Yuansfer Merchant Account FAQs
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.
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
|1||All religious websites, publication or accessories|
|2||Anesthetic, psychotropic or prescription medicine; illegal unregistered medicine||3||Aphrodisiac|
|4||Archaeological and cultural relics|
|5||Auction sites and services|
|6||Batons and electric batons|
|7||Cashback from Alipay account|
|10||Counterfeit or replica food products|
|14||Espionage equipment and accessories|
|15||Fetal gender determination|
|16||Financial products and services|
|17||Fireworks and firecrackers|
|18||Foreign exchange services|
|20||Gambling devices and accessories|
|22||Hacking services or accessories|
|24||Illegal or un-registered fund-raising activities|
|25||Illegal political products and publications|
|26||Illegal political program channels|
|27||Illegal publication of certificates or carving of stamps|
|28||Illegal sale of financial information (e.g. bank accounts, bank cards)|
|29||Illegally obtained proceeds or properties as result of crime|
|30||Insurance products and platforms|
|31||Lock picking tools and accessories|
|35||Military or police equipment|
|37||Narcotics and related accessories|
|38||Online cemeteries and ancestor worshipping|
|39||Online sale of medical services, including medical consulting, hypnotherapy, plastic surgery|
|40||Online sale of tobaccos and cigarettes|
|42||Payment by instalments service|
|43||Peer to peer (P2P) lending services|
|44||Poisonous or hazardous chemicals|
|45||Pornographic and vulgar audio visual products, channels, and publications|
|46||Pornographic and vulgar erotic services|
|48||Pyramid schemes and multi-level marketing|
|50||Rebate or cashback services|
|51||Sale of animals, plants or products originating from areas declared with an epidemic outbreak of contagious diseases|
|52||Sale of animals, plants or products with contagious and hazardous diseases|
|53||Sales of distribution of event tickets without license (e.g. Olympic Games or World Expo tickets)|
|54||Sales of personal information (e.g. identity card information)|
|57||Services or products facilitating unlawful public gathering|
|58||Services or products that infringe on personal privacy (e.g. online activity monitoring)|
|59||Services to facilitate plagiarism and examination fraud|
|60||Single-purpose prepaid cards (including gift cards and other stored value cards)|
|62||Software or products related to trading of financial products and information|
|63||State secret documents and information|
|64||Stock and securities|
|66||Trading in invoices issued within the Peoples’ Republic of China|
|67||Trading or distribution of currency (both RMB and foreign currencies)|
|68||Trading or sale of virtual currencies (e.g. Bitcoin, Litecoin)|
|69||Video chatting services|
|70||Weapons of all types (including daggers, firearms and accessories, replica weapons, ammunitions and explosives)|