Merchant Tips

As a licensee of Stored Value Facility (SVF), OCL is obligated to conduct Merchant Due Diligence (MDD) so as to meet the “Know-Your-Customer” (KYC) due diligence requirements as stipulated under relevant laws.

MDD means taking steps to know and verify the identity of our merchants as customers. To achieve this purpose, OCL would need to know the following information from the merchants before both sides can establish a business relationship:

• the business nature of the merchants
• the ultimate owner(s) of the merchants and their identity documents
• the purpose and nature of the business relationship
• the expected level and type of activity that will take place in the business relationship

OCL is also required to keep up-to-date information about its merchants especially when there is a change in the ownership structure/settlement bank account of a business, or a significant change in the level or type of business activity.

The cooperation of merchants in helping OCL comply with the MDD requirements to ensure a partnership that would work to the benefits of both parties is much appreciated.

To ensure proper functioning of Multi-purpose Octopus Processors (MOPs) and avoid transaction errors, merchants are advised to return any MOPs six months before the end of its 5-year service life to Octopus Equipment Maintenance Centre for battery replacement and regular maintenance. For maintenance service charge and other details, please call the Octopus Service Provider Hotline on 2266 2388.

Merchants are reminded to upload all transaction records in Octopus readers daily or within the period specified in the Service Agreement. Upon receipt of settlement reports, merchants should verify the report details immediately, and report to their first-line technical support team in case of data and financial discrepancies.

Merchants should upload all transaction data to OCL before temporarily usage suspension of an Octopus reader due to maintenance, repair or other reasons. To re-activate an inactive Octopus reader, the merchant must first synchronise the data between the reader and the Octopus server by updating the files in the inactive reader, to ensure all settings and configurations are up-to-date.