Merchant Application Form (MAF)
It is a document which is used in order to receive the personal data of the trader. This form is necessary to gain the right to process payments inside the organization. The application involves the information about the organization, the executives along with partners (owners), and personal data about the owner’s business type along with the information about the account in the financial institution.
By signing the MAF, the merchant agrees to fulfill all obligations of the merchant, to guarantee the compliance with holder information security and storage conditions, to analyze as well as to comprehend the terms of the agreement. Furthermore, the trader is obliged to provide only correct, accurate recent personal data as well as the information about his/her account in the bank.
My father wants to start his own business, so he needs to sign the MAF first.
MAF is one of the most important steps to become a merchant.