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Upload KYC documents
What is KYC?
Know Your Customer (KYC) procedures are a critical function to assess customer risk and a legal requirement to comply with Anti-Money Laundering (AML) laws. Effective KYC involves knowing a customers identity, their financial activities and the risk they pose.
| KYC Documents |
|---|
Certificate of Incorporation (CI) |
HK Company-Business Registration (BR) |
HK Company-NAR1 |
Business email address, phone number, address |
Business website URL |
Director and UBOs ID |
ID of individuals who owns 25% or more.(Add only if available) |
Industry |
Average transaction value (HKD) (Optional) |
Sales data from the last 3 to 6 months (Optional) |
... |
Statement descriptor
Statement descriptor is required when you upload KYC documents.
A statement descriptor is your business name your customers will see on their card statements and other transactions. Using clear and accurate statement descriptors can reduce chargebacks and disputes.
Add your statement descriptor in the field "Statement descriptor", it will be displayed on your customers' bank or credit card statements after you successfully activate your MoneyCollect account. To avoid disputes, please set a recognizable descriptor.
A statement descriptor only supports 5-22 alphanumeric characters, spaces, and special characters: & , . - #and at least one letter.
If you want to modify your statement descriptor after you successfully activate your MoneyCollect account, please contact us.
KYC Documentations comprises four parts
The first part is 'Website Profile', which required to be completed during the initial submission.
The second and third parts, 'Registration Documents' and 'Bank Account', respectively, can be temporarily skipped and filled out at any later time.
The fourth part, 'Additional Information', is optional and generally does not affect the activation of the merchant account.
Activation succeeded
MoneyCollect will review the KYC documents you submitted.
After the merchant has passed the KYC documents review, MC will activate the account. At this time, the account status will be updated from "Inactive" to "Active".
After your account is successfully activated by MoneyCollect，we will send you an email to notify that you have passed our KYC review.
You can accept live payments from now on.
Activation succeeded (partial)
If certain parts of the documentation were skipped during the initial submission, your account may still be activated. However, please note that some functionalities, such as fund withdrawal, will be restricted in this state. To gain full access to all features, it is necessary to complete the skipped sections of the information and undergo the review process again. Once all the required information is provided and approved, your account status will be fully updated, removing any limitations on your account's functionalities.
Activation failed
If you fail to pass our KYC review，we will notify you by an email.
Please click the link in the email to login MoneyCollect Dashboard.
You will be redirected to the page that needs to be modified.
Update your KYC documents and re-submit.
Close your account
Only the owner can close the account (this account must be inactive) any time in the MoneyCollect dashboard by navigating to Settings-> Account details->scroll to the bottom and click on Close accountbutton in red.
After closing your account, you will not be able to:
View your financial data for reporting purposes.
Create new refunds.
Submit evidence for new disputes.
Note
You are still responsible for the refunds issued and the disputes initiated from your customers after closing accounts.
If you are not the owner of this account:
1.Make sure to close the correct account.
2.Make sure existing balance is 0 before closing your MoneyCollect account.
3.The “closing” action cannot be reversed！
4.If you want to close all of your MoneyCollect accounts, you need to close each account in this way separately.
Your business details
After successfully activating your MoneyCollect Account, your business details will be displayed on MoneyCollect Dashboard( Settings Page->Business details).
Currently we don’t support modifying the business details after you activate your MoneyCollect account successfully.
Keep account confidential and safe
After activating your account, you need to keep it confidential and safe. And we recommend:
Keep your secret API key confidential
Don’t share your password and keep your secret API keys confidential on your own servers all the time.
Give different user roles with restrictions to your team members.
You can invite others to your MoneyCollect account so they can log in and take certain actions, but with limited access.
Enable 2-step authentication.
Authenticate your attempt to log in using a verification code generated by your authenticator app or received via SMS.
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