Remove risk for your buyers and your marketplace through an extensive range of automated identity and security checks on your sellers, all at lightning speed.
PromisePay takes away the risk associated with payments, making your marketplace a safe place for customers.
Know Your Customer (KYC) checks ensure we collect and analyze basic identity information on each and every seller before allowing them to transact in order to determine their risk profile and transactional behaviour.
Anti-Money Laundering (AML) checks mean we mine, filter and classify customer data based on varying levels of suspicion to ensure no illegal laundering activities are carried out through your marketplace or on the PromisePay platform.
In compliance with the US Treasury Department, we check every customer against the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) database to ensure no business is done with certain nations, entities and individuals that the USA has economic and trade sanctions against.
PromisePay conducts Member Alert To Control High-risk (MATCH) checks to identify high risk sellers before they enter into any transaction on your marketplace and stops them in their tracks protecting your buyers and your brand.
PromisePay collects necessary customer identity information upfront, but doesn’t perform any checks until your buyer has made payment. This process reduces exposure to risk and allows transactions to progress rapidly for a better user experience.
PromisePay pre-screens prospects using credit evaluation data from a number of varied and trusted sources in order to perform low risk credit assessments.