3. Vendor KYC Approval - Introduction

3. Vendor KYC Approval - Introduction

Marketplace Owners are tasked with paying out the vendors on the platform. Part of the onboarding process includes verification that the vendors are legit businesses. This process of verification is generally the KYC (Know Your Customer) approval process. It is designed to protect the transferring of money against terrorist financing, money-laundering, fraud and corruption.

Our integrated Stripe process allows Marketplace Owners to manage this straight from the Omnyfy Back End, if the Marketplace is using Stripe as a pay in (from Customers) and pay out (to Vendors). If Stripe is not being used, then the KYC approval will have to be done manually.

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