Registration is required to use PayTabs service. We require accurate information in order to process your registration smoothly. Merchant information must kept up to date at all times to avoid inconvenience and delays especially in processing of funds. PayTabs has the rights to suspend, terminate or will not approve the application to Merchants who provide inaccurate, untrue or misrepresented data or those who fail to comply with the requirements needed.
Also, as per the mandate by Banks as well as Payment associations like MasterCard, Visa, Amex etc., we (PayTabs) need to do appropriate due diligence before approving your application.
The reason you must apply and be approved in order to get a merchant account is because there is the risk of losing money every time a credit or reversal is processed on a credit card transaction on behalf of your business. Visa and MasterCard have a very clear policy that is enforced when a cardholder pays for goods / services, which is:
The cardholder is entitled to receive the promised good or service. If such good or service is not delivered then the cardholder is entitled to getting their money back. This is one of the basic consumer protection principles that apply to credit card transactions. In order to mitigate this risk the credit card processor should have a robust screening / application process.