KYC collection process
As the business (mPOS or cash register system distribution) takes place within the European Union, Thunes Collections has legal obligations tied to the provision of payment services to merchants ; as understood in the Payment Services Directive 2015/2366.
Moreover, the activity of Payment Institutions and its Agents is supervised by the French financial regulation authority: ACPR (namely Autorité de Contrôle Prudentiel et de Résolution). Consequently, Thunes Collections has the obligation to take appropriate measures to identify, assess, understand, mitigate risks of money laundering, and to address any data protection concerns in that regard.
NOTE: Thunes Collections’ legal obligation to formally identify its business partners is known as the “Know Your Customer” process, or as the “KYC” process.
Onboarding Process - Step by Step
Step 1: Referrer Presents The Shop
If a Shop wants to use Thunes Collections QRcode payment service through a mPOS provider, a cash register system, or any other third party (that is a referrer), the latter must send to Thunes Collections a global description of the Shop’s business. This description will be analyzed by the Payment Institution, partner of Thunes Collections, and the result of this analysis will determine whether the applying Shop may go on with the onboarding process.
Shops must have a bank account located in the European Economic Area (EEA) to receive their funds .
If the Shop passes this first check, Thunes Collections informs the referrer who, in turn, has to inform the Shop about this first approval and about the next steps of the onboarding process.
Step 2: Shop Introduces Itself
The Shop, once informed by the referrer, goes on with the process. To do so, the Shop must email ([email protected]) Thunes Collections to kick-start the subscription process to Thunes payment services.
After receiving the Shop's email, Thunes Collections’ Support Team will email back the KYC instructions and the Payment Services Contract, drafted according to the Shop’ subscription choices.
Reminder: the KYC process is the legal obligation for Thunes Collections to verify it deals with a compliant party. The acronym KYC stands for Know Your Customer. You can also come across variants of it, such as KYB, for Know Your Business, or KYM, for Know Your Merchants.
Step 3: KYC Documents Collection
The Shop must follow the instructions provided in the previous step and email back the requested forms and documents to Thunes Collections. Please make sure you have NOT forgotten any requested documents. For that, double check with the provided checklist.
Once your file is complete, on this sole condition, Thunes Collections will send the documents to its partnering Payment Institution for a conformity check and a potential validation of your application.
Step 4: KYC Validation
The Payment Institution carries out an analysis of the KYC documents and performs many checks such as the matching of Directors and ultimate beneficiaries’ names against lists of known parties.
After evaluating the risk of the Shop’s business activity, the Payment Institution, a partner of Thunes collections, validates or rejects the application of the Shop:
In case of a refusal, Thunes Collections will inform the referrer, who will have the responsibility to inform the shop.
In case of an approval, the process will go on as described in the next step.
Step 5: Back Office Configuration & official communication
Once the Shop’s file is validated, Thunes Collections will proceeds with the Shop’s technical enrollment. It means that Thunes will liaise directly with the Shop to explain the next steps.
Besides Thunes Collections will provide the referrer with a merchantId dedicated to this newly onboarded Shop. The Referrer will have to add to its solution (mPOS or cash register) the provided merchantId. It is until then that the Shop will be able to accept QRcode payments.
Updated about 1 year ago
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