What does it mean, and how long does this typically take and what happens during this process?
When you first create your account you are required to upload some documentation so we can assess the legitimacy of your business as part of our compliance process. When you see "under review" on your account dashboard it means that our compliance team are assessing your uploaded documents. This process generally takes a maximum of three business days however if we need to come back to you to get more information it may take longer. If you don't have an ABN, or are operating under a different business structure you can find more information on alternative documents to supply to help assist your review here.
Some ways to ensure that the process is quicker:
- Make sure you've uploaded all required documents (both sides of a license, full and un-redacted bank statement PDF).
- Make sure the identification is for the "ultimate beneficial owner" of the company. That means the person who owns the largest share of the company (or the largest share of the holding company that owns the company).
Common things that can cause your account to not be approved include:
- New businesses sometimes don't have bank statements yet. If you can get a letter of account equivalent it can be used in lieu of this. Uploading something else won't work and you'll be asked to supply a more official document.
- Few or no invoices in your connected accounting system. No evidence of transactions occurring will often cause our compliance team to ask to speak with you.
- Bank statement not matching the bank account you entered on the account setup.
- Reports from our compliance partners about prior indiscretions, company liquidations or adverse media such as news articles that cast the business or business owner in a bad light.
- Our banking partners do not allow us to process transactions for merchants trading in certain industries.
- If you insult or abuse any of our customer service team during the process.
What happen if my account does not get approved?
In the event your Pinch Account does not satisfy our compliance and regulatory requirements you will be rejected. Once rejected any previously taken payments will be refunded to the customer's original payment method and your Pinch account will be disabled.