A merchant account is a business bank account which is used to acquire payments from your clients debit and credit cards. The charges are taken from your client’s account and sent directly to your merchant account, where the funds are held until they are settled into your nominated bank account.
Know your customer (KYC) is the process that a business must go through in order to verify the identity of its clients. Many financial organizations are governed by a regulatory body, which states that each and every organization has to be fully verified. KYC regulations are in place to protect both you as a customer, and the bank that you are using.
Banks can vary in their KYC requirements, but you can expect to be asked for the following KYC documents during the verification process:
Merchant services for the
gaming industry