Paperophilia Or Why We Ask for Various Documents
In our office there are shelves. On the shelves there are boxes. In the boxes there are files. In the files there are documents. An in the documents there is everything. We are genuinely interested in everything, that’s why we ask for these documents. However, there are good reasons for this.
1. Passport or ID copies
This is our way of saying “hello” – we need to know whom we are signing with – not only in company terms but also when it comes to the people standing behind the brand. Why? Because though much of business is online these days, it’s not virtual – there are particular people in charge – those who sign contracts, pay and get paid, answer to customers’ questions and control the quality of goods/services provided
2. Certificate of Incorporation
As in every new company, it’s good to know the relations between people – that’s what we learn from the Certificate of Incorporation. We know the people on the basis of passport or ID copies but the Certificate defines the partnership there.
3. Articles and Memorandum of Association
We need these documents to know specifically who is responsible for what and what the company will be dealing with. From how things are outlined in the Memorandum we know what you want to do and can predict which direction you may want to develop so that we can be one step ahead to answer your needs.
4. Financial statement / processing history
John Lennon sang: “maybe I’m a dreamer, but I’m not the only one.” He was fundamentally right – people have plans and business dreams and documents such as financial statements and processing history help verify them. We look where the money comes from and where it goes to and so we can prepare the broadest and smoothest ways for these money journeys. Also, we learn about the possible chargebacks or refunds and help you avoid unnecessary trouble.
5. Bank account set up proof or bank account statement
Well, if you have a business, you want to have money. To get it you need to give us the account number which is usually long and consists of repeating but impossible to memorize sequences of digits. That’s why we ask for a bank account set up proof or a bank account statement – all the information is there and it’s mistake-free!
6. Website
Not a document really. But the crucial thing. Obviously, the other documents need to be legit as well, but we pay particular attention to your online incarnation. That is simply because your clients pay most attention to it. They don’t ask you for the things we do. They need to receive the complete information without asking. First of all, the website needs to be accessible (either generally available or as a beta version). Then there has to be a clear Privacy Policy section and Terms of Service. It has to provide information on the delivery terms, returns, and refunds. Payment options need to be specified as well. And of course the product/service part! Make sure that it’s well described and the accompanying visual material is related and not confusing. It’s not really a place for creativity. This is the actual-factual section – the more precise the better and safer for your business as your clients won’t have doubts about what they’re paying for and what to expect in return. In fact, if you need more tips on how to prepare your website, take a look here: How to prepare your website for accepting payments? In brief, these are the documents that we ask most our prospective merchants for. Surely, it may vary depending on your business model. We also examine each application individually – that’s why our compliance department is grounded for the next zillion of years. Obviously, all of that proceeds in accordance with the data protection regulations as well. And we will remind you of providing us with these documents. So give us work to do – go ahead, make our day!
