# Activate Merchant Account (For Business) This endpoint is used to activate a merchant's fiat currency payment account. Supported currencies include MXN, ARS, COP, BRL,PEN,USD, and EUR. Once activated, merchants can send and receive funds through local banking channels with increased flexibility and efficiency. * Each merchant will receive dedicated account details (e.g., ARS accounts include CVU number / CUIT for Argentina). * Merchants can deposit funds via wire transfer; VelaFi will automatically reconcile the transaction and credit the merchant’s account balance. * Both business and individual account types are supported, enabling broad use across various payment scenarios. #### Endpoint Information * **Request Header**: `X-BH-TOKEN: ******` * **Request Header**: `Content-Type: application/json` * **Request Method**: `POST` * **Request Path**: `/v2/merchant/accounts` * **Authorization Required**: Yes #### **Example Requests (For Business)** **For MXN Account 01 (Mexico)** Supported payment methods: SPEI (Finco Pay) ```json { "merchantId": "15126673", // (required, number: id of the merchant) "fiat": "MXN", // (required, string: name of the fiat currency [MXN]) "trench": "CLABE - FINCO PAY" //(required, string: trench [CLABE - FINCO PAY]) } ``` **or MXN Account 02 (Mexico)** Supported payment methods: SPEI (Tesored) ```json { "merchantId": "15126673", // (required, number: id of the merchant) "fiat": "MXN", // (required, string: name of the fiat currency [MXN]) "trench": "CLABE - TESORED" //(required, string: trench [CLABE - TESORED]) } ``` **For ARS Account 01 (Argentina)** Supported payment methods: CBU/CVU (Momentum) ```json { "merchantId": "15126673", // (required, number: id of the merchant) "fiat": "ARS", // (required, string: name of the fiat currency [ARS]) "trench": "CVU - Momentum" //(required, string: trench [CVU - Momentum]) } ``` **For ARS Account 02 (Argentina)** Supported payment methods: 3.0 Transfer (QR) ```json { "merchantId": "15126673", // (required, number: id of the merchant) "fiat": "ARS", // (required, string: name of the fiat currency [ARS]) "trench": "QR Argentina", //(required, string: trench [QR Argentina]) "fieldList":{ "cuit": "123456789" //(optional,string: Additional arbitrary metabata to attach to the transaction.) } } ``` **For COP Account (Colombia)** Supported payment methods: PSE, ACH, Bre-B ```json { "merchantId": "15126673", // (required, number: id of the merchant) "fiat": "COP", // (required, string: name of the fiat currency [COP]) "trench": "COP Account" //(required, string: trench [COP Account]) } ``` **For BRL Account 01 (Brazil)** Supported payment methods: Pix (Genial) ```json { "merchantId": "15126673", // (required, number: id of the merchant) "fiat": "BRL", // (required, string: name of the fiat currency [BRL]) "trench": "BANCO GENIAL" //(required, string: trench [BANCO GENIAL]) } ``` **For BRL Account 02 (Brazil)** Supported payment methods: Pix (a55) ```json { "merchantId": "15126673", // (required, number: id of the merchant) "fiat": "BRL", // (required, string: name of the fiat currency [BRL]) "trench": "a55" //(required, string: trench [a55]) } ``` **For PEN Account (Peru)** Supported payment methods: Bank Transfer ```json { "merchantId": "15126673", // (required, number: id of the merchant) "fiat": "PEN", // (required, string: name of the fiat currency [PEN]) "trench": "PEN Account" //(required, string: trench [PEN Account]) } ``` **For EUR/USD Account 01** Once activated, the EUR account supports both EUR and USD transactions. Supported payment methods: ACH\_push, ACH\_Virtual Account, WIRE, WIRE\_Virtual Account, SEPA ```json { "merchantId": "15126673", // (required, number: id of the merchant) "fiat": "EUR", // (required, string: name of the fiat currency [USD/EUR]) "trench": "Account_Lead Bank", //(required, string: trench [Account_Lead Bank/Wire - Standard Charted Bank]) "callbackUri": "https://localhost/home", //(string: callback address after accepting the agreement) "fieldList": { // List of channel fields "email": "rturo@gmail.com", // (optional, string: Email, if the merchant information is not provided, it must be filled in) "companyName": "CAPITAL SA COCOS", // (required, string: Company Name) } } ``` **For USD Account 02** Supported payment methods: ACH Account\_Cross River Bank, WIRE Account\_Cross River Bank, Wire - Standard Charted Bank, SWIFT Account\_Cross River Bank ```json { "merchantId": "15126673", // (required, number: id of the merchant) "fiat": "USD", // (required, string: name of the fiat currency [USD]) "trench": "Wire - Standard Charted Bank", //(required, string: trench [Account_Lead Bank/Wire - Standard Charted Bank]) "callbackUri": "https://localhost/home", //(string: callback address after accepting the agreement) "fieldList": { // List of channel fields "companyInfo": { // Company information (required when Merchant Type BUSINESS) "companyName": "Example Corp", // Full company name (required) "companyDescription": "A fintech company providing payment solutions", // Company description (required) "companyIndustry": "FINANCIAL_SERVICES", // Industry type (Financial Services)(required) "email": "contact@example.com", // Company contact email (required) "phoneNumber": "+15551234567", // Company contact phone number (required) "incorporationDate": "2015-06-15", // Company registration date (required) "taxType": "EIN", // Tax ID type [EIN/SSN/VAT/TIN/UTR](required) "taxId": "123456789", // Tax ID (required) "website": "https://www.example.com", // Company website (required) "street1": "123 Main St", // Street address 1 (required) "street2": "Suite 100", // Street address 2 "city": "New York", // City (required) "state": "NY", // State/Province (required) "postcode": "10001", // Postal code (required) "countryAbbr": "US", // Country code (required) "legalPresenceUrl": "example-corp/articles.pdf", // Company registration document (required), size between 10KB - 3MB, Upload File endpoint: /v2/base/file/upload "ownershipStructure": "example-corp/ownership.pdf" // Ownership structure proof (required), size between 10KB - 3MB, Upload File endpoint: /v2/base/file/upload }, "companyUbosInfo": [ // List of company Ultimate Beneficial Owners (UBO) (required when merchantType=2) { "personType": "UBO", // Person type (UBO=Ultimate Beneficial Owner)(required) "firstName": "John", // First name (required) "lastName": "Smith", // Last name (required) "email": "john.smith@example.com", // Email (required) "phone": "+15559876543", // Contact phone number (required) "percentageOfOwnership": 0.65, // Ownership percentage (65%)(required) "taxIdentificationNumber": "987654321", // Personal tax ID (SSN)(required) "dateOfBirth": "1980-03-15", // Date of birth (required), age must be between 18 and 120 years. "street": "456 Oak Ave", // Street address (required) "street2": "", // Street address 2 "city": "Brooklyn", // City (required) "state": "NY", // State/Province (required) "postcode": "11201", // Postal code (required) "countryAbbr": "US", // Country code (required) "idType": "3", // ID type [1:ID card, 2:Driver's license, 3:Passport/Residence permit](required) "idNumber": "P12345678", // ID number (required) "govIdCountryAbbr": "US", // ID issuing country (required) "govIdFrontUrl": "john-smith/passport-front.jpg", // ID front side (required), size between 10KB - 3MB, Upload File endpoint: /v2/base/file/upload "govIdBackUrl": "john-smith/passport-back.jpg", // ID back side (required), size between 10KB - 3MB, Upload File endpoint: /v2/base/file/upload "hasControl": true, // Has control rights (required) "hasOwnership": true, // Has ownership rights (required) "hasSigner": true, // Is signatory (required), at least one must be true "relationshipEstablishedAt": "2015-06-15" // Relationship establishment date (required) } ], "companyQuestionnaireInfo": { // Company questionnaire information (required when merchantType=2) "tradeName": "Example Payments", // Trade name (required) "industryType": "cooperative", // Industry subdivision (required)[cooperative/s_corporation/b_corporation/close_corporation/nonprofit_corporation/general_partnership/limited_partnership/limited_liability_company/other/sole_proprietorship/trust] "organizationalChartUrl": "example-corp/org-chart.pdf", // Organizational chart (required), size between 10KB - 3MB, Upload File endpoint: /v2/base/file/upload "estimatedAnnualRevenueUsd": "100000_999999", // Estimated annual revenue (USD)(required)[0_99999/100000_999999/1000000_9999999/10000000_49999999/50000000_249999999/250000000_plus] "expectedMonthlyPaymentsUsd": "500000", // Expected monthly transaction volume (USD)(required) "highRiskActivities": "none_of_the_above", // High-risk activities[none_of_the_above/adult_entertainment/gambling/hold_client_funds/investment_services/lending_banking/marijuana_or_related_services/money_services/operate_foreign_exchange_virtual_currencies_brokerage_otc/safe_deposit_box_rentals/third_party_payment_processing/weapons_firearms_and_explosives] "purposeOfAccount": "charitable_donations", // Account purpose (required)[charitable_donations/ecommerce_retail_payments/investment_purposes/operating_a_company/other/payments_to_friends_or_family_abroad/personal_or_living_expenses/protect_wealth/purchase_goods_and_services/receive_payment_for_freelancing/receive_salary] "sourceOfFunds": "business_loans", // Source of funds (required)[business_loans/grants/inter_company_funds/investment_proceeds/legal_settlement/owners_capital/pension_retirement/sale_of_assets/sales_of_goods_and_services/tax_refund/third_party_funds/treasury_reserves] "transmitsCustomerFunds": true, // Handles customer funds (required) "transmitsCustomerFundsDescription": "We process payments for merchants" // Funds handling description (required) } } } ``` **For USD/CNY/HKD/EUR/SGD/NGN/PHP** **Account 03** Supported payment methods: Wire (CPN), CIPS (CPN), FPS (CPN), CHATS (CPN), SEPA(CPN), BANK-TRANSFER(CPN), PESONET(CPN), FEDWIRE(CPN)
```json { "merchantId": "15126673", // (required, number: id of the merchant) "fiat": "USD", // (required, string: name of the fiat currency [PEN]) "trench": "Circle Payment Network", //(required, string: trench) } ``` #### **Example Responses** **Example Response (MXN/ARS/COP/BRL/PEN)** ```json { "code": 200, "msg": "SUCCESS", "data": { "fiat": "USD", "status": 0, "verifyLink": "https://verify-sandbox.aiprise.com/?business_onboarding_session_id=xxx", "failReason": "" } } ``` **Example Response (USD / EUR)** ```json { "code": 200, "msg": "SUCCESS", "data": { "fiat": "USD", "status": 4, "verifyLink": "https://www.vealfi-test.com/business/channel/verify?token=12ceff08f9621808b5a573972cdfb10f", "failReason": "" } } ``` #### Notes * Ensure that all fields in the request body are filled out correctly to facilitate the activation process. * Merchants may need to provide additional documentation based on the type of account being activated. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.velafi.com/api-reference/merchant/activate-merchant-account-for-business.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.