Acquiring Bank Introduction & MID ActivationGain the unfair advantage by leveraging our unique international approach to payment processing, which aligns the perfect blend between tax efficiency, low restrictions/regulatory concerns, processing rates, and financial protection. Our team sources unparalleled relationships with acquiring banks in more more than 25 countries globally to ensure you receive a sustainable payment processing experience.
MERCHANT ACCOUNT PHASES
- Engagement & Retainer Review and sign the letter of engagement provided to you by your advisor & remit payment for your bank package. All payment is due in full in advance of commencement and non-refundable upon the commencement of the process.
- Boarding Upon receipt of your retainer, the Acquire™ workflow will be boarded into your online Crowne Asana Portal, so you can follow along in real time as our team implements your solution.
- Case Assignment & Scheduling A Crowne advisor will be assigned to your case to liaise between you and Crowne’s legal team throughout the entire process. The next available Acquire™ opening will be reserved for the commencement of your review, strategy plan, and implementation (allow 1-3 weeks for availability).
- Client Documentation Submission Complete and upload your required documentation via the Crowne Asana Portal. This information must submitted and approved prior to the commencement of any work by Crowne.
- Review & Planning Our legal team will perform a SWOT analysis on your situation and strategize the most viable solution and acquiring bank/payment processing partner to meet your needs while ensuring the highest probability of account approval.
- Application Preparation
Our fulfillment & legal teams will:
- Perform a pre-compliance audit of client corporate documentation and request any missing documents or update them as necessary.
- Perform a pre-compliance audit of client KYC information and request any missing documents.
- Draft a company business plan according to the banks requirements.
- Complete the bank/processors MID application.
- Apostille & legalize all KYC package documents.
- Apostille & legalize all corporate documents.
- Compile client KYC package according to bank requirements.
- Application Submission Your application will be submitted to the selected banking partner for pre-approval followed by couriering all legalized documents including: account application, business plan, client KYC, and apostilled corporate documentation.
- Approval & Activation Upon approval of the account application, our team will notify you and begin the account activation.
- While our applications team is incredibly accurate in choosing a suitable partner who will approve the account, we do see rejections, typically due to client risk profiles or a last minute policy change by the bank that are beyond Crowne’s scope of control.
- Banks are increasingly slow, demanding, and difficult to work with due to increased pressure from anti terrorism & money laundering organizations such as OECD and Tax Justice Network.
- We do our best to translate bank timelines for our clients; however, these are subject to change without notice from the bank.
- In the rare event an application is rejected, a new application to an alternate bank will be processed at a 50% discount.
- New client applications are subject to Crowne’s internal approval and background checks.
- Crowne acts independently of banks and is not responsible for the bank’s business activities, clients are advised to ensure they are comfortable with the banks Crowne recommends.
- Express turnaround available, 30% surcharge applies.
- A $2,995 boarding fee applies to new client applications.
- A 50% discount on additional MID openings for same company if requested within 4 weeks of original account.
- Clients must produce full KYC (Know Your Customer) documentation according to our required documents list.
- Client will cover any travel expenses if bank requests an in person visit.
Professional Fees Include
- Needs assessment and selection of a suitable acquiring partner
- Pre-compliance audit of client KYC & corporate documentation
- Drafting company business plan
- MID activation fees
- Account application package preparation
- Document couriering
- Apostille & legalization of KYC package
- Apostille & legalization of corporate documents
- Translation of documents if necessary
- Preparation and management of client due diligence package
- Processor/Acquirer Introduction and account opening
- Throughout the terms of our engagement you may require additional services such as:
*Services will be billed according to our Schedule of professional fees
Contact Us To Request Our Client Application Questionnaire
Client Applications [email protected] CROWNE | International Tax & Banking Specialists | VMG Business Center • Guachipelín, Escazú, Costa Rica :: na +1.780.666.4500 :: europe +44.203.608.3553 :: latam +506.4000.1658 :: asia +852.5808.3346