What is MAF Application Form?
What is it?
A form called the Merchant Application Form is used in order to collect the traders' personal information. This form is necessary to be granted permission to process payments inside the organization. The MAF application includes details about the company, its executives, and partners, private information about the business the owner owns, and details about their bank account.
The following documents are needed:
- Registration certificate
- Memorandum of association
- Register of shareholders
- Bank statement
- Copy of passport/identity card
- Credit Card Processing Statements
- Conditional Documents
- Basic company documents
How it works
The merchant certifies that they will meet their duties by signing the merchant application form. He ensures adherence to the storage and security requirements for holder information. He also acknowledges understanding the agreement's conditions. The trader must only submit current, accurate information about themselves and their bank accounts.
Pros and cons
The advantage of this form is that you can use this form not only to collect information about your business. However, the main disadvantage is that you usually have to be very careful about the filling time because making a mistake is difficult to correct it.