1. Proof of Identity
A valid government-issued identification card, such as a passport or driver's license, is typically required to establish an online merchant account. Some payment processors may also require a secondary form of identification, such as a utility bill or bank statement, to verify the applicant's address.
2. Business Registration Documents
In order to establish the legitimacy of the business, online merchants are often required to provide business registration documents. This may include documents such as a certificate of incorporation, articles of organization, or business license. The specific documents required may vary depending on the country and type of business entity.
3. Financial Statements
Financial statements, such as bank statements, income statements, and balance sheets, are commonly requested by payment processors. These statements provide an overview of the business's financial stability and ability to manage transactions. The required financial statements may vary depending on the payment processor and the merchant's processing volume.
4. Processing History
Some payment processors may require online merchants to provide a history of their processing activity. This history demonstrates the volume and nature of the merchant's transactions. It helps the payment processor assess the risk associated with the merchant's business.