All Sellers are required to go through an account verification process. There are two checks that need to be carried out for this: Know Your Business (KYB) and Know Your Customer (KYC). We call this your Account Verification.
What is a KYB check?
A KYB check verifies the business information you provide at sign up. Our dedicated Verification team will get in touch if they require any additional business information to complete this check.
How will I know I need a KYB check?
Every Paddle Seller is required to go through a KYB check.
Who performs the checks?
The information you provide at sign up is submitted to a third party tool that we use to identify and verify the business. If more information is required to verify the business, such as proof of business registration, then a member of our Verification team will be in touch.
How long does a KYB check take?
A KYB check is instant, so unless our Verification team need any further information about your business, there’s nothing extra for you to do.
What is a KYC check?
A KYC check is an identification check on persons of significance in the business, such as a UBO (Unique Beneficial Owner).
How will I know who in my business needs to perform the KYC check?
Our dedicated Verification team will reach out with a list of names for whom we will need an email address in order to start the identity verification process.
If you are a registered business, we require the information of a Business Owner that owns more than 25% of the shares in the company. If you are an individual, you will be the person required to do the KYC check.
The entire process only takes a few minutes.
Who performs these checks?
We have partnered with Onfido, an industry-leading ID verification solution which is used by companies like Google and Uber.
What does this KYC check actually entail?
Our Verification team will email the relevant people in the business to advise them that they are required to complete a KYC check and provide information on how to perform the check. Shortly after, they will receive an email from our partner Onfido. This email will contain a link that will take you to the required form.
This form will ask you to share some personal information (such as full name, date of birth, and nationality) and provide a copy of your ID document.
Is my data safe with Onfido?
Yes, Onfido protects user data in line with the highest standards of information security. You can read more about Onfido’s security here.
How long does a KYC check take?
The KYC check takes a few minutes for the Seller to complete.
Why is this check not integrated with the Paddle dashboard directly?
This is currently in development. We hope to have this process improved as soon as possible. In the meantime, we’re always looking for ways to improve our onboarding experience, so if you have any thoughts or feedback please do get in touch with our team at sellers@paddle.com.