Definition
Merchant onboarding is the process of registering a business to accept digital payments, including KYC verification, risk assessment, and regulatory approvals.
How this works
Merchants submit business documents and bank details. The payment provider verifies compliance before activating payment acceptance.
Benefits
• Regulatory compliance
• Reduced fraud risk
• Faster merchant activation
FAQs
Why is KYC required during merchant onboarding?
KYC helps verify merchant identity and prevents fraud and money laundering.
How long does merchant onboarding take?
It can take from a few hours to several business days depending on risk checks.
Can merchant onboarding be automated?
Yes. Many platforms offer API-based and digital onboarding processes.