Introduction to seller onboarding

Let's discuss how Efty Pay handles payouts to you. When sending money to your bank account, we have some legal stuff to take care of. It's all about making sure everything is safe and secure.

We must follow certain rules to prevent any funny business with money. These rules are called anti-money laundering and countering the financing of terrorism (AML/CFT). They help keep our financial system clean and fair for everyone.

By implementing verification processes for Individual and Professional sellers, we aim to create a secure environment where buyers can confidently engage in transactions. Verified sellers provide an added layer of assurance, as buyers can trust that they are dealing with genuine individuals and businesses that have been vetted for authenticity and compliance with regulatory standards.

Now, if you want to get verified for payouts, here's what you need to know:

Natural Persons

For individuals (that's natural persons), you'll need to show us some ID to prove who you are. We'll then check to make sure everything matches the information you gave us.

Legal Entities

If you're a business (a legal entity), there's a bit more to it. Your legal representative needs to go through the same verification process as individuals. Plus, you'll need to provide some extra documents to show your business is legit. The exact documents might vary depending on where you're based, but don't worry, we'll guide you through it.

For business and partnership types, we'll also need information about your beneficial owners. If you have a company number, make sure to provide that, too.

Once you're all verified and good to go, you'll have "verified status," and you can start receiving payouts. It's that simple!