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Crafting a Secure Merchant Onboarding Process

Through KYC, you can create a merchant onboarding process that meets your needs. For example, you can gather company registration information, identify Ultimate Beneficial Owners (UBO), generate Customer Due Diligence (CDD) reports, and conduct Anti-Money Laundering screenings for all merchants, thereby creating a transparent and secure payment environment.

What does KYC Mean for Payment Facilitators

KYC is crucial for payment facilitators to maintain compliance and manage risk.

Risk Assessment: Payment facilitators must thoroughly assess their clients to identify potential risks. This includes analyzing the client's business nature, transaction volume and frequency, and geographic location. Such assessments help identify suspicious activities and implement preventive measures.

Continuous Monitoring: KYC obligation goes beyond initial verification; it also require continuous monitoring of customers. Payment facilitators should establish systems to track customer transactions, regularly review, and update customer information. Continuous monitoring helps to promptly detect and report suspicious activities, thereby enhancing risk management efficiency.

Enhanced Due Diligence: For higher-risk clients, payment facilitators should perform EDD, which involves more detailed background checks and ongoing monitoring to ensure compliance with regulatory requirements.

How we help

Discover how QCC assists payment institutions in verifying merchants.

Simplify User Journey

We provide a streamlined and automated KYC process, reducing tedious manual steps and wait times, thereby improving the overall user experience and enabling merchants to onboard quickly.

Increase Customer Conversion Rate

Optimized onboarding processes and rapid verification contribute to higher overall merchant satisfaction, increasing customer conversion rates and turning more potential merchants into loyal customers.

Assess Comprehensive Risk

We provide timely information on global business registrations, including ownership structure, financial status, legal proceedings, etc. We conduct a comprehensive risk assessment of the merchants to ensure their legitimacy and compliance.

Strengthen Payment System Security

We conduct rigorous Anti-Money Laundering screening of all merchants to promptly detect and alert suspicious activities. This helps to effectively prevent money laundering and terrorist financing activities, ensuring the security of the payment system.

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Get in touch with us today to let us know how we can help your business