FAQ


About account openning
Security of fund and data
Transaction, settlement and refund
Other questions
1. What documents are required to open YabandPay payment?

To complete the account opening, we need to go through KYC (Know Your Customer) review. We should clearly understand the basic information of your company and business information。 The following documents are needed:

Basic company information

  • Official company registration documents (including company name, registration number, registration address, registration time and business scope, etc.)
  • Company shareholding structure document (It should display the company’s ultimate beneficiary (UBO) information)
  • Identity document (passport or European citizen ID card) of the company’s main shareholder and authorised signatory (director)

Company business information

  • Business model description and justification
  • Sales channel (e.g. online store or store photos, etc.)

Depending on the situation, additional materials may also be required, such as articles of association, company bank statements, company address proof, shareholder and authorised signatory (director) address proof, etc.

2. Why do you need to provide these materials?

YabanbPay performs KYC based on the following laws and regulations:

  • The Payment Service Directive ((EU) 2015/2366 and the rules and regulations promulgated thereunder, together with PSD2: European Payment Services Directive and Dutch Financial Regulation Act (Wet op het financieel toezicht, Wft).
  • Wft:Wet op het financieel toezicht (Wft) is the Dutch act that regulates (supervise) the Dutch financial sector, including provisions for payment service providers.
  • The Prudential Rules Act under the Wft (Besluit prudentiële regels Wft; Bpr).
  • Act on the Supervision of the Business of Financial Enterprises under the Wft (Besluit Gedragstoezicht financiële ondernemingen Wft, Bgfo).
  • Anti-money laundering and Counter-terrorism financing Act (Wet ter voorkoming van witwassen en financieren van tropicale; Wwft).
  • The Sanctions Act 1977 (Sanctiewet 1977; Sw): imposes legal requirements on financial (and other) institutions to ensure compliance with national and international rules imposing international, EU and national sanctions.
  • Publication of guidance and policy rules for the Dutch Central Bank (De Nederlandsche Bank) and other supervisory authorities on the interpretation of applicable laws and regulations.
3. How long does it take to open an account?

It generally takes 5-10 working days to open an account if all the required documents are complete. According to the specific situation of the merchant, for example, the share structure is more complex and more information may need to be supplemented, the account opening time will be appropriately extended

4. What are the key factors for account opening success?

According to our experience, companies with the following elements are more likely to successfully open an account:

  • Clear share structure.
  • Clear sales channels, such as having an online store, mini program, app or physical store.
  • The product or service being sold has a definite value.
  • No bad records in other payment institutions, for example, no account has been closed by WeChat Pay or Alipay.
5. Prohibited business list

Please refer to the list of prohibited industries in WeChat Pay: Prohibited Products

Alipay’s banned sales industry is similar to WeChat payment.

6. Can I use YabandPay if I don't have an online store or a physical store?

Yes, but you need to provide proof of sales and purchase channels.

After successfully opening an account, you can use the YabandPay App to generate a QR code for payment, and send it to customers via WeChat, email, etc., so that you can easily receive payment anytime, anywhere.

7. What if the company's basic information is changed? (For example, company name, bank card number, registered address, etc.)

If there is any change in your company’s business nature, share structure, authorized signatories, directors, registered address, business address or bank account number, etc., you are obliged to contact us in time to update it.

1. Are my funds safe?

Your funds are absolutely safe.

Official Authorization: YabandPay, cooperating with PSPs who hold the payment license supervised by Europe Central Bank, can do payment business across EU, and YabandPay is official partner of WeChat Pay and Alipay in EU.

Independent fund account: The transaction funds are kept in an independent bank account (safeguard account), which is supervised by the central bank and is safe and secure.

2. Is my transaction data secure?

YabandPay strictly complies with the following laws and regulations to ensure the safety of your personal data and transaction data.

  • the Algemene verordening gegevensverwerking (AVG) / the General Data Protection Regulation (GDPR); and
  • the Uitvoeringswet Algemene verordening gegevensbescherming (UAVG) / the Dutch Implementation Act of the GDPR.
1. When can I receive the settlement?

Our shortest settlement period is T+1, that is, on the second working day after payment, when the payment is over 100 EUR, the settlement can be automatically settled, and the settlement will be suspended during holiday.

2. Are there any settlement charges?

The settlement is free for over 100EUR. In the case of automatic settlement, the settlement will not be carried out if the amount is less than 100 EUR, and the settlement will be made when the accumulated amount is 100 EUR. If it is less than 100EUR, we will charge a handling fee of 5EUR.

3. Can the settlement period adjusted?

The settlement period is defaulted as daily, but weekly or monthly settled is optional.

4. When will the transaction fee be paid?

The transaction fee will be automatically deducted before settlement, and no additional operation is required to pay again.

5. What is the exchange rate of WeChat Pay, Alipay, UnionPay and UnionPay?

WeChat Pay and Alipay transaction exchange rates are provided by WeChat and Alipay systems respectively. The exchange rate between UnionPay and UnionPay is provided by the card issuing bank.

6. Can I make a refund?

You can apply for a refund for a transaction that occurs within one year. The refund amount shall not exceed the transaction amount. WeChat Pay and Alipay transactions can initiate 12 refunds per transaction, but the cumulative refund amount cannot exceed the transaction amount.

7. Why the refund failed?

Refunds will fail if your account balance is insufficient. Please reconfirm the refund request when there is sufficient balance.

8. Can I withdraw my refund?

There are three types of permissions for our account refund, Approved, Immediately, Disable. After opening an account, the default refund is Immediately. Unfortunately, the refund cannot be reversed in this case. You can modify your account refund authority by yourself. In the Approved state, you need to confirm the refund in the merchant’s background before the refund operation can be realized. In the Disabled state, you have no authority to initiate a refund.

9. If UnionPay pays with UnionPay credit card, can customers chargeback?

The UnionPay payment connected by YabandPay adopts 3DS authentication. For transactions that cardholder denies the transaction risk, that is, no chargeback will be generated.

1. My website is priced in RMB, can I use YabandPay to pay for the service?

YabandPay supports Euro (EUR), Chinese Yuan (CNY), Hong Kong Dollar (HKD), Swiss Franc (CHF), US Dollar (USD), British Pound (GBP), Danish Krone (DKK), Czech Koruna (CZK), Swedish Krona (SEK) by default ), Norwegian Krone (NOK), Polish Zloty (PLN) and Hungarian Forint (HUF), but are ultimately settled in EUR or GBP.

2. What is the difference between Alipay and WeChat Pay provided by YabandPay and domestic ones?

First of all, the targets are different. YabandPay serves companies registered in Europe, while domestic ones target companies registered in mainland of China.

Secondly, the settlement currency is different. YabandPay supports settlement in Euro and GBP, while domestic ones only support settlement in RMB.

Thirdly, the entire transaction process of Alipay and WeChat Pay provided by YabandPay complies with the regulations of the tax authorities across Europe and is regulated by the European Central Bank.

Finally, the YabandPay transaction payment number is accepted by China Customs. YabandPay’s transaction number can be used for customs declaration for the goods mailed directly to China by cross-border companies, and the VAT (value-added tax) can be refunded as well.

3. Does YabandPay support three-in-one clearance regulatory policy of China customs?

Yes, it does support.

All the orders completed by WeChat Pay or Alipay via YabandPay’s service can achieve three-in-one clearance regulatory policy of China Customs.

It can be implemented via YabandPay’s backend management or API integration.

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