Swift & Easy Payment Method Check
Ensure the security and compliance of your business by implementing KYCAID's advanced Payment Method Verification, safeguarding against potential losses due to identity fraud.
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Complete KYC Payment Method Check
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🚀 Chargeback fight tool
Our efficient payment method verification process helps combat chargebacks by validating payment details during KYC. Advanced technology instantly captures and matches data, ensuring secure transactions, minimising the risk of fraudulent activity, and providing customers with a simple and seamless experience.
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🔐 Operational Efficiency
Leveraging KYCAID solutions minimises manual labor for your compliance managers, speeding up and securing the verification process. Additionally, our technology ensures high accuracy in customer identification, verifying them swiftly and providing results to our professional team in no time.
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📑 Growth
With support for over 10000 document types including ID cards, passports, driving licences, and residence permits from more than 200 countries and territories, KYCAID simplifies customer onboarding as businesses expand into new markets through automated processes.
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🔍 AML Compliance and Fraud Prevention
Ensure compliance with regulations like PSD2, mandating strong customer authentication (SCA) for payment service providers, and global standards such as PCA, BSA, AMA, and AMLD5.
KYCAID Payment Verification Procedure
KYCAID provides a hassle-free way to verify payment methods, and keep financial operations legit and transparent through KYC verification.
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1 step
Document Verification
The first step ensures the authenticity of user documents, confirming identity for secure and compliant transactions.
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2 step
Biometric Authentication with Liveness Detection
Advanced passive and active liveness checks prevent spoofing and ensure only genuine users complete the process.
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3 step
Bank Card Photo Submission
Users submit a clear photo of their bank card’s front side, ensuring the cardholder's name is visible. If the name is missing, we provide a seamless alternative.
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4 step
Credit Card Statement Upload
For cards without a visible name or number on the front side, users upload a credit card statement showing their name and card number for verification.
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5 step
Manual Cross-Check for Accuracy
Each verification includes a detailed manual review of the cardholder’s name against provided documents, adding an extra layer of security. This process takes up to five minutes and ensures precision and trustworthiness.
Use KYCAID to enhance the effectiveness of your Know Your Customer procedures and eradicate potential financial fraud with seamless precision.
FAQ
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What documents are used for KYCAID’s payment method verification?
For KYCAID's payment method verification, we accept any officially issued identification documents such as ID cards, passports, driving licences, and permanent residence permits. Additionally, we may require bank card statements if the cardholder's name is not visible on the front side of the bank card.
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Do I need to verify credit cards for all transactions?
Credit card verification is crucial for ensuring secure transactions and mitigating the risk of fraud. While not all transactions may require verification, it's advisable to verify credit cards for high-value or suspicious transactions to safeguard against fraudulent activities and maintain trust with customers.
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What advantages do payment fraud prevention solutions offer businesses?
Payment fraud prevention solutions offer businesses numerous advantages, including:
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Enhanced security: Protecting against unauthorised transactions and reducing the risk of financial losses due to fraud.
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Improved customer trust: Demonstrating a commitment to security and safeguarding customer information fosters trust and loyalty.
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Regulatory compliance: Meeting regulatory requirements for fraud prevention helps businesses avoid penalties and maintain compliance.
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Cost savings: Preventing fraud minimises financial losses associated with chargebacks, fines, and legal fees, leading to overall cost savings for businesses.
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Can KYCAID's verification process be integrated into existing payment systems or platforms?
Yes, KYCAID's verification process is designed to be easily integrated into existing payment systems or platforms. With flexible integration options such as API integration, and SDKs businesses can seamlessly incorporate KYCAID's verification services into their existing workflows and systems. This ensures a smooth and efficient verification process for both businesses and their customers, enhancing security and compliance measures.