Problem Solution

Merchant Onboarding tends to be slow and cumbersome due to manual document collection and processing. Moreover, accurately identifying the correct Merchant Category Code (MCC) based on a shop’s business line is crucial yet often prone to errors and time-consuming.

Solution

IDfy’s ShopAI accelerates Merchant Onboarding by: Automatically processing documents like DTI and SEC across various formats and verifying them in real time against databases. Instantly identifying MCC code from shop images and websites with over 99% accuracy. Real-time flagging for prohibited products and incorrect address verification, thereby reducing fraud.

Outcomes

90% Reduction in Merchant Onboarding time 10% Revenue leak reduced through accurate MCC identification

How Does It Work?

1. Merchant scans the QR code or opens the link provided
2. Documents, selfie and shop front image are uploaded 
3. Captured data is instantly extracted and verified against government databases 
4. IDfy’s ShopAI accurately shows the MCC code 
5. The two outcomes based on merchant’s documents authenticity are: 

• Verification Successful: Merchant has been onboarded. ShopAI ‘Thank you’ page displayed
• Verification Not Successful: ShopAI video call is initiated to re-verify  documents and the line of business

6. Merchant is instantly activated

About IDfy 

IDfy is the largest Integrated Identity Platform in Asia offering products and solutions for KYC, KYB, Background Verifications, Risk Mitigation, Digital Onboarding and Digital Privacy. A market leader in Asia, IDfy combines enterprise-grade technology with business understanding and has the widest breadth of offerings in the industry.  We establish trust while delivering a frictionless experience for you, your employees, customers and partners. With over 12 years of experience and 2 million verifications daily, we are pioneers in this industry, proudly serving 1500+ clients in industries like banking, fintech, e-commerce, healthcare, and more.