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Home » Tech » Getting To Know Your Customers: Strategies For Building Stronger Relationships
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Getting To Know Your Customers: Strategies For Building Stronger Relationships

By MarianMonday, September 4th, 20233 Mins Read
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Getting To Know Your Customers Strategies For Building Stronger Relationships
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Knowing your customers is vital for a successful marketing campaign, but it’s also part of a merchant onboarding strategy.

Know your customers (KVC) is a cornerstone in most businesses’ marketing campaigns.

After all, it’s difficult to attract and keep consumers’ attention if you do not have a general idea of their shopping habits.

KVC can also apply to how you treat customers in-store. For example, remembering a repeat customer’s name.

Knowing your customers applies to more than advertising. It’s also part of most merchant onboarding processes. Only this time, you are the customer.

What is Merchant Onboarding

Merchant onboarding is a common practice among businesses of any size.

Instead of managing customer payments in-house, a third party takes care of everything.

Known as a payment service provider (PSP), they handle transactional information and ensure consumer payment information is secure.

It streamlines the payment process for businesses and consumers.

However, before you can partner with a PSP they will want to know more about your business.

In most countries, including India KYC is a regulatory mandate.

Think of it as an India company check. You are a customer of the payment service provider and they want to verify your business’s legitimacy

Why Perform a Background Check on Customers

India KYC is a necessary step for safety and regulatory reasons.

It helps protect the payment processing service from partnering with unregistered businesses or those that may engage in illegal activities.

The primary goal of an India company check is to prevent illegal activities from occurring like terrorist funding or money laundering.

These are activities the PSP does not want to be associated with.

In a sense, a KVC is another layer of protection for the payment service provider.

What Does the Verification Process Include

Verifying your business is similar to the process you use to vet your customers.

It’s a standard part of the onboarding process and it can take some time to complete.

You can speed up the process by having the necessary documentation in order. It typically includes business registration information, tax identification numbers, and proof of ownership.

You may also be asked to supply government-issued identification, so it’s a good idea to have it handy.

The PSP will spend some time verifying your business. Commercial databases, credit ratings, and public records are all items a PSP will look at.

A risk assessment is also part of the process.

During the assessment, a payment service provider will look at the type of business, its location, and its history of compliance with industry regulations. The number of transactions completed each day is another factor included in most assessments.

Some companies are considered high-risk, and it may apply to your organization.

Don’t worry, you may still be able to partner with a PSP. The process may involve an extra step.

In-depth background checks are typical, along with continual monitoring.

While it can extend the timeline, it’s a necessary step.

Letting a PSP handle your business transactions is an effective way to help your company operate more efficiently.

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Marian

Navigating the vast sea of information, Marian casts a keen eye, netting the most intriguing and vital tidbits. At wikicatch.com, she curates knowledge with precision, offering readers a treasure trove of insights.

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