KYC Requirements

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Your Whitelance website lets your Freelancers (or ‘Sellers’) sell services to their Customers (or ‘Buyers’).

Legal

This is an independent contract between an independent Seller operating in their own name, and an individual or company, facilitated through your website.

User Journey

1. Sellers create a Milestone.

2. Buyers make a card payment to deposit funds for that Milestone into Escrow.

3. Sellers finish the work.

4. Buyers approve the work, which automatically transfers the funds from their Buyer e-wallet to the Seller’s e-wallet.  At this stage, most marketplaces charge a fee e.g. 10%, which is deposited in their own e-wallet.

5. Sellers can then withdraw their funds into their own bank account.

MangoPay

Payments in Europe are processed through MangoPay, which allows your Buyers to make payments, held securely in Escrow.  Here are MangoPay’s fees, which are passed onto you.  As part of European financial regulations, MangoPay has certain requirements for your Sellers, usually called Know Your Customer (KYC).  Here are MangoPay’s KYC requirements for your Sellers, depending on what type of organisation they are, and where they are located.

Please note, as new payment regulations come into force across Europe and globally, MangoPay may update its availability and requirements. Currently, due to anti-money laundering policy, MangoPay (and therefore your marketplace), can’t accept the creation of users residing in : Afghanistan, Bahamas, Bosnia Herzegovina, Botswana, Cambodia, Corée du Nord, Ethiopia, Ghana, Guyana, Iran, Iraq, Laos, Uganda, Pakistan, Serbia, Sri Lanka, Syria, Trinidad & Tobago, Vanuatu, or Yemen.

Marketplace

Your Whitelance marketplace implements MangoPay’s KYC requirements in the following way:

=> The first time a Seller sends a proposal to a Buyer, they have to complete basic KYC information, which creates their MangoPay account.

=> When a Seller first accepts a contract, they have to provide basic information and add a payment card, which creates their MangoPay account and makes a pre-authorisation (which is immediately cancelled) to confirm their card details.

=> Every time the Seller makes a payment, they just click the ‘Pay’ button, accept a confirmation request, and a payment is taken from the card they have on their account.  In every payment, a small admin fee is added to the Buyer’s invoice at this stage, to help you cover various costs including MangoPay’s fees.  These funds are credited to their e-wallet on MangoPay.

=> When the Buyer approves a Milestone, the relevant funds are transferred from their e-wallet to their Seller’s e-wallet on MangoPay.

=> The Seller can withdraw funds at any time via their Settings page, by providing their IBAN bank account information.  The minimum withdrawal amount is £10, and 45p is deducted for every withdrawal to as an admin fee to cover various costs including MangoPay withdrawal costs.  This 45p is transferred to the Whitelance e-wallet on MangoPay.

=> When a Seller reaches a MangoPay limit, they must provide further information to get ‘Regular Verification’ in order to withdraw further funds.

For further information, please get in touch and we’ll be happy to help.

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