For customers that intend to process digital payments through Member Splash, a key part of the onboarding process is the Merchant Account Application with our payment partner. Before we start outlining the process, let's review some important terms, requirements and background involved in this process.
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​Merchants
Businesses or individuals that accept payments for goods or services, either online or in-person. In merchant account applications, merchants are the entities applying for the ability to process card payments.

​Payment Service Providers
​Companies that offer merchants the ability to accept various types of online payments, including credit and debit cards. PSPs often bundle services like payment gateways, fraud protection, and compliance management for ease of use.

​Payment Gateways
Technology platforms that securely transmit payment data from the merchant's website or point of sale to the acquiring bank for processing. They act as the bridge between the merchant’s system and the payment processor.
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Card Networks
The organizations (e.g., Visa, Mastercard, American Express) that manage the infrastructure and processes for conducting card payments. These networks set rules for how transactions are processed between merchants, payment processors, and banks.
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Regulatory bodies
Government or industry organizations that establish and enforce the legal frameworks and compliance standards for payment processing. They ensure that merchants and payment processors adhere to laws related to security, anti-fraud measures, and consumer protection (e.g., PCI DSS, GDPR, etc.).
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The required documents will vary depending on your organization’s business entity type, but here’s a general list to have ready for your application. A representative from our payment partner will contact you to review the specific documents needed. Preparing these materials in advance will help expedite the process and ensure a faster onboarding timeline.

Business Registration Documents
Copies of the organization’s registration documents, such as Articles of Incorporation or a business license, confirming your legal status.

Employer Identification Number (EIN)
Your tax identification number issued by the IRS, required for businesses to process payments.

Business Financials
Financial records such as balance sheets, profit and loss statements (P&Ls), or tax returns, along with a voided check for bank account verification.

Processing Statement History
If your organization has processed payments before, provide your processing history for review. If you’re a new business, this will not be required.

Driver’s License
A copy of the primary account holder's government-issued ID, such as a driver’s license or passport, for identity verification.

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Know Your Customer (KYC) refers to the regulations and processes that financial institutions and businesses must follow to verify the identity of their clients. Designed to prevent fraud, money laundering, and terrorist financing, KYC ensures that businesses understand who their customers are and their financial activities. Following the 9/11 attacks, KYC regulations were significantly strengthened to incorporate stringent anti-terrorism measures, enhancing efforts to combat terrorism financing. This includes integrating these requirements into broader Anti-Money Laundering (AML) frameworks.

KYC is essential for banks, payment processors, crypto exchganges, and any business involved in large transactions or financial services. It involves verifying personal details, goverment-issued IDs, and proof of address, assessing risk levels, monitoring transactions and applying enhanced due dilligence for high-risk individuals. Adhering to international standards, such as those from the Financial Action Task Force (FATF), helps prevent financial crimes, build trust and ensure compliance.

Yes, all payment processors require this information as part of their onboarding process to comply with KYC regulations. For example:

These requirements ensure that payment processors can manage risk, comply with legal standards, and maintain a secure payment environment.