Merchant Application: settlement account
A settlement account is an account where all the merchant funds are being sent to.
Following are the conditions that need to fulfilled before configuring the settlement account:
- Settlement accounts may be kept only under justified exceptional conditions
(e.g merchant’s registered office) in the following countries:
- Andorra
- Armenia
- Azerbaijan
- the Bahamas
- Bosnia and Herzegovina
- China
- Cook Islands
- Cuba
- Democratic Republic of Congo
- Dominica
- Egypt
- Grenada
- Guatemala
- Indonesia
- Iran
- Iraq
- Israel
- Ivory Coast
- Lebanon
- Liberia
- Liechtenstein
- Libya
- Marshall Islands
- Monaco
- Burma
- Nauru
- Nigeria
- Niue
- North Korea
- Philippines
- Russia
- Rwanda
- Sierra Leone
- Somalia
- St. Vincent and the Grenadines
- Sudan
- Syria
- Ukraine
-
The settlement account’s holder must be a company, not a private person.
-
The settlement account must be kept under the merchant’s name. Following are possible
exceptions:
-
the account is kept in the name of a company that is related to a merchant by
the company law: (proof of relation, such as excerpts from the commercial
register, registrations in the public company’s databases and other officially
certified documents),
-
the account is kept in the name of a notary/attorney on behalf of a merchant
(proof concerning respective agreements between the merchant and the account holder).
Should any of the above cases occur, PayLane reserves the right to require additional
documents and/or statements from the merchant.
