Why Onboarding is a Critical First Step

The Onboarding Process

Onboarding is an integral part of our KYC (Know Your Customer) process. We are required to verify that an individual or legal entity using our services is legitimate. Lemonway operates as a financial institution and we are regulated under the ACPR (French financial regulatory body), and as part of our services we are obligated to ensure our customers are onboarding correctly.

As mobile payments and online payments have increased so has fraud and other security issues. Therefore, to prevent fraud, increase individual and business security onboarding and KYC are part of a wider due diligence we must act on.

The onboarding process is essential for preventing fraud, money laundering, and financing terrorism. KYC procedures are done before establishing a partnership and continuously throughout the business relationship.

Onboarding Types

We can onboard the following entities:

Individuals
Legal Entities
- Associations (Charities)
- Companies
- Sole Traders

Typical User Journey (Merchant)

The following diagram outlines a flow that typically takes place when a new user wants to set up an account on a ecommerce platform. The basic information pertaining to your customer (user/merchant) is sent to Lemonway, we provide you with a link to the Onboarding form that contains the basic information, the end user is now free to add, edit, save their information to the onboarding form. If they cannot complete in one session they are free to come back later and finish the form.