercial register does not publish directors (managers) publicly, information access is restricted

It is dated and signed, internally (privately) by a legal entity and lists all the current and previous directors (managers)

Shareholders’ Register Paynt may request this in the cases where the commercial register does not publish shareholders publicly, information access is restricted

It is dated and signed, internally (privately) by a legal entity and lists all the current and previous shareholders

UBOs’ Register

It is dated and signed, internally (privately) by a legal entity, and lists all the current and previous ultimate beneficial owners (UBOs). In linear ownership cases (the direct shareholding belongs to natural persons only), Shareholders’ Register may serve for identification of UBOs

KYC

ID documentation

A copy of an identification document of UBO / shareholders, directors and / or legal representatives (signatories). Approved ID documentation is government issued photo identity cards, passports, driving licence

Signatory verification

Signatory(-ies) should be understood as legal representatives of a

merchant (client) who are duly authorised to execute the agreement with us on behalf of the merchant (client). A copy of the proof of identity document needs to be provided for the signatory. Each signatory is also required to complete video verification via an online ID verification tool

Business Specific Information

Processing History

Statements provided by your previous acquirer clearly showing transactions processed as well as chargebacks and refunds with respective amounts and counts

Account for Settlements

A proof of account that will be used by us for settlements, it should contain the name of the account holder (which should match the name of the applying merchant), the account number, IBAN (or sort code if a UK account) and the bank’s details should be displayed clearly

There may be occasions when we need to request more information from you depending on the industry and/or business model.

Does Paynt have the right to request personal information from me?

Yes, legislation obligates Paynt to collect certain information about customers.

Why is it needed?

Paynt must prevent financial crime and properly implement anti-fraud

measures and international sanctions. As part of fulfilling these requirements, Paynt applies the Know-Your-Customer (KYC) principle, which is recognized worldwide.

We have to collect certain customer information to find out about their payment habits and sources of revenue to be able to respond to irregular activities relating to payment

transactions executed by a customer. Paynt must constantly check and update this information. Therefore, they regularly request that customers provide and/or update KYC information (e.g., KYC surveys, questionnaires, etc.) and documents supporting payment transactions.

Is the personal data I provide to Paynt safe?

Paynt must protect the personal data provided to us and ensure their confidentiality. For this reason, the protection of personal data provided to us is our constant concern. The data entrusted to Paynt may only be disclosed in accordance with legislation.

Please bear in mind that Paynt never requests

any login data to your electronic banking account (passwords,

codes, etc.) or send messages and emails with links asking

you to enter your payment security data!

Why do I have to provide the requested data?

The Republic of Lithuania Law on the Prevention of Money Laundering and Terrorist Financing prohibits Paynt from executing payment transactions: if we cannot understand the nature of a payment transaction being executed or the activities carried out by a customer; if a customer fails to provide information on the sources of their assets and funds; or if the information provided is inaccurate and incomplete. In addition, the Republic of Lithuania Law on International Sanctions imposes an obligation on Paynt to take action to implement international sanctions. If no data are provided, Paynt may reject or freeze a payment being executed and/or restrict the provision of services (e.g., restrict the customer’s access to their account(s)). If Paynt has questions about payment transactions executed by a customer, we may contact our customers and request that they provide additional explanations/documents regarding the payment transactions executed. In case of uncertainty as to why and what information/document you must provide to Paynt, you should contact Paynt immediately using its official contact details.

What should I do if I do not provide or update the information on time?

If you receive a request to update the data or provide additional information, please try to do this without delay. If you cannot submit the required documents in due time for objective reasons, you should notify Paynt of this immediately by contacting our customer support team via email at [email protected] or phone:

UK: +44 20 4586 7499
Ireland: +353 1 525 6689
Latvia: +371 63 588 787
Lithuania: +370 5 214 4878

How can I provide information?

You can always contact our customer support team via email at [email protected] or phone:

UK: +44 20 4586 7499
Ireland: +353 1 525 6689
Latvia: +371 63 588 787
Lithuania: +370 5 214 4878

What will happen if I fail to provide the requested information?

If you do not respond to requests of the Paynt to provide KYC information or you provide incomplete or inaccurate information, Paynt may restrict your access to financial services (e.g. you may not be able to execute payment transactions, use your payment card, etc.) and discontinue services to you as a last resort.

Where can I find more details on the requirements for the prevention of money laundering and terrorist financing and for international sanctions?

You can find relevant information on the requirements for the prevention of money laundering and terrorist financing and for international sanctions on the websites of the Bank of Lithuania (www.lb.lt), the Financial Crime Investigation Service (www.fntt.lt), the Foreign Ministry (www.urm.lt) (only for international sanctions) and on the Paynt website.

Important:

• If you have any questions about the information requested or experience problems, you should first contact Paynt by email [email protected] or phone:

UK: +44 20 4586 7499
Ireland: +353 1 525 6689
Latvia: +371 63 588 787
Lithuania: +370 5 214 4878

• If you fail to resolve your issues with Paynt you have the right to file a

complaint with the Bank of Lithuania or apply for the out-of-court settlement of a dispute.

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