Merchant Onboarding policy
· Sec2pay Merchant Onboarding Policy.
· Sec2pay’s Merchant Onboarding is easy, hassle-free, and secure to make a thorough assessment, comparison, and judgment of our associated retailers/merchants for availing our services.
· We have two self-dependent groups that finalize the On-Boarding process:
- Risk Management & Legal Affairs Team
- Merchant Operations Team
· These groups work independently making their personal assessments and opinions after receiving individual information/ data that is accrued from the prospective Merchant.
· After the individual assessments are achieved and a ‘Green Check’ is issued by using each team, the reviews and assessments are then exchanged between the groups to take a look at the other group's assessment approach and if acceptable manner used to be adhered to, concurrently mitigating any bias and discard any ‘Objectionable Merchants’ that have (or have in the past) carrying out commercial enterprise/business operations that do no longer one hundred percent comply and adhere to the enforced legal guidelines or conduct business that has an excessive degree of risk that possibly could lead to dishonesty or defrauding human beings and invariably leading to any legal disputes.
· Our evaluation and assessment methods have been diligently drafted especially on the recommendations and policies framed by using the RBI (vide Notification DPSS.CO.PD.No.1810/02.14.008/2019-20 Dt. 17/03/2020), recommendations and suggestions of our banking companions and renowned consultants, prevailing enterprise practices and our very own zeal to furnish our Merchants and Customers a safe, trusted, dependable and a secure platform to enable the trade of payments all across. These assessments, opinions and methods shall be up to date from time to time as per the regulatory guidelines formulated and enforced.
· Registration of the Merchant
· – Phase 1
· Step 1
· Prospective Merchant is requested to create an account on our Sign-up web page to acquire a transient and restricted entry to our dashboard. Once the Prospective Merchant verifies the credentials thru the email received, they may proceed to the subsequent step.
· Step 2
· Sign-up Form; Our Merchant Registration Form is the 2nd step in our Merchant On-Boarding Process. This collects the fundamental/basic information related to the Prospective Merchants Business, constitution, contact details, etc. The Merchant will be capable to add the required files to meet the KYC Process. The Prospective Merchant shall be sure that all the information accumulated is saved on secured servers and is stored with confidentiality terms.
· Step 3
· After the Sign-up Form is processed through our team, we shall contact the Prospective Merchant by using the provided contact details and entire the e-KYC formalities.
· Assessment and Evaluation
· – Phase 2
· Merchant Evaluation & Risk Assessment: A process of evaluating and assessing the Prospective Merchant and a detailed risk assessment of the Prospective Merchant based totally on a variety of elements however not limited to the commercial enterprise/business details, model, and functioning, shareholders and enterprise owners, domain check, DNS Check, site contrast and checking for ‘Restricted Business’ activities, safety guidelines as referred to in KYC list, cross-checking towards banking and savings authorities, etc. is undertaken to provide efficiency, eliminate bias and cross-verify the assessments of every team. This policy background and antecedent checks the merchants, to make sure that such retailers/merchants do not have any malafide intention of duping customers, do not promote fake/counterfeit / prohibited products, etc.
· If Sec2pay is preserving an account-based relationship with the merchant, the KYC tips of Department of Regulation (DoR), RBI is applicable. Thus, to this extent, The Know Your Customer (KYC) / Anti-Money Laundering (AML) / Combating Financing of Terrorism (CFT) pointers issued by means of the Department of Regulation, RBI, in their “Master Direction – Know Your Customer (KYC) Directions” updated from time to time, shall follow mutatis mutandis to Parties. There would no longer be a requirement to carry out complete technique of KYC (in accordance with the KYC recommendations of DoR), in case the place the service provider already has a financial institution account that is being used for transaction contract/ settlement purposes.
· Further Documentation (if needed): Additional documentation and clarifications if required are sought from the prospective associate merchant.
· Interim Discussions & Approval: Once the documentation has all been submitted and a preliminary test carried out with a ‘Green Check’ is received, discussions are now entered into with the Prospective Merchant in search of clarifications and concluding any discrepancies (if any). At this stage, if all goes well, a meantime choice is being rendered to the Prospective Merchant, alternatives payment procedures being provided to the Prospective Merchant.
· Final scrutiny and approval: Once all discussions in regard to the price pick and integration are completed, the Prospective Merchant is then required to execute an in-house obligatory Legal Agreement along with a complete listing of KYC documents (physical copy) to be given to guide the details furnished through the Prospective Merchant duly authenticated and signed as true-copy by Authorized Signatories.
· A third-party check of all Directors, Promoters, Shareholders, and top management of the Prospective Merchant is performed in opposition to the authorities' sanctioned lists, enforcement lists, credible various media, public courtroom records, third-party contributors, client requests, etc.
· In addition to this, an express task in the following layout is sought from the approved signatories whereby the Prospective Merchant specially offers an undertaking on the product and services being furnished and payment sought by our Payment Gateway.
· After all our evaluations are done, a complete application form is sent to the partner/associate banks to release the MID’s after conducting their Due Diligence on the Prospective Merchant as they deem fit.
· Activation of Merchant Account
· – Phase 3
· Once the MID’s are received and a ‘Green Check’ is obtained from the Legal Affairs’, the Prospective Merchant is intimated by email and their get admission to on the dashboard is prepared to be built-in on the Partner Merchant’s Website and begin with its transactions the Sec2pay Way being certain of seamless service provider and relying on a strong Payment Gateway Platform now on hand to them
· Take Notice
· If any partner merchant is availing our services for a business/operation that is classified as ‘Restricted Businesses’ (as per part below) and/or any product or service, which is not in compliance with all relevant legal guidelines and guidelines whether or not federal, state, local or global which includes the legal guidelines of India, the partner merchant will be concern to pertinent legal proceedings and with on the spot impact the services rendered to the partner merchant will be terminated.
