We try to make things as simple as possible for your business to get up and running, and can take payments on your behalf before your account is verified for settlements. It's important to understand that there can be delays on your first settlement of up to 10 working days, particularly if the verification requires further investigation. We verify your business after taking the first payment.
As a payment processor, we have banking regulations to comply with. The most important of these is to fulfill KYC (know your customer) obligations. The best way to help us avoid any delay in settling funds is to follow the steps below:
- Immediately after creating your account, and before taking your first payment go to the "Documents" page from the main menu in the Pinch portal
- Upload the documents requested, ensuring they are up to date and as clear as possible
- You can request that we verify your documents before taking the first payment
A guide to the documents required is outlined below:
- Identification - A high quality colour photocopy of the drivers license of one of the beneficial owners of the company, or if a sole trader the owner of the business. The drivers license should have both front and back uploaded. If you do not have a drivers license, we will need a passport photo and proof of residential address such as council rates or utility bill from the last billing cycle
- Recent bank statement - Included on the bank statement should be your account name (not nickname), the BSB, account number and financial institution. If the account is new and does not have a statement, you can upload an account summary with the same information
- Company formation document - An extract of your ASIC certificate of incorporation or ABR extract. This must match with the entity from the bank statement and the details of the company we are settling. If you are a sole trader, then the ABN Registration Certificate
Once these documents are uploaded, our team will verify them and contact you if any further details are required.
|If you would like us to verify your details before making your first payment, please contact us at firstname.lastname@example.org or use the help widget found on each page.|
Important notes for taking payments before you are verified
Although rare, there are times when payments taken before your account is verified can be refunded back to your customer, therefore it is important to limit the number of payments taken before verification or ensure there are no delays in uploading the documentation we need. There are a few reasons why refunds may happen:
- During the verification process it is decided that Pinch cannot service your industry
- Pinch suspects that the account isn't genuine
- Pinch suspects that there might be a high level of chargebacks associated with your account
- You haven't provided the correct documentation
The most common reason is due to incorrect documentation being provided. In this case, Pinch may hold the funds for up to 4 weeks to give you time to correct things before either making your first settlement or refunding the transactions.