Pursuant to the payment industry regulation in force, the Acquirer of a Marketplace is required to know all the players on the platform, including all Submerchants as well as the Marketplace Operator.

If deemed appropriate by the Acquirer, a Know Your Customer (KYC) verification check process is carried out for all Submerchants operating on the platform, as well as for Marketplace Operators. KYC is the process by which the Acquirers of the solution validate the Submerchants’ identity in the Marketplace solution.

Marketplace operator

The KYC process for the Marketplace Operator begins when the Merchant contracts the acceptance of payments with an Acquirer. This process is handled directly with the Acquirer and precedes the start of the Marketplace operation.

Submerchant

Verification requirements differ in accordance to each Submerchant legal entity type, i.e. Corporate Person or Individual Person. The Marketplace Operator must register each Submerchant on the Marketplace solution. Submerchant data is then shared with the Marketplace Acquirer who verifies and defines whether to approve/activate them or not. Only active Submerchants are eligible for payouts.