To ensure the safety and security of its users, Zomentum Payments has implemented a registration process called the Know Your Customer (KYC) process.
This is in compliance with industry regulations and is necessary to verify the identity of users on the platform.
Before processing payments, Zomentum must conduct these KYC checks on its users.
Before you start the KYC process, please check:
The KYC process typically involves the following steps:
TABLE OF CONTENTS
- Company Details
- Decision Makers
- Personal details
- Payout Details
- PSI DSS Questionnaire
- Dealing with verification errors
Name and Country
First, select the country where your country is based and add your company's legal registered name.
In the next step configure the following:
Choose the type of your organization. An organization is classified into one of the following types:
Private company: The organization is in the private sector and is owned and run by directors.
Listed public company: The organization is listed publicly and run by directors.
Nonprofit or charitable organization: The organization has an official status as not-for-profit or tax-exempt, sometimes called a non-governmental organization (NGO).
Incorporated association: The organization is a registered entity without profit that is organized around a purpose such as recreation, culture, or charity.
Incorporated partnership: The organization is formed through an agreement between two or more members.
Governmental organization: The organization is owned by the government or state.
You can update the trading number, VAT number, and Company number of your business.
For the United States, you will ask to add the TAX number. In some states, companies don’t have a Tax identification number. In case you don’t have this, you can use the EIN (Employer Identification Number) instead.
Update the registered address for your company. You can also mention any additional addresses if you are headquartered at a separate location.
Update the decision-making entity for your business. You can add the role of the decision maker and their personal details in this section.
It is important that we have an Owner, Controlling person and signatory added as decision maker.
Configure your bank payout details on this page. This is also where we send the payouts.
You can verify your payout account through your preferred method.
PSI DSS Questionnaire
Once you submit the request for KYC verification, please wait for a couple of days for your account to be verified in order to make payments. If there are any discrepancies, you will be notified through your registered email id.
Zomentum does not store any details submitted during KYC verification. The documents collected are for the sole purpose of identity verification.
Dealing with verification errors
In some cases, it may not be possible to verify all the details provided by the MSP. Or there might be required to make modifications to the information they have submitted as well as include additional data.
The range of issues can vary, from verification errors caused by incomplete information to the rejection if a risk of fraudulent activity is detected.
When the verification is unsuccessful and the capability is denied, we will send a mail and notify them in the notification screen.
In the mail, you will find the info that is missing or is required. Please contact support if needed.