Additional Verification of TradeGecko Payments Account

How to submit additional verification

Once you setup TradeGecko Payments account, you have the option to ‘Verify Now’. Otherwise, TradeGecko Payments will ask you to provide additional verification on your account when your payout amount exceeds a certain volume.

When requested, you need to provide additional information such as:

  • Full name of company representative, 
  • Personal identification number, 
  • Upload a scanned copy of the identification document.

This can be done directly through TradeGecko Payments.

We recommend using your passport to verify your TradeGecko Payments account. For other identification documents such as driver’s license, you will need to upload a scanned front and back copy.

For individuals, the information is about that person. For businesses, the collected information is about the business, in addition to that of one or more persons (company representatives) who are authorized to set up a TradeGecko Payments account. The company representative can be anyone who has authorization from their business. These individuals are not responsible or liable for any activity that happens on the business' account.

Why do I need to submit additional verification

Every country has its own set of rules about paying out funds to individuals and businesses. These are typically known as “Know Your Customer” (KYC) regulations. These regulations broadly require two things: collecting information, and verifying the information is accurate. Certain information about users is required as part of onboarding in order to comply with local KYC requirements.

TradeGecko Payments is legally bound to comply with local KYC regulations. Even though transactions are initiated and managed through TradeGecko Payments, funds are not flowing through the platform itself. When the information provided is incomplete or incorrect, it may result in delayed payouts, or financial losses. Hence, compliance to banking regulations via identity verification is central to ensure smooth business operations.

Should all the required information be provided during the account creation, the verification process can be completed automatically. You might choose this option if you want to verify from the outset that your account is fully set up to process and receive payments and transfers on an ongoing basis.

TradeGecko protects user information and takes reasonable steps to protect all Personal Information. (See TradeGecko’s Privacy Policy to know how we safeguard provided information.)

How long does additional verification take?

Additional verification could take anywhere from a few minutes to a day, depending upon how readable the provided item is. Assuming the photo of the ID passes checks, the status field will change to Verified. You will receive an account notification upon completion of the verification process.

If the verification attempt fails, the account verification status is Unverified, with an error message stating the cause. For example, “The image supplied was not readable”. Upon failure, an error message will indicate the steps to take for re-verification, such as a new ID upload is required. If the deadline for verification is near, re-verification may also be populated with a date. Again, TradeGecko Payments will send an account notification.

What are the consequences of not verifying my account?

If verification isn’t completed within 21 days after request for verification, TradeGecko Payments will suspend the merchant account, pause charge creation and payouts temporarily, until the information has been provided. TradeGecko Payments refunds any charges on the account 21 days after the first charge.

It is in the merchant’s interests to provide additional verification information accurately as soon as possible. Once verification is successful, the TradeGecko Payments account is fully set up to process, receive payments and transfers on an ongoing basis.

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