KYC and Online Payment Processors

I have a quick tip for you all starting out in the online business world. There will be a point, usually right at the beginning where you will need to sign up with an online payment processor, whether it be Paypal, Payza, OKPay etc..

You will need to go through the KYC (Know Your Customer) procedure.

This will vary depending upon the payment processor you are setting up an account with.

They basically need to know it is you that is setting up the account by providing the following:

  1. A photo of yourself
  2. A photo of your proof of id, i.e. passport, drivers licence or id card
  3. Proof of address by providing either a bank statement, utility bill, credit card statement, mobile phone bill etc..

As you may know your bank now offers you the opportunity to receive “paperless” statements i.e. either receive your latest statement via email or you can download it via your online account. The same for utility companies.

This is where many people fall down, myself included.

The payment processors will not accept these paperless statements as proof of address, despite what your bank and utility company tell you. You have to provide a scanned paper copy of these documents.

So you’re going to have to ditch your “eco friendliness” credentials and ask for statements and bills via the traditional postal route.