As a financial institution we require KYC (verification of documents to prove identity/business ownership), therefore all merchants must be verified in order to receive payouts.
Our verification process is simple though. You only have to upload the required documents to the "Verify Account" section in your Coinify Merchant account. You can find the list of documents you need when you log into your account.
Important: Merchants incorporated outside the EU will be required to provide certified translations of such documents.
Once you have uploaded the documents, our compliance team will be notified and contact you on email as soon as the documents have been reviewed.
Verification of the account takes 1-3 business days depending on how busy the Compliance department is. Make sure to upload all the required documents in high resolution, with all information clear and visible. Failure to do so might result in the verification taking longer. In some exceptional cases—for example, high-risk businesses—the verification might take longer, and additional procedures and documents might be required.
Important: That you will not be able to receive payments or payouts unless you are successfully verified even if you have completed your integration.
For Bitcoin Payouts, we require full KYC verification, we also reserve the right to limit transaction volume for “high-risk” businesses on a case-by-case basis.