Seller Registration And KYC Policy

Seller Registration And KYC Policy

18th June, 2016.

 

As an additional safety measure, sellers intending to register on the Website are required to provide verification documents.

Sellers whose transaction value has exceeded Indian Rs. 50,000/- (cumulative) through transactions have to complete the additional verification (know your customer or KYC) process. Till the time such an additional verification is concluded, your remittances shall be on hold and only released upon completion of the KYC process. This verification procedure is aimed to further help IDprop become a safer and secure e-commerce platform.

The Seller needs to provide valid documents for proof of identity and address of the beneficiary or bank account holder mentioned during the registration process.

Important:  If a seller intends to update/change his/her bank account details, he/she should intimate IDprop.com of such a change at least five business days before the effective date after change in bank account and for processing payments after duly completing the KYC process, you may be required to provide verification documents again for the new bank account to avoid payment rejections and delays in reprocessing of payments. As part of the KYC process, you are required to provide one valid document for proof of identity and one valid document for proof of address.

Given below are the documents acceptable for the KYC process:

1. For bank accounts belonging to individuals

Proof of Identity (PoI)

·         Passport

·         PAN card

·         Voter’s identity card

·         Driver’s license

Proof of Address (PoA)

·         Passport

·         Voter’s identity card

·         Driver’s license

·         Telephone/Mobile bill

·         Bank account/Credit Card statement

·         Electricity bill

·         Ration card

2. For bank accounts belonging to companies

PoI

·         PAN Card of the Company

·         VAT/TIN (mandatory)

PoA

·         Company telephone bill

·         Company electricity bill

3. For bank accounts belonging to partnership firms

PoI

·         VAT/TIN (mandatory)

PoA

·         Telephone bill in the name of firm/partners

·         Electricity bill in the name of firm/partners

5. For bank accounts belonging to trusts & foundations

PoI

·         VAT/TIN (mandatory)

PoA

·         Telephone bill

·         Electricity bill

6. For bank accounts belonging to sole proprietor

PoI

·         Passport

·         PAN card

·         Voter’s identity card

·         Driver’s license

·         VAT/TIN

PoA

·         Telephone/Mobile bill

·         Bank account/Credit card statement

·         Electricity bill

·         Ration card