Tailored Merchant Accounts For Your Business
Get fast approval with carefully selected merchant accounts from LumiPay.
Why Do I Need a Merchant Account?
A merchant account works as a business bank account and is used to receive money online from clients’ debit and credit cards. The amount charged is taken from your client’s account and placed directly into your merchant account. This is where the funds are stored until they are transferred to your nominated bank account.
Merchant Account KYC
KYC (Know Your Customer) is the verification process that all businesses must go through in order to identify its clients. KYC regulations are used to protect both you as a customer and also the banks you use.
What does a merchant bank typically ask for?
Banks can vary in their KYC requirements, but you can expect to be asked for the following KYC documents during the verification process
• Passport or Driving License for the major shareholders and directors
• Utility Bill or some form of address verification for the key people (Personal ID)
• Utility Bill or some form of address verification for the Business (Business ID)
• Business bank statements
Every Merchant Bank has its own KYC process so there is no standardized method between banks. However, the above list outlines the basic supporting documents that will need to be provided to ensure KYC compliance.
If you would like to find out more about KYC checks and what you can expect we have an expert team who are happy to answer your questions. Please contact us here.
Discover Why We’re Leading Merchant Account Providers
We’re completely free from the interests of acquiring banks. This means we adapt to suit your business needs, whatever they may be.
- We find the best solution for you by searching a huge range of account options and conditions
- Fraud protection ensures debit card/credit card transactions are processed safely
- Checks for sufficient funds in customer accounts prior to payment approval
- Accepted payments safeguarded against chargebacks
- Efficient bank approval process and prioritised set-ups
Take recurring payments
- Cheapest possible prices guaranteed from banks on your merchant services
Flawless integration to begin accepting payments
Our online payment solution is easy to integrate so you can start using our payment gateway . Our plugins are compatible with a vast selection of existing eCommerce platforms and native solutions.