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What is KYC / KYB?
KYC / KYB, which stands for “Know Your Customer / Know Your Business,” is a mandatory procedure for verifying the identity of merchants before they can use your marketplace. Here’s why it matters:
- Compliance: KYC / KYB is essential from a compliance standpoint. It ensures that merchants meet legal requirements and prevents fraudulent activity, money laundering, and financing of terrorism.
- Risk Mitigation: By collecting legal documents from new sellers, you validate their compliance. This process helps safeguard your marketplace against potential risks.
- Funds Management: KYC / KYB allows you to manage the collection, blocking, and remittance of funds effectively.
Challenges in Onboarding
For marketplace administrators, onboarding new sellers and handling the KYC / KYB procedure can be complex. It involves multiple requests for legal documents, potential reminders, and communication between the Payment Service Provider (PSP) compliance department and sellers.
How QubePay Simplifies KYC / KYB:
- Fast Platform: QubePay streamlines the contracting phase for new merchants:
- Initiate merchant account creation requests via API or the CentralPay backoffice.
- Enable remote subscription processes for the marketplace and payment terms using the dedicated contracting portal.
- Conduct KYC / KYB checks by their compliance department, ensuring legal document validation.
By leveraging QubePay, you free yourself from legal constraints, allowing smoother onboarding and better merchant experiences.
Learn more about QubePay’s approach to merchant onboarding here. 🚀
QubePay navigates the payments landscape, making compliance and technical hurdles easier for businesses. Their passion for payments means they’re constantly learning, growing, and innovating, so you don’t have to1. For further insights, explore their article on KYC and AML in online merchant applications2. 😊
