The account approval process at Paylike has three steps:
A regular account approval takes 1-3 business days*. We strongly encourage you to start the integration with Paylike right away. The below are merely practicalities. 99% of all normal businesses are approved by us.
With a live account, you can accept payments from your customers. You can make reservations (authorisations) on your customers Mastercard and Visa cards which guarantee you will be able to capture the reserved amount (transfer the money from the card holder’s account to your Paylike account) in up to 30 days after you made the reservation.
You will not be able to capture the payments before we have completed step 3 and notified you.
Once you have submitted the documents on your live account, we begin our approval process.
Every bank and payment institution in Europe must comply with the anti-money laundering regulation which requires us to identify and verify the owners and directors of the company owning the account.
In practical terms it means that we need the following for every director and owner of 25 % or more of the shares:
For the company, we require the following*:
* We also accept individuals without a business license. Read the requirements here.
The documents must be in one of the following languages: Danish, English, French, German, Hungarian, Italian, Norwegian, Portuguese, Romanian, Spanish, Swedish. You are free to have your documents translated by an authorised translator to one of the accepted languages, preferably English.
You can submit the information and documentation regarding your business directly through the Paylike dashboard by clicking the ⓘ icon on your live account.
Please note that we can only review your business case and approve your account after you have completed step 2.
At this step we check that your website/app, business model and product are:
99 % of all regular businesses are accepted by us and adhere to the law and the rules and regulations of Visa and Mastercard. A few types of businesses require an upfront review by us, typically so-called high-risk which are more complex. See our restricted businesses here and read about pre-approval here.
Step 3 is done in the background so that you can accept payments all while completing your account setup. If you have any questions about the account approval process, do not hesitate to contact us.