Why paper identification is important

Today, even more, documents are digitalized and are taking up space in the digital storage. Some of the essential materials are those; we have along with us every day. But why are these information essential when we do business in payment solutions?

When we do business with you, we are obligated to know you. The process of identifying your customer, also known as “Know Your Customer” (KYC) is to verify the identity of the clients. As Mikael from Reepay explains:

We need to know, who is responsible, who needs to sign the papers, who can receive payments, who is responsible for the clients and request and who is controlling the services and product.

Identification as passport or driver license is still necessary to share when we do business. The information will be compared with data from ‘Erhvervs – og Selskabsstyrelsen’ to identify the ownership of the company. Like identification documentation, we apply for you to share information your business documents and plans. That helps us clarify your intentions and occupation.

At the same time, it helps us to value the deal, that will fit your business. You need an agreement that maintains a growing company and secure that your conditions are covering your needs. The plans give us an expected income and an estimate of your business. It’s all right to dream about a bright future, but as Mikael explains

… there are many dreamers out there. It’s not cruel to say, so please let me explain, many sets the target high and never reach it. Therefore, we always start with investigating and controlling your historical information and check if there are compliant with the business plans.”

We also control the money flow and will be helping you out on chargebacks and refunds for optimizing your payment gateway.

Bank and accounting

Payments from your transactions will be inserted into your account. That is why we need to identify your business accounts and will ask for a guarantee from your bank. It would be a disaster if the money went to somebody else’s mind.

When you receive payments from your customers, security and simplicity are essential. It must be simple and secure for them to pay for there goods. Therefore, we verify the payment flow when you apply for an acquiring. We can check your current version and even the beta-version, if necessary.
Some of the requirements for getting approval for an acquiring is clear communication of terms of trade, delivery terms, contact information, and other terms. Also notable is the opportunities for payments. Logos from the different providers should stand out clearly.

It is also important to expose the chosen products when the customer reach the payment page, both for making the customers aware of their purchase, but also for acceptance and to avoid a second doubt.”

Download the payment logos here

There are many rules and conditions for been accepted for a payment gateway. So please ask, we are here to help you out.