KYB KYC Documents

Overview: 

Required Documents (KYB/KYC) refers to the information and paperwork needed to verify a business and its owners during account setup or underwriting. KYC (Know Your Customer) focuses on verifying the identity of individuals, while KYB (Know Your Business) verifies the legitimacy of the business entity. These documents may include government-issued IDs, business registration, bank statements, and ownership details. Collecting them helps ensure compliance, prevent fraud, and support secure payment processing.

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What Are KYB and KYC?

When applying for a merchant account in Deposyt, you may be required to submit documents for:

• KYC (Know Your Customer) → Verifies the identity of individuals
• KYB (Know Your Business) → Verifies the legitimacy of your business

These are standard requirements across all payment processors and are used to:

• Prevent fraud
• Ensure compliance
• Protect the payment ecosystem

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Why These Documents Are Required

Payment providers must confirm:

• Who owns the business
• What the business does
• Where funds are going
• That the business is legitimate

Without proper verification:

• Payments cannot be processed
• Accounts cannot be approved

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Common KYC (Identity) Documents

These verify the business owner or key individuals.

1. Government-Issued ID

• Driver’s license
• Passport
• State ID

2. Personal Information

• Full legal name
• Date of birth
• Address

3. Additional Verification (if required)

• Selfie verification
• Identity confirmation checks

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Common KYB (Business) Documents

These verify your business operations.

1. Business Registration Documents

• Articles of incorporation
• LLC formation documents
• Business license

2. EIN Confirmation

• IRS-issued EIN letter

3. Business Bank Account Verification

• Voided check
• Bank statement
• Account confirmation

4. Website or Business Presence

• Active website
• Service descriptions
• Contact details

5. Processing History (if applicable)

• Previous processing statements
• Transaction records

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When Documents Are Required

You may be asked for documents:

• During the initial application
• During the underwriting review
• If additional verification is needed
• If your business changes

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Deposyt Advantage

Deposyt streamlines document submission by:

• Clearly guiding you on what’s needed
• Minimizing unnecessary requests
• Supporting fast review and approval
• Keeping your data secure

This helps reduce delays and improve approval speed.

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How to Submit Documents

1. Navigate to your Merchant Application / Verification Section
2. Upload the requested documents
3. Ensure files are:
   • Clear
   • Complete
   • Not expired
4. Submit for review

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High-Impact Tips for Faster Approval

1. Upload Clear Documents

Avoid:

• Blurry images
• Cropped information
• Incomplete files

2. Match All Information

Ensure:

• Name matches ID
• Business name matches registration
• Bank details are accurate

3. Respond Quickly

If additional documents are requested:

• Submit them immediately
• Avoid delays in approval

4. Use Valid and Current Documents

Expired or outdated documents will be rejected.

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Pro Strategy: Prepare Documents in Advance

Before applying, gather:

• ID
• Business registration
• Bank statement

This allows you to:

• Complete the application faster
• Avoid delays
• Get approved quicker

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Advanced Strategy

If your business is more complex:

• Provide additional clarity
• Include supporting documents proactively
• Ensure your business model is easy to understand

This reduces back-and-forth with underwriting.

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Common Reasons Documents Are Rejected

• Blurry or unreadable files
• Expired documents
• Mismatched information
• Missing pages
• Incorrect document type

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What to Do If Documents Are Rejected

• Review feedback carefully
• Correct the issue
• Re-upload updated documents

Quick response keeps your application moving forward.

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Security and Privacy

Deposyt uses secure systems to:

• Protect your personal and business data
• Ensure compliance with regulations
• Prevent unauthorized access

Your information is handled with strict security standards.

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Summary

KYB and KYC documents are required to:

• Verify your identity and business
• Ensure compliance
• Enable payment processing

Providing accurate and complete documents allows you to:

• Get approved faster
• Avoid delays
• Start accepting payments quickly

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Next Steps

To continue your merchant setup, explore:

• Approval Timelines
• Supported Business Types
• Processing Rates Explained
• Funding Schedules and Payouts

These will help you fully understand and optimize your payment processing experience in Deposyt.