The approval process ensures that all entities created corresponding to the sub-merchants meet the necessary compliance standards.
Step 1: Review by Compliance Team
- Once submitted, the entity details are submitted for review by the Tazapay compliance team.
- The review includes verifying the provided information for accuracy and assessing compliance based on factors like geography, nature of funds and industry vertical.
Step 2: Additional Documents Request
- If additional information or documents are required, you will receive a notification and the approval status of the entity will change to “Requires Action”
- Provide the requested documents promptly to avoid delays in the approval process.
Step 3: Approval Decision
- After the review, the entity approval status will be moved to "Approved" or "Rejected"
- If approved, the entity becomes active and can be used for transactions.
- If rejected, you will receive reasons for the rejection and can make necessary adjustments before reapplying.