With any new EFTPOS application, a merchant will be legally required to undergo a KYC/AML application.
As scary as this sounds, it actually isnt. Australian legislation recently requires anybody offering financial banking facilities to assess the person/entity that is requesting the facility.
KYC/AML just means "Know Your Client / Anti Money Laundering" which just requires the below items for a successful and speedy application process.
Our Eftpos partners assess the KYC/AML part of the application and BOSSII fills out all of the initial paperwork to commence the application. You dont need to do anything yourself, we take care of it all. However there are items that our partner companies will require for the application. These include:
- The ABN of your trading entity
- An image snip of your bank account statement showing BSB, ACC Name, ACC Number – there are to be strictly no balances or transactions visible – this is required only to show evidence of the account that funds will be deposited to. Merchants can black out any transactions or balances if thats easier. The statement will need to show the date on it and cannot be more than 90 days old.
- Who is the beneficial owner(s)
- Will need pictures of front and back of drivers licence for each beneficial owner
- If there is a Trust in play, then a signed copy of the trust deed will be required
- What is the Registered Legal Address for trading entity
- Should you accept any of the following, we will need your Amex merchant number, Apple Pay merchant number, Google Pay merchant number and/or any other merchant numbers for payments accepted
A general turnaround time of 3-5 business days once all information is supplied is all it takes to have an applicaiton approved and the EFTPOS terminals are then sent out within 5-10 business days after that.
You will then be given access to a portal where you can view your merchant card transactions and the settlement amounts along with each individual transaction also.
Let us know if you have any questions about any of this as we are here to make your like simpler.