Does a small business need a KYC system?

eldavis

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• Nov 7, 2023

• #1

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?

 

kirubel

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• Nov 8, 2023

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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

 

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Etini Willie

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• Nov 8, 2023

• #3

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.

 

fcbetting

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• Nov 8, 2023

• #4

Small business are often target of scammers so they should have kyc part.
Often small business don't have experience workers so scammers use them, get service but never pay for it.

 

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Stardom22

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• #5

In a matter of fact that is very essential for the businesses. I think that through that the business can get to know who they are dealing with on the businesses.

 

nomad

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• Apr 13, 2024

• #6

Unless you are dealing with financial services, KYC is not necessary. If you are selling T-shirts, you don't need KYC but if you are selling insurance, investment schemes, etc., you need KYC

 

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Bisolami

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• May 8, 2024

• #7

Etini Willie said:

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.

Click to expand...

If the business involves something that some people can use to carry out fraudulent activities, it is better to have a KYC section for it so we won’t be in trouble

 

Ofonime

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• Jun 4, 2024

• #8

Yes small business need kyc but it's not a must you can try it when your business grow to some certain standard

 

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King Belieal

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• #9

KYC for a small business can allow the business to understand the needs of it's clients to be able to satisfy it.