Onboard my account
Onboarding involves MultiSafepay checking and approving information submitted by merchants and partners applying for a live account to process real transactions.
1. Submit signup form
Complete and submit the live account signup 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:
| Information | Details |
|---|---|
| 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 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 site checkbox. If you provide a URL, you can now start receiving payments into your MultiSafepay balance. However, you cannot make payouts until onboarding is complete. |
| Card payments | If you intend to accept cards, provide your: - Minimum, average, and maximum order value - Annual turnover from card transactions |
See also Changes to company information.
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.
ā ļø Note: Requests to process cards may be denied, e.g. if you sell prohibited products or services.
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.
How to download a form
How to submit forms
- Sign in to your MultiSafepay dashboard .
- Go to Settings > Files.
- Under Upload a new file, click Choose file.
- Select the UBO form, and then click Open.
- Upload color copies of the identity documents of all UBOs.
5. Display required information
You must display the following required information on your site.
See all required site information
Display your company's:
- Full legal name
- Registered business address
- Phone number
- Email address, or a contact form
- Chamber of Commerce number
- VAT number
- General terms and conditions, including the right to withdrawal (14 days)
- Privacy policy
6. Approval and go live
MultiSafepay assesses the information provided and performs 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.
About 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
- Site
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.
About 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 account balance when there are no funds available, e.g. direct debit or credit card payments.
Deposits are based on various factors:
- 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]
Updated about 1 month ago