With the increase in security and stronger preventive measures against fraud,
our gateway partner, VISA International Co. and the acquiring banks have increased their application requirements for credit card processing.
This is due to, but not limited to the following criteria:
- Countermeasures against credit card fraud
- Tougher industry security measures
- Changes in the credit card and banking industry screening procedures
As a result prospective merchants are now required to provide a full set of application documents to VISA International Co. and our respective partner banks.
These documents will include certified passport copies,detailed information regarding the marchant’s business operation, such as certificate of incorporation, financial status,
Organizational content and structure as well as past credit card history to name a few.
Also, as these application are legally handled as independent applications, due to the nature of the application setup using a newly established EU based corporate entity, they are seen as separate and unique merchants during the application stage, and legally need to be handled separately from any previous transaction history that a merchant may have had with Global Collect or the acquiring bank in question.
I hope that everything is in order. Please do not hesitate in contacting us if there are any questions.