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
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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.

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Are Alipay and WeChat payments processed in real-time?

Yes.

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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.

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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.

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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
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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
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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
6 Gambling
7 Gambling devices and accessories
8 Lottery
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
18 Aphrodisiac
19 Online sale of medical services, including medical consulting, hypnotherapy, plastic surgery
20 Hacking services or accessories
21 Malwares
22 Illegal publication of certificates or carving of stamps
23 Crowd funding
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
31 Gold investment
32 Cashback from Alipay account
33 Counterfeit currency
34 Illegal sale of financial information (e.g. bank accounts, bank cards)
35 Stock and securities
36 Mutual Funds
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)
48 Satellites antennas
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
54 Crude oil
55 Human organs
56 Surrogacy services
57 Services to facilitate plagiarism and examination fraud
58 Protected species
59 Smuggled goods
60 Sales of distribution of event tickets without license (e.g. Olympic Games or World Expo tickets)
61 Seeds
62 Real estate
63 Charitable Organizations
64 Auction sites and services
65 Pawn services
66 Lucky draws
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