Why do some accounts take longer to review than others?

The verification process for myPOS accounts can sometimes take longer than expected due to various reasons. Here are the main factors that can delay the review:

 

1. Additional Identity Checks: If there are discrepancies or additional verifications needed regarding your identity or the identity of your company, this can extend the review process. This is crucial to ensure all information provided is accurate and compliant with regulatory standards.

2. Updated ID Documents: Sometimes, updated identity documents are required for the verification process. This can include providing more recent versions of your identification or correcting any errors found in the initially submitted documents.

3. Compliance Procedures: Additional documents may be required to meet specific compliance procedures. This could involve further information about the nature of your business, proof of address, or other regulatory documentation that needs thorough examination.

4. Complex Business Structures: If your business has a complex ownership or operational structure, more time may be needed to verify all the necessary details. This includes reviewing the documents for Ultimate Beneficial Owners (UBOs) and understanding the full scope of your business operations.

5. Local Legislation and Document Requirements: Document requirements can vary based on local legislation, the legal entity of your company, and your business activity. Gathering and verifying these documents might take additional time, especially if further clarification or additional documentation is needed.

 

• Document Submission: After you prepare the required documents, they need to be uploaded to your myPOS merchant account for review. The review process typically starts within 72 business hours, but it might take longer if additional documents or more detailed checks are required.
• Assistance: myPOS provides support throughout the verification process. If you encounter any issues or have questions about the required documents, you can contact the myPOS support team for assistance.

 

These measures ensure that the verification process is thorough, compliant with legal requirements, and secure for all users.