KYC (Know-Your-Customer) is the practice of collecting data about your customer to help with identifying and verifying their identity.
This data usually includes customer’s full name, email address, phone number and may also contain contact address and date of birth.
Why your businesses need to collect KYC and how VoguePay can help.
Businesses need KYC as it helps to understand and know your customers better. Below are some of the advantages and importance of KYC:
- To establish the identity of the customer.
- To understand the nature of the customer’s activities
- To assess money laundering risks associated with that customer for purposes of monitoring the customer’s activities
On VoguePay, both business entity (merchant) and their customers are expected to provide adequate KYC information on VoguePay. Our system makes it easy for merchants to comply with this requirement.
KYC requirements for merchants.
As part of the business verification, each merchant on VoguePay is required to provide adequate information. These documents include means of identity, utility bill, and business incorporation certificate.
KYC requirements for clients of merchants.
VoguePay merchants also need to collect adequate information about the customers of the merchants. As a merchant, you can discuss with your website developer to capture your customers’ KYC or you can use content management systems like WordPress, Joomla, etc.
There are two ways for the merchant to install a KYC form;
- If you operate a membership site, the KYC form could be your registration page. Your customers would be required to open an account with you by filling their information on the registration form (this can include name, email address, phone number, and address)
- The KYC form could be installed at the checkout page, just before the customer is required to enter his/her card details. A perfect example can be seen on most shopping websites.
Below is how a typical KYC looks like on checkout page.
Finally, it is good to know that KYC collection enables a merchant to collect adequate information to generate an invoice or a proof that service was delivered to the customer as evidence of service delivery in a case where the transaction is disputed.
Also, KYC ensures that VoguePay can meet the anti-money laundering and other global financial best practices. It is important to know that all information shared with VoguePay as part of KYC requirements is always kept confidential, used for compliance purposes only and is protected under GDPR guidelines.