· Restricted Businesses
· Following is a list of categories which are banned for accepting payments online. If any of the merchants is found accepting payments on the following categories, then it would be heavily penalized along with the termination of services.
- Bulk marketing tools which include email lists, software, or other products enabling unsolicited email messages (spam);
- Cable descramblers and black boxes which includes devices intended to obtain cable and satellite signals for free.
- Child pornography which includes pornographic materials involving minors
- Copyright unlocking devices which include mod chips or other devices designed to circumvent copyright protection;
- Adult goods and services which includes pornography and other sexually suggestive materials (including literature, imagery and other media); escort or prostitution services; Website access and/or website memberships of pornography or illegal sites.
- Alcohol which includes alcohol or alcoholic beverages such as beer, liquor, wine, or champagne.
- Body parts which include organs or other body parts.
- Offensive goods, crime which includes crime scene photos or items, such as personal belongings, associated with criminals.
- Pyrotechnic devices, combustibles, corrosives and hazardous materials which includes explosives and related goods; toxic, flammable, and radioactive materials and substances.
- Regulated goods which includes air bags; batteries containing mercury; Freon or similar substances/refrigerants; chemical/industrial solvents; government uniforms; car titles; license plates; police badges and law enforcement equipment; lock-picking devices; pesticides; postage meters; recalled items; slot machines; surveillance equipment; goods regulated by government or other agency specifications.
- Copyrighted media which includes unauthorized copies of books, music, movies, and other licensed or protected materials; Copyrighted software which includes unauthorized copies of software, video games and other licensed or protected materials, including OEM or bundled software.
- Counterfeit and unauthorized goods which includes replicas or imitations of designer goods; items without a celebrity endorsement that would normally require such an association; fake autographs, counterfeit stamps, and other potentially unauthorized goods.
- Drugs and drug paraphernalia which includes illegal drugs and drug accessories, including herbal drugs like salvia and magic mushrooms.
- Drug test circumvention aids which include drug cleansing shakes, urine test additives, and related items;
- Wholesale currency which includes discounted currencies or currencies exchanges;
- Live animals or hides/skins/teeth, nails and other parts etc. of animals.
- Multi-level marketing collection fees.
- Forex and Crypto
- Matrix sites or sites using a matrix scheme approach.
- Work-at-home approach and/or work-at-home information.
- Drop-shipped merchandise.
- Any product or service which is not in compliance with all applicable laws and regulations whether federal, state, local or international, including the laws of India.
- Endangered species which includes plants, animals or other organisms (including product derivatives) in danger of extinction.
- Gambling which includes lottery tickets, sports bets, memberships/ enrolment in online gambling sites, and related content. Skill based games can be allowed on case-to-case basis.
- Government IDs or documents which includes fake IDs, passports, diplomas, and noble titles.
- Hacking and cracking materials which includes manuals, how-to guides, information, or equipment enabling illegal access to software, servers, website, or other protected property.
- Illegal goods which include materials, products, or information promoting illegal goods or enabling illegal acts;
- Miracle cures which include unsubstantiated cures, remedies or other items marketed as quick health fixes;
- Offensive goods which include literature, products or other materials that:
- Defame or slander any person or groups of people based on race, ethnicity, national origin, religion, sex, or other factors.
- Encourage or incite violent acts; or
- Promote intolerance or hatred.
- Securities which include government bonds or related financial products;
- Tobacco and cigarettes which includes cigarettes, cigars, chewing tobacco, and related products.
- Traffic devices which include radar detectors/jammers, license plate covers, traffic signal changers, and related products;
- Weapons which include firearms, ammunition, knives, brass knuckles, gun parts, and other armaments.
- The User providing services that have the potential of casting the payment gateway facilitators in a poor light and/or that may be prone to buy and deny attitude of the cardholders when billed (e.g. adult material/ mature content/escort services/ friend finders) and thus leading to chargeback and fraud losses;
- Businesses or website that operate within the scope of laws which are not absolutely clear or are ambiguous in nature (e.g., web-based telephony, website supplying medicines or controlled substances, website that promise online matchmaking);
- Businesses out rightly banned by law (e.g., betting & gambling/ publications or content that is likely to be interpreted by the authorities as leading to moral turpitude or decadence or incite caste/communal tensions, lotteries/sweepstakes & games of chance.
- The User who deals in intangible goods/ services (eg. software download/ health/ beauty Products), and businesses involved in pyramid marketing schemes or get-rich-quick schemes.
- Mailing lists.
- Virtual currency, cryptocurrency, prohibited investments for commercial gain or credits that can be monetized, re-sold or converted to physical or digital goods or services or otherwise exit the virtual world.
- Money laundering services.
- Database providers (for tele-callers);
- Bidding/auction houses.
- Activities prohibited by the Telecom Regulatory Authority of India; and
- Any other activities prohibited by applicable law.
· The Operations group is the proprietor of this record and is accountable for making sure that this policy is reviewed in line with the overview necessities mentioned above.
· The current version of this report is reachable to all participants of staff.
· This policy was once accredited by the Director and is issued on a version-controlled underneath his/her signature.