Find answers to the most frequently asked questions about your Yuansfer account.
What are the required documentation to apply for a Yuansfer Merchant Account?
Yuansfer is required by governing regulatory agencies and its payment network partners to maintain merchants’ most up to date business information, as a part of our compliance procedure.
- A signed copy of Yuansfer Merchant Application Form
- A copy of business license or registration
- Bank statement or transaction invoices
- A copy of business voided check
- A copy of government issue ID (ex. Driver license) of a C-level executive or manager
- Two indoor pictures and one outdoor picture of physical business location
How long is the onboarding process with Yuansfer?
Once the application form and the required documentation are received, it will generally take 1-2 business days to complete the onboarding process and have Yuansfer Merchant Account set up.
Are Alipay and WeChat payments processed in real-time?
Can the consumer reverse Alipay or WeChat Pay payments?
The consumer can not reverse payments via Alipay or WeChat Pay. You can refund money back to the consumer’s Alipay or WeChat Pay account.
Is there a time limit in which I can refund?
The refund has to be initiated within 90 days of the original Alipay or WeChat Pay transaction.
What are the settlement/deposit rules?
Yuansfer will pay out funds settling from our payment network partners to your designated bank account you provide when applying for your Yuansfer Merchant Account. Funds will be settled in the bank account in the amounts received (less our Fees) for transactions processed by us.
|Funding Time||T+2 business days|
|Settlement Fee||$0.3 per batch|
|Minimum Withdrawal Amount||$1.0|
|International Wire Fee||None|
Do I qualify for a 1099-K?
Generally, accounts meeting both of the following criteria, in the prior calendar year, qualify for a 1099-K from Yuansfer and must be reported to the IRS:
- annual gross payments exceed $20,000, AND
- more than 200 such transactions
What is the prohibited businesses list?
There are specific categories of businesses and business practices for which the Yuansfer Services cannot be used. Note that this list may be updated from time to time without notice.
|1||Illegal political products and publications|
|2||Illegal political program channels|
|3||State secret documents and information|
|4||Pornographic and vulgar audio visual products, channels, and publications|
|5||Pornographic and vulgar erotic services|
|7||Gambling devices and accessories|
|9||Narcotics and related accessories|
|10||Weapons of all types (including daggers, firearms and accessories, replica weapons, ammunitions and explosives)|
|11||Military or police equipment|
|12||Illegally obtained proceeds or properties as result of crime|
|13||Poisonous or hazardous chemicals|
|14||Batons and electric batons|
|15||Lock picking tools and accessories|
|16||Anesthetic, psychotropic or prescription medicine; illegal unregistered medicine|
|17||Fetal gender determination|
|19||Online sale of medical services, including medical consulting, hypnotherapy, plastic surgery|
|20||Hacking services or accessories|
|22||Illegal publication of certificates or carving of stamps|
|24||Video chatting services|
|25||All religious websites, publication or accessories|
|26||Online cemeteries and ancestor worshipping|
|27||Sales of personal information (e.g. identity card information)|
|28||Espionage equipment and accessories|
|29||Services or products that infringe on personal privacy (e.g. online activity monitoring)|
|30||Pyramid schemes and multi-level marketing|
|32||Cashback from Alipay account|
|34||Illegal sale of financial information (e.g. bank accounts, bank cards)|
|35||Stock and securities|
|37||Insurance products and platforms|
|38||Financial products and services|
|39||Rebate or cashback services|
|40||Software or products related to trading of financial products and information|
|41||Single-purpose prepaid cards (including gift cards and other stored value cards)|
|42||Illegal or un-registered fund-raising activities|
|43||Foreign exchange services|
|44||Peer to peer (P2P) lending services|
|45||Payment by instalments service|
|46||Trading in invoices issued within the Peoples’ Republic of China|
|47||Trading or sale of virtual currencies (e.g. Bitcoin, Litecoin)|
|49||Archaeological and cultural relics|
|50||Trading or distribution of currency (both RMB and foreign currencies)|
|51||Counterfeit or replica food products|
|52||Online sale of tobaccos and cigarettes|
|53||Fireworks and firecrackers|
|57||Services to facilitate plagiarism and examination fraud|
|60||Sales of distribution of event tickets without license (e.g. Olympic Games or World Expo tickets)|
|64||Auction sites and services|
|67||Sale of animals, plants or products with contagious and hazardous diseases|
|68||Sale of animals, plants or products originating from areas declared with an epidemic outbreak of contagious diseases|
|69||Services or products facilitating unlawful public gathering|