Why Onboarding is a Critical First Step

The Online 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 regulated under the ACPR (French financial regulatory body), and we are obligated to ensure our customers are onboarded correctly.

As mobile and online payments have increased, so has fraud and other security issues. Therefore, to prevent fraud and increase security for individuals and businesses, onboarding and KYC are part of the broader due diligence we must perform.

The onboarding process is essential for preventing fraud, money laundering, and financing of terrorism. KYC procedures are completed 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 describes a typical flow when a new user wants to set up an account on an ecommerce platform. The basic information pertaining to your customer (user/merchant) is sent to Lemonway, which provides a link to the Onboarding site containing this information. The end user can then add, edit, and save their information on the onboarding page. If they are unable to complete it in one session, they can return later to finish.

Fast and secure onboarding for individuals

Typical User Journey (Legal Entity)

The following outlines the flow when a new legal entity wants to set up an account on an ecommerce platform. The basic information pertaining to your customer (user/merchant) is sent to Lemonway, and we provide a link to the onboarding page. The end user can add, edit, and save their information. They can also return later to complete the form if necessary.