Why we ask for identity documents
We require identity documents for customer due diligence and to comply with Anti-money Laundering and Counter Terrorism Financing legislation. We’ll handle your information in accordance with our Privacy Policy.
Why we ask for your business’ cash flow estimate
Our acquirer uses this information assess your chargeback risk. Chargeback risk exists for the processing bank that holds your merchant account, because if you are unable (due to insufficient funds or going out of business) to cover the cost of the chargebacks, responsibility for repaying the chargebacks falls on the processing bank.
Why we ask for your bank details
We need to know which bank account to use to receive online payments and be debited for refunds, fees, or chargebacks.
What documentation is required?
There are different types of documentation that will need to be supplied based on your business structure and circumstances.
See the business structures below to find out what details we’ll check, and what documents we’ll ask for.
Individual (including Beneficial Owners)
Sole Trader
Company
Partnership
Association
Government Body
Trust
Co-Operative
Beneficial Ownership
A beneficial owner is an individual, or group of individuals who effectively own or control an entity.
Entity Type | Who may be determined as a Beneficial Owner? |
Sole Trader | Cascading: The Sole Trader will be assumed as the Beneficial Owner Where there is reason to believe otherwise; Individuals with 25% or more control |
Company | Cascading: Individual Shareholders with 25% or more ownership, if no then Individuals with 25% or more voting rights, if no then Minimum of two Senior Managing Officials (e.g. CEO, CFO) |
Partnership | Cascading: Partners with 25% or more ownership, if no then Individuals with 25% or more voting rights, if no then Minimum of two Senior Managing Officials (e.g. CEO, CFO) |
Trust | Cascading: Individual Trustees, if no then Beneficial Owners of Corporate Trustee, if no then Appointor, Custodian or Principal of Trust |
Applicable to Unit Trust only: Individuals with 25% or more units, if no then Appointor, Custodian or Principal of Trust | |
Association (Incorporated & Unincorporated) | Cascading: Individuals with 25% or more voting rights (including power of veto), if no then Individuals entitled to 25% or more of property on dissolution, if no then One or more Senior Managing Officials (e.g. Chair, President) |
Co-Operative | |
Government Body | No Beneficial Ownership information required |
Additional FAQs
Frequently asked questions
Need some help?
If you have any questions, please read through the FAQs or contact our team.
Phone: 1300 783 674
Email: payments_support@myob.com