Understanding the Payee Verification Process (Know Your Customer) for the TourRadar Wallet.
Once you have activated your TourRadar Wallet, you will be prompted to complete the Payee Verification Process (otherwise known as KYC or KYB).
You will need to complete this verification process successfully to access your TourRadar Wallet, receive payments and remit these to your desired bank account.
We understand the importance of maintaining your privacy and protecting your personal information. Please allow us to explain why providing personal ID details is necessary and how Hyperwallet ensures the security of your data:
- Hyperwallet, as a global payment platform, is subject to strict regulatory requirements designed to prevent fraud, money laundering, and other financial crimes. To comply with these regulations Hyperwallet requires to verify the identity of all users. This process involves collecting personal identification details, which helps Hyperwallet ensure their services are not misused and that they maintain a secure environment for all our users.
Hyperwallet will request pieces of identification based on if you are an individual or business. For details of what identification/documents can be used for the verification process, please visit this article HERE.
The Payee Verification process is carried out by Hyperwallet, an independent third party.
Hyperwallet has provided further information outlining the process:
- Payee Verification Overview for individuals and businesses anywhere
- Payee Verification Explained for US and EU Businesses
Hyperwallet. (2021, March 20). Payee Verification: US Businesses - PayPal Enterprise & Marketplace Payouts, Powered by Hyperwallet [Video]. YouTube.
Hyperwallet. (2021, March 20). Payee Verification: EU Businesses - PayPal Enterprise & Marketplace Payouts, Powered by Hyperwallet [Video]. YouTube.
If an Operator is located outside of the US or EU regions, the verification process will still be very similar. There may be differences in the type, or amount, of information required from the Operator during the verification process.