myPOS terminal - mobile credit card reader

FAQ

  • Opening a myPOS Account

    1. Is my business eligible for a myPOS account?

    A myPOS account is offered to legal businesses registered and operating in the EU (European Union)/EEA (EU and Iceland, Norway and Liechtenstein) and Switzerland. You can see the full list of countries in the sign-up page. The business applying can be owned or directed by nationals from other countries as well.

    We support sole traders, individuals who are self-employed, freelancers, private limited liability companies, public companies, partnerships (as well as the local European equivalents). Тhere are a small number of industries we currently don't support, such as FX speculators, weapons and arms dealers, non-regulated charities, companies with bearers shares and others. Please check our Acceptance Policy in the Legal section here.

    2. How can I open a myPOS account?

    Opening a myPOS account is easy and can be done online from the comfort of your laptop, phone or tablet. Simply click on the Sign-up button, visible on the myPOS website or mobile app, and follow the instructions. Here is the information which you will need to fill when onboarding:

    • Login details - the details that you will use to sign into your myPOS account. Do not disclose these to anybody
      • E-mail with which you will sign in
      • Password - it must contain at least 8 characters, a lower and an upper-case letter and a special symbol
      • Mobile phone number - for urgent communication and verification purposes
    • Your personal details - name, last name, date of birth, citizenship and your place of birth
    • Business details - general information about the activity, address, registered company number and name
      • Legal form of your company - as per local corporate law
      • Director details - in case you are not a director and are an authorised person, please provide us with a document to verify your authorisation, such as a Power of Attorney.
    • Additional details
      • What you inted to use myPOS for, what is your main source of income, what is the annual turnover that you forsee, what is the average transaction amount you expect, do you have any websites or other online presence, such as social media profiles or other online directories?
      • The referral code box is to be filled if the signup is completed together with a myPOS distributor or if your myPOS device was purchased from a myPOS distributor.

    When you accept the general terms and conditions at the bottom of the page, confirm that you have the legal authority to open an account on behalf of the business and confirm that the information provided is valid and truthful. A 4-digit code will be sent to the provided mobile phone number via a text message in order to verify the phone number. The code must then be entered in the “Enter SMS confirmation code” box. Generally, the code should be received within a minute of selecting the box.

    Once you complete the signup form, you will receive a confirmation email to the provided email address. Follow the link in the email to confirm your address. Next step - a short video chat in order to verify your identity.

    3. What details do I need to provide to complete my account registration?

    Sole Traders, Freelancers and similar account holders

    As a financial institution, we need to verify that you are who you say you are on the application before we can approve the opening of your account. Why? It is simple - it's a regulatory requirement (4th EU AML Directive and 5th EU AML Directive) and it allows us to keep myPOS a safe place, free of fraudsters, money launderers and so on.

    So, if you want to use the myPOS services, one of the first things you'll have to do after you register a free account is to pass the Identity check, which means you'll have to:

    • Go through a 5-minute video chat and present your official government-issued national ID card or passport with your picture on it (we do not accept a driver’s license only).
    • If your permanent address is not on the ID card or passport, you will need to send us a proof of address (check the next question for the list of accepted documents)

    Companies, Body Corporates and other Legal Persons

    As a financial institution, we need to verify the identities of the Directors, person authorised to open the account and make transactions (signatories) and the physical persons who ultimately own or control more than 25% of the business (UBOs or Ultimate Beneficial Owners) before we approve the account or allow transactions. Why? It is simple - it's a regulatory requirement (4th EU AML Directive and 5th EU AML Directive) and it allows us to keep myPOS a safe place, free of fraudsters, money launderers and so on.

    So, if you want to register for a myPOS account for your company and use the myPOS service, one of the first things you'll have to do after you register a free account is to pass the Identity check for you and your company. This means that either the Director/owner of the company or a person authorised by the Director will have to:

    • Complete a 5-minute video chat and present your official government-issued national ID card or passport with your picture on it (we do not accept a driver’s license only) and
    • You will need to send us a proof of address (check the next question for the list of accepted documents).

    4. What documents for proof of address are acceptable?

    The AML law requires us to verify the permanent address of the following persons:

    • Sole traders, Freelancers - your address
    • Companies - the address of persons authorised to open an account and make transactions, the Directors, the company itself and the ultimate owners, who own or control more than 25% of the business.

    We accept one of the following types of documents for proof of address:

    • Copy of a driver’s license if it has the full address on it
    • Recent utility bill (bill for gas/electricity/water or any public utility service, should be no older than 3 months)
    • Land line phone, internet and TV bill (mobile phone bills are not accepted)
    • Document issued by the tax authorities, such as a request for tax registration, tax registration, tax certificates or similar
    • Document from an insurance company (insurance card, policy or similar)
    • Bank statement
    • Credit card statement
    • Medical invoices (for hospitalisation)
    • Rental contract (lease agreement)
    • Leasing document for a car
    • Green card for registration of a car
    • Letters from the municipality or other government institution
    • Any other document issued by an independent and a reliable source with your full address on it

    5. How do I complete the Video Identification Process?

    To make it easier on you, myPOS has simplified the Video Identification Process to a 5-minute video chat with one of our team members. To complete it, you need a valid passport or ID document with a picture. Please keep in mind that you must present the myPOS representative with your passport or ID document - copies of the documents are not accepted.

