This article explains what must be updated in RMS Pay when a change of business ownership occurs at a property, including the Know Your Customer information and documents the new owner must provide.

Overview

The RMS Pay account will need to be updated when a change of business ownership occurs at the Property.

RMS Pay payouts will pause once KYC has been modified by the new owner.

After the new owners edit the KYC, a section under review can take up to 72 business hours to pass or return a reason for failure, though the outcome is usually determined within 48 hours.

Once the KYC verification is complete, pending payouts will be distributed to the new owner.

New owners can utilise the RMS Pay Settlement Report to identify any payments that were processed while payouts where paused, and need to be manually transferred to the existing owners.

RMS Pay is a fully integrated payment gateway solution providing PCI Compliant credit card storage and payment processing.

Payment Gateways are an eCommerce application provided by merchant services to authorise and process credit card payments in a PCI Compliant manner.

Know Your Customer

To complete change of ownership and establish a sub-merchant account that complies with regional financial regulations (KYC) the following business information is required from the new business owner.

Personal Details

The business owner or financial controller and an account signatory must provide a copy of government issued photo identification and the following personal information.

• Full Name
• Date of Birth
• Address
• Email
• Phone Number

Business Details

The following information must be provided including a copy of a company document that shows the legal business name, business address and business registration number.

• Legal Business Name
• Business Registration Number
• Tax Number
• Business Phone Number
• Business Address
• Business Email
• Business Website

Bank Details

Bank account information must be provided for the bank account where deposits will be made, together with a supporting document from the bank. Any of the following can be uploaded:

• A bank statement
• A deposit ticket or deposit form
• An official letter issued by the bank
• A cheque

Upload the document as an original PDF issued by the bank wherever possible. JPEG, JPG and PNG files are also accepted, up to a maximum file size of 4 MB. The document must clearly show:

• The account holder name, which must match the legal business name
• The account number or IBAN
• The country or region where the account is held
• A date of issuance within the last 12 months, other than for cheques
• An indicator that the document was issued by a bank, such as the bank logo, the bank name in the bank's own font, or a BIC/SWIFT code

For the full bank document requirements, see the Know Your Customer (KYC) article.

Identity verification cannot be completed if the uploaded files do not match the information entered, are blurry or obscured, password protected or more than 12 months old.
Government-issued identification must be valid and not expired.

Where the bank account holder name does not match the legal business name, additional documentation must be provided to demonstrate the connection between the named account holder, registered business and\or trust.

Please Note! RMS is highly configurable. Some Terminology, User Access & Permissions, Images, Labels, and Functions used in these articles may differ from your setup. CLICK HERE to find out more.

Guide

Navigate to Module Market.

1. Navigate to the Activated tab.
2. Select the Configure icon on the RMS Pay Module.
   
    
3. Select and complete the Business Details section.
4. Select and complete the Business Owners\Decision Makers section.
5. Select and complete the Bank Details section.
6. Select Download for PCI DSS Compliance and complete.

7. Select Back to RMSCloud.
   

    

Information

Digital identity verification will use the information entered and the uploaded documents to virtually confirm the account information. When digital identity verification cannot be completed, the uploaded documents are reviewed manually. This can take up to 72 business hours, though the outcome is usually determined within 48 hours.