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Documents needed for online invoice payments

Why we ask for identity documents

Anti-money laundering and customer due diligence legislation require us to verify your identity when you apply for a financial product. We’ll handle your information in accordance with our Privacy Policy.

Why we ask for your business’ cash flow estimate

Our acquirer uses this information assess your chargeback risk. Chargeback risk exists for the processing bank that holds your merchant account, because if you are unable (due to insufficient funds or going out of business) to cover the cost of the chargebacks, responsibility for repaying the chargebacks falls on the processing bank.

Why we ask for your bank details

We need to know which account to use for:

  • receiving your customer’s online payments

  • paying the transaction fee and surcharge (if you pay the surcharge).

You can use the same bank account or choose different accounts to receive payments and pay fees and surcharges.

What documentation is required?

There are different types of documentation that will need to be supplied based on your business structure and circumstances.

See the business structures below to find out what details we’ll check, and what documents we’ll ask for.

Beneficial Ownership

A beneficial owner is an individual, or group of individuals who effectively own or control an entity. 

Entity Type

Who may be determined as a Beneficial Owner?

Sole Trader

Cascading:

The Sole Trader will be assumed as the Beneficial Owner

Where there is reason to believe otherwise; Individuals with 25% or more control

Company

Cascading:

Individual Shareholders with 25% or more ownership, if no then

Individuals with 25% or more voting rights, if no then

Minimum of two Senior Managing Officials (e.g. CEO, CFO)

Partnership

Cascading:

Partners with 25% or more ownership, if no then

Individuals with 25% or more voting rights, if no then

Minimum of two Senior Managing Officials (e.g. CEO, CFO)

Trust

Cascading:

Individual Trustees, if no then

Beneficial Owners of Corporate Trustee, if no then

Appointor, Custodian or Principal of Trust

Applicable to Unit Trust only:

Individuals with 25% or more units, if no then

Appointor, Custodian or Principal of Trust

Association (Incorporated & Unincorporated)

Cascading:

Individuals with 25% or more voting rights (including power of veto), if no then

Individuals entitled to 25% or more of property on dissolution, if no then

One or more Senior Managing Officials (e.g. Chair, President)

Co-Operative

Government Body

No Beneficial Ownership information required

What happens if I don't supply the required documents?

You won't be able to access the online invoice payments service unless you supply the required documents.

Additional FAQs

Need some help?

If you have any questions, please read through the FAQs or contact our team.

Phone: 1300 783 674
Email: payments_support@myob.com