We know you will sometimes have questions,
so here we have provided the answers to the ones
that come up the most so you have access to fast answers.
However, if you can’t find what you are looking for here, please email us at [email protected].
A Business Account can only be opened by the head of a company,
who also has a personal Paybanco Account and who has completed the KYC procedure.
Contact us at [email protected] to learn more.
You can transfer funds to your Account from any bank in the world.
Having logged in to your Paybanco Account you will have access to your account dashboard where you can manage your transactions.
Transfers from your Paybanco Account to other banks are performed
in the same way as traditional banks.
You fill in the recipient data, indicate the receiver’s account number and purpose of payment/reference.
In order to transfer money from Paybanco to another payment system, you will have to indicate the client number in the system or other data depending on the payment system.
Security is our highest priority. We use the software, technologies and monitoring systems that meet the highest standards, ensuring the protection of your money, data, and transfers.What do I need to open a Merchant Account?
Paybanco adheres to stringent Know Your Customer (KYC) procedures
required to be in line with Anti Money Laundering (AML) laws.
Paybanco requires specific documentation to onboard clients wanting to process online payments.
The KYC process confirms the legal form of the merchant, the identity of the recipients, and, where applicable, the licenses or approvals businesses are required to carry out their activities.
Certificate of incorporation (if applicable)
Certificate of Shareholders/Shares
Copy of beneficial owners/principals passports
Articles / Memorandum of Association
Certificate of Directors (if applicable)
Copy of utility bill for beneficial owners/principals (not more than 3-months-old)
Utility bill for company’s registered office (not more than 3-months-old)
Company Bank reference/statement (Bank letter for high-risk business) (not more than 3-months-old)
It is also necessary to complete a Merchant agreement,
a step preceding the signing of the contract.
If you’ve processed online payments before, you’ll need evidence of the last 6-months of your processing history as part of AML requirements.
IMPORTANT: The compliance team may request the delivery of other supporting documents. Failure to comply with document submission requests at any time will result in the refusal of an account or termination of any existing accounts.
© Paybanco Paybanco SIA is an Electronic Money Institution supervised by the Central Bank of Latvia, Registration No. 40003242671, VAT ID LV40003242671. License to Issue Electronic Money issued on 28/10/2011. EBA License Here. Copyright © 2020 Paybanco Ltd. All rights reserved.
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