To fully open your account you will need to complete Rapyd’s (KYB) (Know Your Business) process. Once your KYB questionnaire is submitted and approved you will be able remove account limits, collect payments and utilize additional Rapyd Products.
Collecting Payments and Transacting Before KYB Approval
The ability to transact and collect payments before KYB approval is only available to accounts in the UK and EU. If your account is in the UK or EU, you can collect payments totaling $2,500. Once you have reached that limit, you will not be able to collect additional payments.
Once your KYB questionnaire is submitted and approved you will be able to transfer the funds you collected to your bank account.
In order to speed up getting your account fully activated follow these steps:
Make sure to get your test API keys in the Client Portal. You can toggle your Client Portal to sandbox mode to view your test data.
In the Client Portal click on “Activate Account” to complete the KYB process and add your bank account information for payouts. Select Start Application to get Started.
Financial Institution or Disbursing Funds Checkboxes
Select the applicable checkbox only if it applies to your entity. If they do not apply, you may select Start Application.
To complete business verification and verify bank account ownership your account will go into review. Depending on your country, it can take up to 30 days to approve your application before your account can be activated. If the compliance specialist is missing information and needs additional details to get your account approved they will reach out to you.
The KYB approval process may take up to 30 days before your application is approved and your account can be activated.
Before Activating Account
Check this list to confirm that you are eligible to apply for a Rapyd account.
The required documents will vary from country to country and by the requested services. You might be asked to provide documents such as articles of incorporation, organizational structure, proof of address, etc.
Our compliance review and approval can take up to 30 days. You can start collecting payments from your customers right away if you are in the UK or EU. For applicants located in other countries, you will have to wait until your account receives KYB approval before collecting payments from customers.
Once you submit your application you may see your information, but it won’t be possible to make any changes to it.
Updated 3 months ago