Open a business account via Collect & Pay is an easy process, which gives you a lot of opportunities to simplify your payment process. All the process will be done remotely and you don’t need physical presence for it. We will provide you with instructions on how to open and activate a business payment account step by step. Also we have a manager who leads you and helps you if you have any problems.

To open a Business account with Collect & Pay, fill out the Corporate account application form at: 

https://platform.collectnpay.com/fo/index.php?request=corporate

1. In order to complete the Business account opening process, you need to provide us with the following documents:Corporate Documents
   • Certificate of Incorporation
   • Memorandum and Articles of Association
   • Certificate of Incumbency or Certificate of Good Standing (for companies registered more than 1 year ago and where it is not possible to verify status of the corporation online, i.e. in publicly available Company Registry of the country of registration)
   • Confirmation that the signatory person has authorization to act on behalf of the corporation. The signatory must provide proof that he/she has authorization and the right to sign on behalf of the company, open the account and manage the funds of the corporation, such as a power of attorney or a board resolution.
   • Document showing the TAX ID of the corporation.
   • Director’s Resolution (the most updated one) / Register of Directors & Secretary (if available)
   • Register of Members / Shareholders
   • Share Certificates
   • Declaration of Trust (if applicable)
   • If a customer is offering any type of financial services or any type of business activity requiring a special license in jurisdiction of the company registration, the applicant must provide the license.
   • Printed & signed Collect & Pay Application form.
2. For all directors, shareholders, UBOs and signatory:
   • Proof of identity – colored copy of passport or national ID document. Identification document must have a reference number, a photo, a signature, date of birth and an expiration date.
   • Proof of address – colored copy of utility bill less than 3 months old (electricity, gas, water, Internet, phone). Alternatively, we can accept a confirmation of residential address from a city hall or similar document that confirms the person lives at a certain address. Bank statements are not accepted as proof of residency.
   • Selfie of the person holding the passport.
   • Printed & signed Collect & Pay Application form.

All documents must be certified except the Collect & Pay Application form. Certification can be done by a notary, qualified accountant, lawyer, bank officer or police officer. Collect & Pay must have sufficient details to be able to contact the certifier to confirm that they are qualified and have carried out the certification.

How to activate Collect & Pay business account?

After having your application for a Collect & Pay account approved, you will receive a welcome email. Click the link in the welcome email access your Collect & Pay account.

1. In the first step, you will be asked to set a password for your Collect & Pay account. The password must be composed of lowercase letters a-z, uppercase letters A-Z, numbers 0-9 and symbols !()@#$%^&*. After entering your desired password in the Password field and confirming it by entering it again in the Confirm Password field, click the “Update” button.

2. In the second step, you will set your Authorization Code. You will use this code when resetting your Google Authenticator, which you will set in the next step. The Authorization Code must be composed of lowercase and uppercase letters, number and a symbol, same like the Collect & Pay account password. Click “Continue with Login” when set.

3. In the final step, you must setup the Google Authenticator app. Google Authenticator. Collect & Pay uses Google Authenticator as the 2nd step authentication to increase the security and protection of your Collect & Pay account from unauthorized use.

Google Authenticator is a multifactor app for mobile devices. It generates timed codes used during the 2-step verification process.
To use Google Authenticator, install the Google Authenticator application on your mobile device. Go to your app store on your mobile device (Google Play store or Apple App Store) and search for “Google Authenticator”.
When you have the Google Authenticator app installed and configured on your mobile device, select the “+” icon and sign on the app to pair the mobile device with your Collect & Pay account. Hold your camera to the screen and scan the QR code.

After successfully linking the Google Authenticator app on your mobile device with your Collect & Pay account using the QR code, fill out the Device Name field (this can be any name based on your wish) and the Authenticator Code field using the code generated by Google Authenticator on your mobile device. Please note the code is regenerated every 30 seconds.

When done, click the “Continue with Login” button. Now you are done setting up your Collect & Pay account.

Please make sure to transfer initial funds to cover the account opening fee and minimum account balance to your account within the next 30 days to avoid your account suspension due to inactivity.