It is a legal obligation for payment processors, payment services providers and especially for payment acquirers to perform KYC (Know Your Customer) due diligence. This assures payers’ rights are protected and law is followed when providing payment facilities to businesses.
The process to set up your merchant account can be kicked off via Merchant Account > Account Setup in the Business Owner’s Portal. The process may vary depending on the industry relevant to your business.
If your Merchant Account needs setting up, this section of the dashboard will provide guidance on setting it up.
When the process to set up your merchant account is finalized and your account becomes operational, this page will report the status of your account as well as its identifier to you.
The merchant account setup for non-pharmaceutical entities is generally faster and more automated. For such entities which have joined Xiippy in a non-pharmaceutical vertical as their industry, the merchant account setup process involves redirection to our partner payment services providers’ websites where you will be asked to fill out a form and go through a wizard and provide a range of details like company registration details, identity details, settlement bank account details and others.
Generally, the validation of these details is done automatically in a few minutes, leading to the finalization of the merchant account setup, at which point, you will be redirected back to this page where you can view the status of your merchant account.
If there are steps left in the process that you will need to finalize before the complete activation of your merchant account, you will be informed at Merchant Account > Account Setup.
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