Merchants taking fiat complete KYC/KYB; crypto-only merchants have a lighter path.KYC (Know Your Customer — individuals) and KYB (Know Your Business — entities) are the identity-verification steps a business completes when getting set up.
- A merchant that registers and wants to receive fiat (have crypto payments converted and paid out to a bank account) completes KYC/KYB as part of onboarding. This is a standard requirement wherever payments reach the traditional banking system, and the fiat payout partner has its own onboarding requirements too.
- Onboarding collects identity information about the business and the people behind it and, for fiat payouts, the bank account details funds will be sent to.
- A merchant who only settles in crypto (to their own wallet address) has a lighter onboarding path, since funds never enter the banking system through Bleepay.
Next steps
- Payment flows — where off-ramp and liquidation fit.
- Security — zero-trust model.