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Business Onboarding Overview

Onboarding a business involves collecting information about the business using Roecny APIs. This section describes the various legal entities and natural persons involved in onboarding a business, as well as the information you need to collect.

What is a Business Customer

Business users refer to individuals or entities representing businesses, organizations, or corporate entities who are onboarded onto the platform to avail payment services on behalf of a business.

When you onboard a business, you must collect two different streams of information:

  • Business information: Information about the business' legal entity, including the business name, registration number, tax information, business activities, etc.
  • Person information: Information about all natural persons that run and/or legally represent the business. A business could involve multiple natural persons assigned to different roles. These roles include legal representatives, beneficial owners, signees, and authorized persons.

Business Customer Due Diligence

Based on the information provided, businesses go through two types of identifications:

  • Legal identification: Conducted by Roecny to identify the legal entity.
  • Connected party identification: Conducted by Roecny to identify the individuals linked to the business who benefit from it.

Get started with the integration for onboarding business customers.