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Legal
Can I operate in multiple countries, and are there any legal considerations for cross-border transactions?
We don’t impose limitations on merchants operating in multiple countries. Various considerations will need to be made and technical aspects fulfilled, as required on a case-by-case basis. Merchants operating in various countries must ensure adherence to that country’s applicable laws, as mentioned above.
Are there any compliance requirements or regulations that merchants need to adhere to?
Merchants must adhere to, int aliera: Anti-Money Laundering and Prevention of Terrorist Financing laws, Data Protection laws, Prohibited Criminal Activities or Illicit Trade laws, Tax laws, Card Scheme (such as Visa, Mastercard, etc.) rules.
Do I need to have a bank account to open an account with PAYSTRAX?
Yes, a bank account is required for us to settle funds with you. Details of the account will be required in the onboarding process.
Why was my application declined?
There can be various reasons why the application is declined. This can include insufficient or invalid documentation provided, compliance related issues, unacceptable risk posed, geographical or regulatory limitations, or record of unacceptable activity.
What documents do I need to open an account with PAYSTRAX?
At PAYSTRAX we must identify and verify the Merchant, the legal company and related natural persons . To do so, from a legal entity we will require a Certificate of Incorporation, Articles of Association, Company Registrar Extract, utility bill, rent bill, bank statement, etc. From natural person the needed documents are government-issued identity document, utility bill, rent bill, bank statement, etc. The number of documents requested will depend on the complexity of the company structure and our ability to sufficiently identify/verify the company and related persons.