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How to verify a merchant account? (FAQ)

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If you are here, we expect that you intend to set up CoinGate payment option at your enterprise. However, for that to happen, first you must verify your merchant account. This is a guide to help you achieve it easier.

how to verify merchant account

Before you can start the verification, first you need to decide whether you want to register as a merchant or a trader. It will determine what kind of documents we will ask of you.

For example, if you are a business owner who wants to implement cryptocurrency payment methods in your store, you must choose the merchant option. However, if you only intend to buy or sell cryptocurrencies from a personal account, select the trader option.

Learn how to verify your account as a trader

In this article, we will introduce you to the most common documentation required from merchants, cover the most tricky parts, as well as guide you through the whole process step-by-step.  

But first, let’s take a second to understand why verifying your identity is crucial for using our payment processing services.

Why do I need to verify my identity?

We ask you to provide your ID (as a managing director or authorized agent of a company) so we could make sure that all of our vendors are legitimate and we are not serving criminals. All is done according to the international law that we, as a company, have no choice but to follow.

Coingate aml benefits

Benefits of verifying yourself on CoinGate

Otherwise, we couldn’t provide our services as it would put our company and our clients in jeopardy. In other words, there is no way around it if you wish to access merchants tools (API, payment buttons, etc.) and fiat settlements with payouts to a bank account.

There are three key things we have to know before providing the service:coingate verification

All our customers go through live ID verification using Onfido platform.

What happens with provided sensitive data?

All the documents we ask for are encrypted and protected according to the guidelines of the General Data Protection Regulation (GDPR) and will be used only to identify the client and justify the planned activities.

Failure to protect our customer’s data would result in extreme fines for our company that can reach up to 20 million euros, or 4% of the total worldwide annual turnover, as well as lost reputation and even clients’ mistrust. And we don’t want that!

Read more about the GDPR from our CEO Dmitrijus Borisenka

What countries do you support?

You can find a list of supported countries here.

Although it’s worth noting that the list is always changing. It depends on each country’s local laws, the risk level of fraud, terrorism or money laundering, and other significant reasons.

What documents do you require?

It all depends on the type of business you run or represent. Generally, companies have to provide these documents:

crucial documents for merchant verification

In compliance with the local Lithuanian laws, this is what we DON’T accept as valid ID: driver’s license and internal passport.

Additional documentation – why and when do we require it?

Based on the structure of your company, we might ask for more additional documentation. For example:

All required documentation must meet these conditions:

  1. All paperwork must be in English or Lithuanian, and translations must be notarized.
  2. Everything must be sorted out by the director of a company or authorized personnel.
  3. All paperwork must be official meaning it has to be stamped and/or signed, depending on the local laws of a customer.

How do I start verifying my business?

You can start the verification process from your CoinGate dashboard by selecting the “Account” tab and clicking on the “Verification” button or click here.

merchant verification steps

Once there, select the “Merchant” option and take some time to read the information block. It goes through some crucial information you need to know before beginning, so we suggest not to rush and to read it carefully.

When ready, click the “Continue” button and start the verification. What kind of documents we will ask of you will depend on your next choice.

First, you will have to select whether your company is a Sole Proprietorship, Partnership, Incorporated, Government Organization, or Non-Profit, as well as whether you are the managing director of a company or a representative.

Next, follow the steps as shown below:

merchant verification flow

Things to keep in mind

Sometimes, merchants can encounter unexpected issues, especially if the provided documents are lacking crucial information, or are not official, etc.

Here are a few things to keep in mind while preparing the necessary paperwork:

  1. Unfortunately, we have no way to verify the authenticity of digital signatures nor has any guidance been issued by our local regulator on how to deal with them. As such, we can only accept scans/photos of documents. Whoever has the authority to do so must sign and/or stamp the documents.
  2. At the beginning of the verification, we will ask you to provide a valid website address of your business. In case you don’t have one, or you intend only to set up a payment button, then simply explain this in the “Main business activities” section of the form. However, if your website is not up yet, then we will not be able to complete the verification until we have reviewed the live site.
  3. If your company doesn’t have any Major Partners to list, you will have to provide another document justifying your business activity, such as paid bills, commercial agreements, receipts, etc.

Have any issues or questions?

If you still have any questions or issues regarding the verification process, feel free to scout for answers on our knowledge base or contact CoinGate support team at support@coingate.com.

For solving issues related to the verification through the Onfido platform, please proceed here.

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