Know your customer also known as KYC is a sort of verification method where companies and the likes setup to know more about their customers, this would help them prevent scammers. Do you think small business owners should also adopt a similar policy?
Does a small business need a KYC system?
- Thread starter eldavis
- Start date
There are a reasons why business need a know your customers verifications when we singe up, and that is because in order to make their business legit and safe from scammers, and also to make their business not to get hacked, and i think its good idea to have KYC verifications
If the business involves deposit of something of trust with the business, there is an obvious need for a KYC. You would not be doing KYC for a business that just does buying and selling.
KYC for a small business can allow the business to understand the needs of it's clients to be able to satisfy it.
