Acquiring Bank Introduction & MID Activation

Gain 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
  1. 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.
  2. 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.
  3. 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).
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. Approval & Activation Upon approval of the account application, our team will notify you and begin the account activation.
Terms
  • 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