Business Accounts FAQ

See also B2B - Business Accounts and Business Accounts benefits summary.

You may want to read questions other business account holders have asked before. The first half of the questions below are about using the business account, and the second half is about account opening and ID requirements.

Can we use Technocash's services for business operations (receiving and making payments)?

Yes, Technocash Business Accounts offer access to global payments and dedicated collection tracking. Trade business or trade directory groups can improve a number of financial services with the international cross currency nature of Technocash international business services.

How can we use Technocash to receive bank wire payments from our customers?

You ask your clients to send funds to a Technocash BANK ACCOUNT with a deposit reference. Then, using the deposit reference, we credit the funds to your Technocash account. We have additional deposit reference systems that allow per-customer deposit tracking. We can also, for established customers, provide dedicated deposit bank accounts to streamline collections.

How do we identify the bank wire payments received?

Method 1: Account number reference:
Each Technocash account has a 16 digit account number which acts a deposit reference. When the sender includes this in the payment narrative/reference field, Technocash can easily credit the incoming payment to the target Technocash account.

Method 2: Client deposit reference:
Technocash accounts have many additional deposit references that you can issue. You could use a different 6-character deposit reference for each client, or you could use a particular deposit reference for various categories of deposits, e.g. Investments, Application Fees, Invoice payments.

Method 3: Specific Deposit Details:
Some clients with many deposits prefer to use dedicated bank details. Additional terms and conditions apply.

When my customers send us wires can they put a invoice number after Technocash's required deposit reference needed in wire instructions?   For example my invoice number or order number.

Yes, and we recommend that they do so. So if your order number was 828384 and your 6-character deposit reference was ZP34YA then examples of how clients could enter a deposit reference may be:

• ZP34YA 828384
• ZP34YA828384

What information can be seen for wire transfer deposit:

Your login will show Date, Amount, Currency, Ordering Customer and any reference information provided by the sender including the deposit references. You can search by name, date, amount, reference etc for any date range. Yes, any date range, for transactions in your account.

Are there any limits to the amount of money we can hold in our Technocash account, and receive / send via bank wires?

No, there is no limit. We are sure you will protect outgoing funds transfers by using secure computers, only authorized signatories, and enabling a strong spend password and login password.

What's Technocash's policy on handling fraudulent bank wires received by an innocent Technocash account?

(For example, if a computer hacker gained access to the internet banking account of the victim, and sent the bank wire with valid payment details/memo on the bank wire, stating both the Technocash reference and the purpose of the payment)?

We do our best to work with the authorities to recover such funds where possible. We are sure you would fully co-operate and provide tracking information to us to help the authorities to trace where the ultimate beneficiary of the funds is.

Can we use Technocash's services for making payments to Credit Cards and Debit Cards?

Yes for Australian Credit/Debit Cards. You login and use the BPay service by quoting the Biller Code and the credit/debit card number.

Can we use Technocash's services for our business operations for large volumes of receiving funds and making payments?

Yes as we offer access to global payments and dedicated collection tracking. With flexible systems your B2B website or B2B portal help with members international payment needs.

Will customers sending/receiving payments see the personal names of our directors/signatories or will they see the company name?

Privacy rules ensure that only the company name or registered trading names are seen because they are the publicly available names.

In what currency will deposits be credited to my Technocash account?

You ask your client to send funds to a Technocash bank account with the currency you want. If they send funds to a Technocash USD bank account then we credit USD to your Technocash account. For instance you can nominate that European clients send to a Technocash EUR bank account and British clients send funds to a Technocash GBP bank account. Having an interposed collection service like Technocash Business Account improves the collection services for investment company, funds manager and members of trade portals.

Are bank wire payments irrevocable?

International wires sent to your Technocash account are irrevocable, however in a case where the sender requests a return of funds we do expect you to cooperate in good faith if the funds are available.

What is the documentation required, other than the Business Account Application Form & ID forms?

Please see the full explanation below under Account Opening Identification Explanation.

Upon receiving the Business Account Application Form how long will Technocash take to process it, and when will we be able to use the Technocash account fully?

There are a few steps. Firstly, we process your business account application form and payment. We then create the account so you can log in. It is locked until ID verification is complete. You may, however, load funds whilst we collect and review documents and complete the necssary paperwork. If you supply your ID documents quickly your new account can be up and running in less than a business day (EST Sydney Australia.)

Can we use Technocash to send US$ checks worldwide, or can they only be posted within the USA?

We can only deliver to USA postal addresses. Alternatives would be that you send a wire payment or ask the client to open a Technocash account to receive instant payments.

Can I send funds to US bank accounts using an ACH routing number?

Yes. Presently we let you wire funds to the USA. Usually wire transfers use SWIFT codes. However you can also send funds by wire if you provide the ACH routing number instead of the SWIFT code. We recommend using the SWIFT code wherever possible because it is faster and more reliable.

What is the cost for us to receive wires to our account from our customers, and what is the cost for us to send wires to them?

Usual bank wire costs apply including a receiving bank fee of around $10. Technocash only charges a $2 processing fee. No government fees or taxes apply.

