Onboarding process


Onboarding involves MultiSafepay checking and approving information submitted by merchants and partners applying for a live account to process real transactions.

1. Submit sign up form

Complete and submit the live account sign up form.

MultiSafepay creates a live account and email you a security code to sign in to your live dashboard.

2. Provide company information

Sign in to your live dashboard and, under Business details, provide the following information:

Company details Company address, VAT number, and Chamber of Commerce number
Business bank account number This must exactly match at least one of the trade names listed on your Chamber of Commerce extract.
Products/services See also Prohibited products and services.
Site URL The URL of at least one site you accept payments through, or select the I don’t have a website checkbox.
If you provide a URL, you can now start receiving payments into your MultiSafepay balance. However, you cannot pay out funds until onboarding is complete.
Credit card payments If you intend to accept cards, provide your:
- Minimum, average, and maximum order value
- Annual turnover from credit card transactions

Pre-screening

MultiSafepay pre-screens your account to check if the products/services you sell are low, medium, or high risk. Payments for medium and high-risk products/services are pauzed until onboarding is complete.

We may ask you to provide additional documents, e.g. if you have an unusual company structure.

Note: Requests to process credit cards may be denied, e.g. if you sell prohibited products/services.

Changing company information

You must inform us of any changes to your company information.

Changing company information

Changes of address
Email the new address and your account ID to [email protected]

Changes in the company form, directors, or UBOs
Email the new details and your account ID to [email protected]

We will request new documentation, such as UBO statements or copies of identification documents.

Company takeover
If a different company is taking over your account, we recommend opening a new account to separate the money flow.

Make sure you update all company details on the website(s), including the registration number, VAT number, and address. The company details on the website must match the details in your account.

3. Validate bank account

Validate your business bank account by either:

  • Making a payment of 1 EUR from the account, or
  • Providing a copy or screenshot of a bank statement that includes your IBAN and company name

4. Identify UBOs

MultiSafepay is legally required under the Wwft to establish and verify the identity of your company’s ultimate beneficial owners (UBOs).

Download and complete a Statement of Ultimate Beneficial Owner Form for every UBO, and then submit them via your dashboard.

About UBOs

A UBO is a natural person who directly or indirectly holds an equity interest in or exercises control of the enterprise. Most commonly, an individual holds an equity interest of 25% or more of the shares or capital of the enterprise, or exercises:

  • 25% or more of the voting rights, or
  • De facto control over the affairs of the enterprise, or
  • Other special rights of 25% or more over the capital of the enterprise and specific control over, for example, rights granted in the pages of incorporation.

Multiple UBOs
If the enterprise consists of a number of (intermediate) holding companies, then the UBO(s) are all the individuals who, through various companies, have 25% or more control of the underlying enterprise.

No UBOs
Enterprises are not required to have a UBO. For example, if an enterprise has five owners with an equal distribution of capital and control, none of them owns 25% or more of the enterprise.

Example
The limited company Good Ltd has a sole shareholder: Better Ltd. The shares of Better Ltd are held equally by two other limited companies:

  • Anders Ltd. which has two equal shareholders: Mr A. Jansen and Ms B. Jansen-de Jong
  • Best Ltd. which has one sole shareholder: Ms D. Best

The three ultimate beneficial owners are therefore Mr A. Jansen, Ms B. Jansen-de Jong, Ms D. Best.

About the Wwft

The Wet ter voorkoming van witwassen en financieren van terrorisme (WWFT), or Money Laundering and Terrorist Financing Prevention Act, prevents companies and individuals from laundering money or financing terrorist activity.

It was based on the Disclosure of Unusual Transactions or Financial Services Act, but goes one step further. It focuses on both individuals involved in suspect transactions and the risk of such transactions.

Submit the form

  1. Sign in to your MultiSafepay dashboard.
  2. Go to Settings > Files.
  3. Under Upload a new file, click Choose file.
  4. Select the UBO form, and then click Open.
  5. Upload color copies of the identity documents of all UBOs.

Note: We recommend using the KopieID app to hide personal information on passports or IDs.

5. Display required information

You must display certain information on your website.

Required website information

  • Full legal company name, address, phone number, and email address
  • Chamber of Commerce number
  • VAT number
  • General terms and conditions, including the right to withdrawal (14 days)
  • Privacy policy

Approval and go live

MultiSafepay assesses the information provided and perform know your customer (KYC) checks. We may request a deposit to cover our financial risks.

If approved, your account goes live and you can make payouts.

KYC checks

As a payment service provider and acquirer, MultiSafepay is legally required to perform KYC checks on the:

  • Account holder
  • Business bank account
  • Merchant
  • Website

To help you start accepting payments as quickly as possible, we divide our checks into two phases:

  • Identification: As soon as we have established the identity of the account holder, you can start accepting payments.
  • Verification: As soon as we have verified the identity of the account holder, you can start making payouts to your business bank account.

Deposits

We may ask for a deposit in case:

  • A merchant goes bankrupt and we can’t collect funds for chargebacks from their account.
  • A merchant uses payment methods that let you withdraw funds from your MultiSafepay balance when there are no funds available, e.g. SEPA direct debits or credit card payments.

Deposits are based on various factors:

  • Credit card volume
  • Delivery timelines
  • Financials
  • Performance and experience

If financials are requested, we request your most recent balance sheet, and profit and loss statement.

Support

Email [email protected]

Disclaimer: The information on this website is intended for informational purposes. No rights can be derived from this information.

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Other languages

For an explanation in another language, contact your account manager.