Recently, a knowledge sharing interaction between us, at KudiGo, and beginner software students reiterated the importance of accessibility and ease in the midst of KYC, Payments Configurations, Payments Settlement, Regulatory laws etc.
They were very curious as to the level of checks and verification we undertook with the Merchants and Users on our platform to ascertain authenticity. To this we replied that our primary solution, StoreFront, existed primarily to help businesses manage their day-to-day affairs and we would not REQUIRE any absolute verification of proof of business until they wanted to use our system to process payments.
As a solution, tailor-made for the African market, we are very conscious of the fact that not all businesses have a definite location, business registration documents etc that would help to formalize their operations. The average African retailer is usually into micro-scale, goods-flexible selling. It is usually after some revenue growth and longevity that such retailers seek to institutionalize the business with proper documentation. And here at KudiGo, we want our StoreFront solutions to be the useful tool it is meant to be for ALL retailers, not only businesses with formal documentation.
With that said, it is important to confirm that we REQUIRE proper KYC from our Users before they can process payments on our platform. To begin this aspect of processing payments on the StoreFront solutions, the User will have to submit a Payment Request. We mainly advise that this be done via the StoreFront 360 web portal (StoreFront Mall Dashboard).
On the StoreFront 360 web platform, a User will be required to specify which shop they wish to submit KYC for. We have the Offline Store (which is the shop created on the StoreFront app) and the Online Store (which is the shop if/as it appears on the ecommerce platform, StoreFront Mall).
The document requirements for the Offline Store (where you can process MoMo, Card Payments etc with your POS or StoreFront app) is very extensive and would also apply for an Online Store (if you have one on StoreFront Mall). However, the same cannot be said for the Online Store KYC as it does not cover the required documents necessary for Offline Store Payments processing.
After all the necessary documents are correctly provided, it takes 3 business days for us to approve the User or Merchant for Payments on the StoreFront Platform.
There is a separate module on the StoreFront app for Payments so that businesses would be able to see the status of all payments that are going through their shop.
When you receive non-cash payments as a Merchant on StoreFront, Payment Settlement would take 24 hours (working hours). This means that e-payments that you receive via StoreFront or StoreFront Mall would take 24 hours to hit your account (Mobile Money or Bank Account).
We are constantly in a race to ensure that we provide maximum ease to every User whilst ensuring that we conform with the laws (in each country that we operate in) that govern monetary transactions.