    Here is a short overview of the Video Identification Process:

    • An email is sent to the email address provided when registering for a myPOS account. Open the email and click on the link to confirm your e-mail
    • Download and install the myPOS mobile app on your smartphone
    • If you don’t have a myPOS account yet, select “Sign up”; if you do, tap on “Log in” and enter your credentials
    • Prepare your official and valid government-issued national ID card or passport with your picture on it (we do not accept a driver’s license as official ID; A driver’s license can be accepted only as an additional document for an identity check) and tap “Next”
    • Make sure you are alone and that you have a reliable Wi-Fi or data connection. Then press “Start video chat” and wait for an operator to connect and assist you with the process.
    • The operator will ask you to take a photo of your face and ID document
    • While the call is active, you will also receive an SMS on your phone with a code in it. Once you receive it, notify the operator and read the code.
    • The operator will notify you if you have passed the identification call successfully. The last step of the process would be for our team to check the provided documents and get back to you within 48 business hours.
    • Please note that additional documents might be required in order to verify your company and complete the Merchant Verification Process. If we need more information or documents from you, we will get back to you within 2-3 business days.
    • That’s it! Welcome to the myPOS family!

    6. How do I complete the Merchant Verification Process?

    To complete the Merchant Verification Process and enable all functions of the myPOS account, you will receive an email containing general information about the process as well as a list of all documents required.

    The documents may vary based on local legislation, your company’s legal entity and business activity. A few examples of requested documents may be:

    • Proof of your company’s registered address (e.g. a bank statement, incorporation document, an annual return/report, government correspondence or similar)
    • Proof of operating address (e.g. a bank statement, bill, tax statement, government correspondence, or similar)
    • Proof of the nature of your business (e.g. invoices and a clear and detailed description of what your company does, with relevant website links or similar)
    • Proof of Director(s) structure (e.g. copies of ID card or passports of Directors, incorporation document, annual return/report, articles of association or similar)
    • Proof of shareholder(s) - documents about the owners of the business, individuals who own or control more than 25% of the business (UBOs, copies of official ID card or passports and proof of address, if the address is not shown on the ID card or passport)

    Once you have prepared all the required documents, you must upload them in your myPOS merchant account for review. Usually, the Merchant Verification Process can be completed within 48 business hours, however, in certain cases, it may take longer due to a need to provide additional documents or check those already provided more thoroughly.

    In many European countries, companies are established by Notaries. If this is the case for your company, please send us a copy of the incorporation documents stamped by the Notary to speed up the approval of your application.

    In some countries, we are able to obtain the details about the company, Directors and business owners from the public Trade Register. However, there are still countries in Europe in which the Trade Registers do not provide the needed information and for these countries we will need documents for the company, Directors and business owners to be provided to us before we open the account.

    7. Can I use the myPOS platform while I am waiting for my documents to be verified?

    Yes. You can use your account to activate your myPOS credit card machine. However, due to security and compliance reasons, you cannot make or receive any payments until you pass the Merchant Verification Procedure.

    8. Why do some accounts take longer to review than others?

    Sometimes the verification process can take longer. This usually happens if additional identity checks for you or your company need to be executed, updated ID documents for identity check are required, more documents are needed in relation to a compliance procedure or similar.

    9. What is a UBO and why do we need information about owners of the business?

    A business owner (also called a UBO or Ultimate Beneficial Owner) is the physical person or individual who actually and ultimately owns (directly or indirectly) or controls the business.

    We will have to check the identity of each Ultimate Beneficial Owner of the business, who own or control more than 25% of the business (UBOs, copies of official ID card or passports and proof of address, if the address is not shown on the ID card or passport)

    Why? It is simple - it's a regulatory requirement and it allows us to keep myPOS a safe place, free of fraudsters, money launderers and so on.

    So, if you want to register for a myPOS account for your company and use the myPOS services, one of the things you'll have to do after the video chat is to provide us with a copy of the official and valid government-issued national ID card or passport with a picture of each Ultimate Beneficial Owner of the business, who own or control more than 25% of the business (we do not accept a driver’s license as official ID; A driver’s license can be accepted only as an additional document for the identity check).

    In some cases, depending on the risk level and where the permanent address of the business owner is not in the ID card or passport and we cannot see the full address in other documents from an independent source, such as a Trade Register, we may require a proof of address of the Ultimate Beneficial Owner of the business, who owns or controls more than 25% of the business, a list of accepted documents is here.

    If you have trouble sending us a document for proof of address, order an additional myPOS Business Card to your permanent address and once you activate it, we will be able to verify your address. You can order additional myPOS Business Cards from your myPOS online profile.

    10. What is the UBO Declaration?

    The AML laws also require that we take a UBO Declaration made by the person who registers the company for a myPOS account clearly stating who the Ultimate Beneficial Owner of the business is, who owns or controls more than 25% of the business. We understand that filling this Declaration might be difficult for your (after all, you are a business person, not a corporate lawyer 😊), so our team is happy to help you with this Declaration. Just contact us at helpdesk@mypos.com

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