With a few negligible exceptions, all marketplaces will require you to disclose corporate and financial information about your company as part of the Know Your Customer (KYC) process. This is required by law – the marketplace, or its Payment Service Provider (PSP) will process (on your behalf) funds from customers who purchase your products, which comes with certain obligations.
Usually you are required to provide the ownership structure of your company and disclose the final beneficial owners (physical entities). If you are a big company, this can become somewhat complicated, as the ownership might be arranged on multiple levels, and each level needs to be disclosed.
During the process the Marketplace, or its PSP, would / could ask you to provide:
- Company Registration Certificates
- Personal IDs of beneficial owners and company directors
- Utility bills demonstrating a proof of address
- Your beneficial owner(s) in an online call with the Marketplace / PSP to prove identity
- Other documents
While it might seem intimidating, it is a standard process imposed by European legislation. Remember, the Marketplace is not interested in keeping you out – they want you as a seller, but they have their to-do list which they need to follow.
Tip: if you have already onboarded another marketplace which uses the same PSP, the process can become significantly easier and faster. If this is the case, inform the Marketplace representative and use the same legal entity to onboard.
Need help with KYC? Reach out to Marketplace Agents.