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?

Yes.

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:

  1. annual gross payments exceed $20,000, AND
  2. 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 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
8 Charitable Organizations
9 Counterfeit currency
10 Counterfeit or replica food products
11 Crowd funding
12 Crude oil
13 Donation
14 Espionage equipment and accessories
15 Fetal gender determination
16 Financial products and services
17 Fireworks and firecrackers
18 Foreign exchange services
19 Gambling
20 Gambling devices and accessories
21 Gold investment
22 Hacking services or accessories
23 Human organs
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
32 Lottery
33 Lucky draws
34 Malwares
35 Military or police equipment
36 Mutual Funds
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
41 Pawn services
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
47 Protected species
48 Pyramid schemes and multi-level marketing
49 Real estate
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)
55 Satellites antennas
56 Seeds
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)
61 Smuggled goods
62 Software or products related to trading of financial products and information
63 State secret documents and information
64 Stock and securities
65 Surrogacy services
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)