Know Your Customer - KYC

For a merchant to receive payments, the process of merchant onboarding requires integrating the merchant's systems with Nayax and the acquirer's/processor's systems.

For the settlement of payments, a merchant account is established by an agreement between an acceptor and a merchant acquiring bank.

 

Onboarding processes and requirements vary by region.

The following describes the typical onboarding process for the Europe region:

1. Different departments in Nayax, such as Sales/Marketing/etc., open a new merchant account in the Salesforce system for a specific merchant.
2. Distributors or sales representatives determine the information and contracts a merchant must sign, including banking information and fees.
3. The following occur simultaneously:
   • Contracts are sent to the merchant via the Onboard system (MVSI system) for them to sign. 
   • In SAP, the legal entity for the merchant is created, including the signed contract.
   • In DCS, the merchant is created as a new actor (operator), including the banking account details and the signed contract.

1. Merchant signs the contract, the billing/banking information is inserted into the DCS, and the signed contract is saved in Salesforce system accordingly.
2. The merchant completes the KYC (Know Your Customer) standards information.
3. Finance operation departments should ensure all details are correct and update the status in Salesforce and DCS systems to enable merchant reimbursement.
4. If Nayax is functioning as a facilitator, an aggregator, or a third-party processor, it should onboard the merchant to the acquirer's system as well, according to the rules and processes applicable in the country of the acquirer.

*Nayax partners with MVSI (3rd party) for onboarding services