Know Your Business: Who is the Best Fit for Fintech Service Providers?

When a business considers using a fintech service provider in order to expand their business, a type of business-to-business, or B2B relationship needs to be established. The first step is for developers, or other key stakeholders within the company to explore the products and services that a fintech service provider has to offer.

As a fintech service provider, Rapyd provides the opportunity for developers to try out the API for free by integrating with the sandbox environment. This provides the opportunity for developers to test the Rapyd API and become familiar with Rapyd’s product offerings when making decisions about which fintech provider to use for their business.

The KYB process allows Rapyd to determine if a business is the right fit, by completing due diligence and verifying the validity of the business. But the relationship between fintech service providers and developers is a two-way street. Integrating with Rapyd and testing the API in the sandbox environment allows developers to determine if Rapyd is the best fit for them.

Many developers and businesses choose to work with Rapyd because of the ease in which they can create payments and send payouts anytime. The global financial network that Rapyd provides allowed clients to access markets and customers they were previously inaccessible.

API Integration

Developers can begin their integration with Rapyd by signing up for a Client Portal account, grabbing their API keys, and experimenting with Rapyd’s API in the sandbox environment. The sandbox environment allows developers to simulate payments and use a variety of payment method types in order to test their API integrations.

Rapyd has a Postman collection that can be found in the user documentation here. Developers can download the collection, use their API keys, and make API calls. Testing in the sandbox environment is available before KYB approval.

Developers can integrate with the Rapyd API and embed hosted pages such as the Hosted Checkout Page into their website or application. Or the developer can use other API calls to make test payments and payouts to become familiar with the payment method categories available in the Rapyd network: eWallets, cash, card, bank redirects, and bank transfers.

Account Approval

If the business decides to move forward with Rapyd, they can apply for a production account by submitting a KYB form that allows Rapyd to verify their business. The approval process can last for a few weeks.

Before submitting your KYB application, developers should view the Restricted Businesses list, which identifies certain businesses that are either banned or restricted. Restricted business may or may not be able to work with Rapyd based on the existing restriction, regulations, and compliance requirements.

When the evaluation process is complete, the business is either accepted or rejected by Rapyd. If accepted, the business can begin receiving payouts and making payments using Rapyd’s financial network, which has expanded into many different countries.

When a business is KYB approved, they must sign a Merchant Services Agreement which defines the scope of Rapyd’s services that the client will be using for their business. Reach out to a Rapyd sales representative to see which product solutions or offerings best meet the needs of your business.

When a business has received KYB approval, the developer then needs to complete their integration within the production environment in order to fully utilize the services they signed up for in the Merchant Services Agreement.

Account Rejection: Why Does It Happen?

If a business receives an account rejection after the KYB process, then that business will no longer be able to work with Rapyd. Either the business falls into one of the restricted categories above, or a number of different regulatory or compliance regulations may prevent certain businesses from being able to transact using Rapyd’s services.

Similar to when someone may get rejected by applying for a credit card, not everyone will be the best fit for a business relationship. But the KYC and KYB process allows Rapyd to foster due diligence when evaluating potential B2B relationships.

For a developer, a rejection can feel terrible. But the process for accepting or rejecting a potential client is based on an objective process called KYB or Know Your Business. These broad sets of standards are equally applied to everyone in order to determine the health and longevity of any future potential business relationship.