The KYC process is definitely not the most exciting part in a new partnership. Most merchants feel uncomfortable providing all the requested information and the overall process seems bothersome.
Why is the KYC process so important?
Simply said, the KYC (Know your customer) is the process of a business verifying the identity of its clients in order to mitigate potential risks in regards to Compliance, Money Laundering, Anti Terrorism Financing, Scams and any other compliance-related threats.
Meaning, it is a very important and necessary process for the protection of all parties involved.
We explain to you in five steps how Payyo’s KYC process differs from other payment partners.
1. Smooth process with a user friendly backoffice
Payyo developed the merchant backoffice to be very user friendly. With the first login, the merchant is simply guided through the KYC process with five steps:
- Accepting the Terms and Conditions
- Choice of business structure to best fit the business model
- Fill out the legal information form
- Add bank account details
- Upload the required documents
2. Only 48 hours to manually review
After confirming and submitting, Payyo only takes max. 48 hours to manually complete the review. Payyo’s compliance team will meticulously review each section of the submitted KYC process
3. Very personalized communication
Within the 48 hours the merchant receives a personalized communication from Payyo. In the case of all documents being submitted correctly, the merchant receives a confirmation email. If there is information missing, Payyo informs the merchant with a detailed explanation.
4. Immediate access to backoffice after KYC is verified – let’s get started!
The account is approved? Nothing can stop you now from accessing the backoffice. Immediately after the account is verified, the merchant has access to the Payyo backoffice – Let’s get started!
5. Payyo ensures 100% confidentiality
As a PCI III compliant payment service, Payyo treats its client information and documents with 100% confidentiality. Recently, Payyo implemented the opportunity to select different permissions for merchant user logins, so also within the company, the information stays confidential.
Do you want to gain more knowledge about our KYC process? Check out our knowledge base here: https://support.payyo.ch/article-categories/kyc/