Businesses need to accept payments from their customers. Most customers are moving away from traditional payment methods like cheques and cash. They require digital payment methods like card and wallet payments. A point of sale (POS) terminal enable merchants to accept both contact and contactless payments on the terminal.

• Customer is contacted by RAKBANK sales team
• Provide all the necessary documentation
• Provide all company details for KYC and due diligence
• Fill the Merchant Application Form
• Bank checks the eligibilty to provide POS
• Merchant is approved
• Bank support team contacts merchant for POS deployment and training

Connect with our team at smesouk@rakbank.ae for more information and to get started with the application process

Following documentation should be collected:

Documentation

• Valid Trade License Copy
• Passport, Visa & EID copies of all partners, sponsors & POAs holders
• Memorandum of Association in case of LLC companies along with all past amendments
• Special POA copy of establishment license of single owner
• Bank account statement with IBAN number (not required for RAKBANK account)
• Tax Registration Certificate (TRN) for TAX Invoice
• Business photos; One photo from the main entrance showing the sign board and second from inside the outlet covering maximum portion of the business
• A cheque in favor of RAKBANK (in certain scenarios)

Contact Details

• Complete business physical address
• Business contact numbers and mobile number
• P.0 BOX #
• Contact person with mobile number & email address

Form

• Merchant Application Form