Training Tip #3
Know Your Business (KYB)
In the same way an individual’s identity is checked and authenticated, so is the identity of the business.
Similarly, if the business cannot be matched against the Experian database (CRO for Ltd companies), then the reseller will need to manually complete the Know Your Business process (KYB)
The Know Your Business (KYB) process requires the reseller, having checked the merchant’s proof of business, to write the following on the document:
“I certify this is a true copy and true likeness of the original document”.
The reseller must also complete the following, also on the ID:
- Reseller Code
Proof of Business
Accepted proof of business for the merchant can include:
- Trading accounts
- Experian e-business checks/CRO Annual Return
- HMRC VAT or Tax Demands (less than 12 months old)
- Business bank account statements (less than 3 months old)
- Business Rates bills (less than 12 months old)
- Business Utility bills (less than 3 months old and Mobile phone/broadband bills NOT accepted)
- Merchant Acquirer statements (less than 3 months old)
- Business Banking Welcome letters
- Business Insurance Certificates (from appropriately regulated financial sector firms, less than 12 months old)
- Market Trader fixed pitch permit and Market Traders’ Federation Certificate
Once the reseller has certified the proof of business, the documents must be scanned and uploaded into the Application in Revolution or emailed to firstname.lastname@example.org
If you have any questions about the Know Your Business process, either leave a comment below, contact NetPay Customer Services on 01 447 5299 or click here to email.