Can our default funds be always held in USD?

Technocash accounts have a nominated home currency, however we do not convert deposits to the home currency. This is a significant advantage over some bank services and ideal for import export.

In general the answer is YES to allow funds to be always held in USD. If you receive USD then your Technocash account is credited with USD. If you receive, for example, EUR, then you can login and easily convert that to USD. This ensures all you funds are now held in USD.

Can the sending person's name be seen when wire transfers arrive, so we know what person sent us the funds? 

Generally yes. We usually see the name of the "ORDERING CUSTOMER" which we include in the deposit details where possible. As you would understand banks limit the amount of information provided in SWIFT message fields so this may be incomplete.

What are the limits on the maximum and minimum that we can send and receive in one wire?

No limit. We often have wires in the millions of dollars. When sending funds the amount is only limited by your maximum available funds.

Business Account Application

What are the services/facilities that will require access by a authorised signatory?

Those that login to the account need to be authorised signatories.

Do we need to courier/mail the original copy of the application form to Technocash, or do we just need to fax?

Technocash should receive color originals however quality faxes or scanned copies have been acceptable on most occasions. If the electronic version is not sufficent we will contact you to supply originals in the mail.

Do we need to complete an s.21 International Form or are there alternatives for ID?

You do not need to complete the s.21 international form, however it is a good method of ID as your documents and details are witnessed by a quality referee. You have other choices outlined below as we are looking for what is known as 100pts of ID. The s.21 International Form is just part of our choices for verification documents which you can read about below.

Can we open the business account first and provide ID later?

Yes you can login, but you cannot make withdrawals until verification is complete. This suits those wanting to pay the application fee from funds loaded to their new account

ACCOUNT OPENING IDENTIFICATION EXPLANTATION

To open any Techncoash account we need to undertake identify checking. Thus we need to receive various identification documents in accordance with our AML and customer verification policies.

Please note as a business is opening an Account in the name of a company we require information   relating to both the company itself and all individuals who are signatories.

In summary please supply a copy of documents reflecting - 
a) Company registration certificate and current registered address and operating business address
b) Document/s showing signatories can act on behalf of the company
c) Signatories photo identification and other documents to show name, date of birth, and proof of address  

The details and options are explained below. Please send scanned documents to  info@technocash.com or high quality faxes to +612 8088 4348 because this provides you alternative methods. To make it easy just immediately send what you can to start the process.

(A) Identification requirements for the Company we must know:

- the full name of the company;  
- the country in which the company was formed, incorporated or registered;  
- whether the company is registered by the relevant foreign registration body and if so:  
any identification number issued to the company by the relevant foreign registration body upon the companys formation, incorporation or registration;  
the full address of the company in its country of formation, incorporation or registration as registered by the relevant foreign registration body; and  
whether it is registered as a private or public company or some other type of company by the relevant foreign registration body;  
- if the company is registered as a private company by the relevant foreign registration body - the name of each director of the company; and  
- if the company is not registered by the relevant foreign registration body, the full address of the principal place of business of the company in its country of formation or incorporation.  
The applicant must have provided documentation sufficient to demonstrate:  
- the full name of the company; and  
- whether the company is registered by the relevant foreign registration body and if so:  
any identification number issued to the company by the relevant foreign registration body upon the companys formation, incorporation or registration; and  
whether the company is registered as a private or public company.

(B) Identification requirements for you as a signatory

In respect of yourself as a signatory to the Account, we will need to see documentation demonstrating that you are an authorised officer of the Company able to act on its behalf (for example, the Company's Constitution and/or Articles showing you as a Director, Minutes of Meetings of Directors, or Power of Attorney, etc).

We also need to know your full name, date of birth and residential address.

You also need to provide us with copies of identification documents sufficient to satisfy a "100 point check."   For your reference below is a list of acceptable documents and their point-value.   Documents provided should add up to at least 100 points.

1. PRIMARY DOCUMENTS: 70 POINTS

• Birth Certificate
• Citizenship Certificate
• International Travel Document:  
  - a current passport  
  - expired passport which has not been cancelled and was current within the preceding 2 years  
  - other document of identity having the same characteristics as a passport  
  (e.g. this may include some diplomatic documents and some documents issued to refugees)

2. SECONDARY DOCUMENTS containing photograph or signature: 40 POINTS

• A driver's licence or permit
• An identification card issued to you as a public employee
• An identification card issued under government authority as evidence of your entitlement to a financial benefit
• An identification card issued to you as a student at a tertiary education institution

3. SECONDARY DOCUMENTS showing your name and/or address: 25 POINTS

For example -

• - marriage certificate
• - credit card
• - council rates notices
• - utility (gas, water, electricity) statement/bill
• - telephone account/bill
• - government-issued health card
• - bank statement
• - rental agreement
• - other records of financial institutions
• - records of a primary, secondary, or tertiary educational institution attended by you in the past 10 years

Please forward documents with what ever is easily at hand so you can start the process. As you send documents we will co-ordinate any additional requirements to make it easy for you.

See also B2B - Business Accounts. and Business Accounts benefits summary.