PayOk Onboarding: Requirements for activating card acceptance
Onboarding is the process of registration and document verification that every merchant must complete before starting to process card payments through PayOk. This process is driven by regulatory obligations: PayOk applies KYC ("Know Your Customer") and AML/CFT (Anti-Money Laundering and Counter-Terrorist Financing) protocols required by current legislation.
The purpose of this process is twofold. On the one hand, it protects your business and your customers from fraud. On the other hand, it guarantees that the entire payment chain operates within European and Spanish legislation.
How PayOk Onboarding works
The registration process is broken down into stages designed to be fast while remaining fully compliant with regulatory requirements:
- Pre-approval. You fill out an online questionnaire that analyzes your commercial activity, business model, and expected transaction volume.
- Documentary Verification (KYC/KYB). You provide supporting documents depending on your legal structure (sole proprietor or legal entity). PayOk verifies the authenticity of the documents, cross-checking the data against official registries and international sanction lists.
- Risk Analysis. The risk profile of the merchant is assessed, taking into account the industry sector, country of operation, and transaction patterns. Merchants in regulated or high-risk sectors may require additional documentation.
- Signing the Framework Agreement. The contractual relationship is formalized by executing a framework agreement for payment services in accordance with Royal Decree-Law 19/2018 on payment services.
- Activation. Once all documents are verified, your online terminal for card acceptance is activated, and you can begin processing transactions.
Onboarding at PayOk is designed to be completed in an average of 24–48 hours from the moment all correct documents are received. Document verification is carried out manually, as well as using OCR (Optical Character Recognition) tools, biometrics, and automated cross-checks with official databases.
Required documents based on legal structure
Document requirements vary depending on whether you operate as an individual (sole proprietor) or as a legal entity (company). This distinction complies with Article 4 of Law 10/2010 and Royal Decree 304/2014, which establish customer due diligence obligations proportionate to the level of risk.
| Document | Sole Proprietor (Autónomo) | Company (Sociedad) |
|---|---|---|
| Online Pre-approval Form | ✓ | ✓ |
| Valid DNI or NIE (front and back, in color, high resolution) | ✓ | Only UBOs (>25%) and Representatives |
| Tax Registration (Form 036/037) | ✓ | ✓ |
| Latest social security payment receipt (Autónomos) or tax declaration | ✓ | Not Applicable |
| Deed of Incorporation (Bylaws) registered with the Mercantile Registry (Registro Mercantil) | Not Applicable | ✓ |
| Declaration of Beneficial Ownership (KYB protocol) | Not Applicable | ✓ |
| Signed organizational chart (for complex corporate structures) | Not Applicable | If applicable |
| Notarized power of attorney and valid certificate of executive authority | Not Applicable | If representatives are appointed |
| Bank account ownership certificate (issued less than 3 months ago) | ✓ | ✓ |
| Declaration of Economic Activity and PEP (Politically Exposed Person) status | ✓ | ✓ |
| Signed PayOk Payment Services Framework Agreement | ✓ | ✓ |
Regulatory framework and applicable safety levels
Each onboarding requirement is backed by a specific legal foundation. This is not unnecessary bureaucracy, but strict compliance with regulatory standards applicable to payment institutions in Spain:
- Law 10/2010 of April 28. Establishes obligations for formal customer identification, verification of the ultimate beneficial owner (UBO), and risk-level classification. Article 7.3 defines that establishing business relations may only be refused on an individual basis if the client prevents the application of due diligence measures appropriate to their risk profile.
- Royal Decree 304/2014. Clarifies obligations regarding document retention (minimum of 10 years), simplified and enhanced customer due diligence procedures, as well as reporting protocols to SEPBLAC.
- Royal Decree-Law 19/2018. Transposes the PSD2 Directive into Spanish law and regulates payment services framework agreements, information transparency obligations, and user rights.
- EBA/GL/2021/02 and EBA/GL/2024/01 Guidelines. Define the risk factors that institutions must assess in every business relationship, including analysis of the sector of activity, ownership structure, and origin of funds.
For businesses, this means that the documents requested during onboarding are not a mere formality. They are the foundation that allows PayOk to operate in accordance with the law, protect your business from fraudulent chargebacks, and keep your payment account active without interruptions.
Benefits of a thorough Onboarding process
- Fraud Prevention. Document verification and preliminary risk analysis filter out potentially fraudulent operations before they affect your balance.
- Operational Continuity. A correctly verified merchant is far less likely to face account freezes, funds withholding, or account termination due to regulatory non-compliance.
- Access to Better Terms. Low-risk merchants backed by a complete set of documents can access more competitive processing fees and faster payout schedules.
- Frictionless Compliance. The combination of manual and digital processes with OCR and automated validation reduces registration times without sacrificing regulatory rigor.
Laws and Regulations:
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