What is KYC?
KYC (“Know Your Customer”) is a verification process used to identify and verify the identity of sellers on the marketplace. Sellers must provide mandatory information and documents (such as banking details and proof of identity) so the Payment Service Provider (PSP) can validate their account.
Why is it required?
KYC verification is often required by payment industry regulations before individuals or business entities can receive payouts. As a result, the PSP requires this validation before sellers can start selling on the marketplace.
KYC verification is often required by payment industry regulations before individuals or business entities can receive payouts. As a result, the PSP requires this validation before sellers can start selling on the marketplace.
What happens after you submit?
The PSP reviews the submitted information/documents and updates the store’s KYC status (for example: Pending KYC submission → Awaiting KYC verification → Invalid KYC or KYC passed).
The PSP reviews the submitted information/documents and updates the store’s KYC status (for example: Pending KYC submission → Awaiting KYC verification → Invalid KYC or KYC passed).
For a complete guide on how to complete KYC, you can download the attached presentation which will take you through this step by step.
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