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Verify your business and activate your account

Because MONEI is a provider, we're legally obligated to verify your identity and your business before approving your account. This page explains the KYC process, the documents we need, how to activate your account, and what each account status means.

What is Know Your Customer (KYC)?​

In payments, the Know Your Customer (KYC) check is a mandatory process of identifying and verifying a merchant's identity when opening an account and periodically over time.

KYC obligations for payments require MONEI to collect and maintain information on all its account holders. These requirements come from our regulators and are intended to prevent abuse of the financial system.

KYC is required for every MONEI merchant account, including accounts that use MONEI Pay, and for integrated payment partners who use the MONEI Connect platform.

When you create an account, specific information will be requested based on your location, business type/activities, owners, representatives, and any other pertinent information. For compliance reasons, MONEI is obliged to request the identification and data of ultimate beneficiaries (physical persons who, directly or indirectly, own more than 25% of the company's shares or who have material vote control of a company).

The details in your MONEI account must be kept up to date. We may also contact you periodically to confirm that your account information is still accurate.

Documents we need​

Depending on your country, different documentation is required to open your MONEI account.

Spain​

If your business is in Spain, you must have the following information to activate your MONEI account.

  • Legal business name
  • Tax Identification Number (CIF)
  • Business
  • TPV Virtual if you bring your own acquirer or processor
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For most merchants, MONEI handles acquiring. In this case, you do not need to get your own , we will manage it for you. Open your account now!

If you bring your own acquirer and you already have a TPV Virtual from Redsys, you can activate your MONEI account now. Go here for instructions.

Once your account is activated, you'll be able to configure payment methods.

Andorra​

MONEI partners with Creand Crèdit Andorrà to simplify digital payments for Andorran e-commerce business. If you're an Andorra-based business, learn how to create your MONEI account here.

All other countries​

MONEI's global expansion is happening fast. Your country might be next! To get updates as soon as we're available in your country, join our mailing list here.

Why we need your identity document​

We need to verify your identity and the legitimacy of your business as part of our responsibility towards our financial partners. Providing your date of birth, Passport, or Identity Document speeds up the process and allows you to begin running charges right away. We take your privacy very seriously and only use your personal information for this purpose.

Activate your account​

After you register here for MONEI, you will need to activate your account.

Go to your dashboard and click Activate account. Then fill in all the forms on the next screen to activate your account. As part of this, you'll verify your identity with a quick video check using your physical Passport or ID card — photos of a screen, or scans, aren't accepted.

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While completing the Payment details form, you will be asked to provide your IBAN. This bank account will be used for payment and to collect MONEI fees. You will be notified of each payment before it's collected.

What happens after you sign up​

After you sign up for MONEI, you will receive an email with a code to complete the registration process. Once you enter the code and confirm it, your account is created. Then complete the activation forms in your dashboard, provide the requested business and payment details, and wait for approval before accepting live payments. Learn more about how to get started with MONEI here.

Website checklist​

In compliance with Royal Legislative Decree 1/2007 (the revised text of the General Law for the Defense of Consumers and Users) and Law 34/2002 on services of the information society and electronic commerce, it is imperative to include these terms on your website:

  • Legal Notice: the tax information of the online store owner — full name or company name, Tax Identification Number (NIF), address, email, and contact phone number.
  • Order Cancellations, Returns, and Refunds: clearly state and make accessible the policies and procedures for these processes.
  • Shipping Details: the name of the transport company handling deliveries, along with delivery timelines and shipping costs to the customer.
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If the above points are not addressed, your account will be flagged and the approval process will take longer.

Additional verification for public figures​

Due to regulatory constraints, we are required to do an additional verification step for persons involved in public activities — those who perform or have performed important public functions, such as heads of state and government, ministers, parliamentarians, supreme/constitutional court magistrates, central bank board members, ambassadors and senior military personnel, board members of publicly owned companies, senior management of international organizations and of political parties with parliamentary representation, and equivalent senior officials at the autonomous-community and local levels (per Law 3/2015). Intermediate or lower-level public employees are not included.

Why we may ask for more information or reject an account​

During verification, your account may be approved automatically, require additional information, or be rejected if it does not meet MONEI's requirements. If we need something from you, you'll see a notification in your dashboard and may also receive an email. Common reasons include:

Missing ultimate-beneficiary (UBO) documentation​

Documentation is missing for the — individuals who, directly or indirectly, hold more than 25% of the shares or social participation of your company.

Special entity type​

Specific documentation is required because you have a civil company, association, foundation, or entity without legal personality that is not a commercial company. If your company has joint administrators, both administrators must sign the MONEI payment services framework contract.

Non-compliant website​

Your website does not comply with the legal notice, the terms and conditions of service, or the shipping and return policies. Consult the website checklist to make sure your site meets the standards set by MONEI and the .

Website does not match the account holder​

Your website does not correspond to the holder of the requested account.

Restricted or high-risk activity​

If your business is in a high-risk category, we may ask for additional documentation before approving your account. If your business sells restricted products or services, we may not be able to approve the account. See restricted and high-risk activities.

Onboarding steps must be repeated​

You may be required to repeat certain steps of the onboarding process because there are new requirements or your account verification failed.

My account was approved — now what?​

Congratulations! Now that your MONEI account has been approved, it's time to start selling:

  • Run a test by creating your first transaction with Pay by Link.
  • Connect MONEI to your store — we have plugins for Shopify, PrestaShop, WooCommerce, Wix, and Adobe Commerce (Magento), or you can integrate a custom website.
  • Configure additional payment methods. 59% of shoppers abandon their cart if their preferred payment method isn't available.
  • Customize your checkout page with your own domain and branding.

Account statuses​

If you manage merchant accounts bound to a MONEI Connect master account, you can sort them by status in your admin dashboard:

  • Active. The merchant account is live and has processed at least one customer transaction.
  • Approved. The merchant account has been approved (it is live), but hasn't processed any transactions yet.
  • Pending approval. The merchant has submitted all the requested information and signed the contract, but the account has not been approved yet.
  • Pending additional data. The account is already configured but requires additional information.
  • Pending contract. The merchant account still needs business details, representative verification, or a contract signature.
  • Pending review. The account is being reviewed after you provided additional information.
  • Suspended. The account has been temporarily disabled.

The API returns the account status as one of: ACTIVE, APPROVED, PENDING_CONTRACT, PENDING_APPROVAL, PENDING_REVIEW, NOT_CONFIGURED, SUSPENDED, REJECTED, or DELETED.

Common questions​

How can I add authorized users to my account?​

Do you want to add authorized users to your MONEI account so they can add payment methods, review transaction history, update branding, and more?

  1. Log in to your dashboard.
  2. Click Settings → Authorized users.
  3. Add users to your main dashboard (give them read and write or admin access).
  4. They can then log in at dashboard.monei.com.