A merchant account works as a business bank account and is used to receive money online from clients’ debit and credit cards. The amount charged is taken from your client’s account and placed directly into your merchant account. This is where the funds are stored until they are transferred to your nominated bank account.
KYC (Know Your Customer) is the verification process that all businesses must go through in order to identify its clients. KYC regulations are used to protect both you as a customer and also the banks you use.
Banks can vary in their KYC requirements, but you can expect to be asked for the following KYC documents during the verification process
• Passport or Driving License for the major shareholders and directors
• Utility Bill or some form of address verification for the key people (Personal ID)
• Utility Bill or some form of address verification for the Business (Business ID)
• Business bank statements
Every Merchant Bank has its own KYC process so there is no standardized method between banks. However, the above list outlines the basic supporting documents that will need to be provided to ensure KYC compliance.
If you would like to find out more about KYC checks and what you can expect we have an expert team who are happy to answer your questions. Please contact us here.