What to expect when you onboard with Payment Labs – and why it pays off.

Article | March 10, 2023

What to expect when you onboard with Payment Labs – and why it pays off.

Article | March 10, 2023
1 Min Read

Does your business often remit funds cross-border to freelancers, tournament winners, influencers or content creators?

It may be an unpleasant shock to learn that your payment platform, while processing your funds quickly and easily, can leave you exposed to potential compliance and regulatory issues in the process.

A minor discrepancy on a tax form or a business contract with outdated personnel information can jeopardize your ability to process payments with financial partners.

That’s one of the reasons we founded Payment Labs – we saw the need for a trustworthy concierge service partner who ensures compliance for its clients every step of the way.

Our careful approach means that we ask you a lot of information during the Know Your Business (KYB) onboarding process.

You may find yourself thinking:

• Is all of this really necessary to get up and running?

• How long will this process take?

• Do I really want to give you all this information?

The answer is a resounding yes to all of the above.

Payment processing is a highly regulated industry, and payments can get complicated. We’ve built our business on understanding the ins and outs of compliance, regulations, and financial complexities. Our concierge service, including extensive due diligence, and technical leg work takes the burden off you. Investing the time on the front end to set everything up properly saves not only time and money in the long run, but can save your business from a potentially ruinous legal and financial morass.

We take financial compliance around Know Your Customer (KYC) and KYB very seriously. That means more onboarding on the front end – but puts you in a secure position for the many, many years of flourishing business we are sure you have ahead of you.