Merchant Account Opening and Verification Policy

1. Account registration

In order to use Payop (“Our”) services you have to be properly registered as a corporate entity and/or sole trader (as applicable) in your jurisdiction. Corporate entities/sole traders using Payop’s service are considered Merchants.

In order to use our services as a Merchant you will have to register an Account with us. Account is a virtual space provided for you by means of software and is intended for the use of our services.

The access to the Account is provided for you automatically upon your successful registration, verification, all required onboarding procedures under the applicable law and our internal policies and procedures, as well as upon acceptance of all applicable Legal Terms & Policies.

The Merchant’s registration of the Account following the registration procedure shall mean the Merchant’s full and unconditional acceptance of all the Legal Terms & Policies on payop.com pursuant to the Merchant’s consent.

Account may be registered on behalf of any legal entity from supported jurisdiction only by an authorized person (e.g. company director with signatory rights or authorized signatory acting with power of attorney).

2. Verification

Taking into account the Know Your Customer (“KYC”) and Anti-money laundering and Counter-terrorist financing (AML-CTF) procedures of PCMLTFA (Proceeds of Crime (Money Laundering) and Terrorist Financing Act) Criminal code, and similar procedures of other countries, including European Economic Area (EEA) countries, as well as international regulations applicable to KYC/AML-CTF procedures we adhere to (e.g. FATF, Basel Committee) we will require the Merchant to pass the compulsory verification when registering a new Account.

The verification process may include but is not limited to provision of information and documentation about your legal entity and your business including but not limited to corporate documents, documents of company owners, officers, signatories, representatives, beneficial owners, information about your business model, information about your expected volumes and turnovers, any applicable licenses you possess, source of funds and source of wealth documentation.

We may use third-party solutions during the process of verification in order to verify the authencity of documents and information provided by you to us.

You agree to inform us about any changes in your business details and provide respective supporting legal documentation not later than in 10 business days after such changes occurred including after the Account was approved and live.

In case after the verification process or ongoing monitoring we find out that you as a Merchant pose unacceptable amount of risk, or if you fail to provide/update all the information requested by us and/or if we have doubts in regards to the authencity of provided information we reserve the right not to provide or to stop providing our services to you.

3. Contact

For any questions about this Policy, please contact us at: support@payop.com