A Step-By-Step Guide

All of the banks that we work with around the world have their own requirements in terms of application, approval and KYC (Know your Customer). Our business development team will assist and guide you from start to finish, helping to expedite the process wherever possible.

Step 1

Complete our online application form. When you hit send, your details will be sent directly to our business development team for review. Please complete as many points as possible as this will greatly assist us in expediting prevette approval (confirmation from our banks that they wish to review a full application from you).

Once we receive a completed application form, your personal account manager will be in touch within 2 business days to confirm next steps.

Alternatively, you can send an email to info@fac.bm to establish contact with the Business Development department.

Step 2

Via e-mail and conferences calls, our business development team will work with you to confirm requirements and will advise on which of the banks, in which jurisdictions, will be right for you. They will review your processing history, and your future needs, and will work with the banks to tailor a pricing proposal that is right for you.

Step 3

Once pricing and terms are agreed, our business development team will send you the relevant bank(s) application form(s) and list of the required supporting corporate documentation.

Timelines for bank approval are down to how you can obtain the relevant supporting corporate information. In the first instance you will be able to e-mail the completed application forms and supporting information. Final approval will be dependent on the bank receiving certified copies of original documents directly from you.

Step 4

Once we receive approval from the bank(s), our business development team will advise you directly. Approval is the trigger point for the review and signature of our payment processing agreements. You will also receive account opening forms and contracts containing your final pricing directly from our bank colleagues.

Approval is also the point at which you must initiate incorporation of a company that complies with Card Association requirements that merchants have a corporate presence in the jurisdiction in which they settle their online sales (if  required). You may already have a company in place that is compliant. If not, our team can introduce you to a trusted fiduciary and you can discuss your particular requirements directly with them.

Approval is also the trigger for our business development team to make the appropriate introductions to our technical team so that integration and testing can begin.

Step 5

Once your merchant accounts are open and we have set-up and tested your MIDs (merchant Ids) in our system, final testing with you will take place, followed by user training, as required, on our web reports.

Once all contracts are signed and in place, you will be ready to start live processing with us.