Why do I need to update my profile to be able to sell?
Legislation was recently introduced in the EU to combat cyber crimes, and all online finance platforms and marketplaces must comply. We use our trusted finance partners Stripe and Payoneer, and are now required to collect and verify info from our users regarding financial transactions on our platform.
Contents
- Who or what is Stripe or Payoneer?
- What information do I need to provide?
- Why am I being asked for information about who owns and manages my company?
- What happens if I don’t update my information?
- How long does verification take?
- What are the requirements for the documents I need to submit?
- I’ve been blocked from submitting documents for verification after too many failed attempts. What now?
- I already sent in documents to verify my account, why do I need to do it again?
- Concerns about fraudulent emails
What are Stripe and Payoneer?
To make sure your financial info is safe when buying and selling, we use two payment providers that cover different regions. Stripe and Payoneer have been our financial service partners for several years and exceed the highest industry standards that corporate banks must adhere to. They both make sure that your payments are processed securely. In order to do this, they're required by law to verify your details to protect against fraud and other cybercrimes.
What information do I need to provide?
The type of information users have to provide can be different depending on the type of account, the country you're in, and the information already available. You’ll see exactly what information you need to add when you update your profile.
We might ask you for your:
- Date of birth
- Bank details
Our payment partners may ask you for your:
- Personal identification document
- Address details
- Company info, if applicable
Why am I being asked for information about who owns and manages my company?
In certain countries, we are required by law to collect, verify, and maintain information about a company’s owners or directors. These requirements come from our regulators and financial partners, and are intended to promote transparency and prevent individuals from using complex company structures to hide terrorist financing, money laundering, tax evasion, and other financial crimes.
What happens if I don’t update my information?
We’re not able to send you payments for objects you’ve sold unless all the necessary info is updated in your profile. We also won’t be able to add any new objects you submit to future auctions.
To make sure this doesn’t happen, update your profile now
How long does verification take?
Verifying your seller profile usually only takes a few minutes after you’ve submitted the requested info. Sometimes the payment provider may need to manually review your info which can take up to 24 hours, excluding weekends and holidays. You can continue submitting objects for our experts to review during this time. We’ll let you know as soon as the verification is successful. You can also see the status of your seller profile in your Settings.
What are the requirements for the documents I need to submit?
Make sure you double-check the details on your documents to make sure they match what’s in your Catawiki account info. It’s important to fix any spelling or formatting errors.
What rules apply to an ID card?
- Must be uploaded in full colour
- Should have both the front and back sides for identity cards and driver's licenses, and the entire information page for a passport
- Must be valid at the time of verification
- Must be submitted as png or jpg format and needs to be under 8MB in size
- Needs to include your full name, date of birth, and document/card number
- Entire document must be visible and readable
What rules apply for address verification?
- Your full name and address need to be clearly stated and legible
- For a company: needs to be the personal house address of the company representative
- Must be from a reputable source (e.g. utilities company)
- All pages must be included and readable
- Documents can be uploaded in png, jpg, or pdf format
What rules apply for Company verification?
- All pages of the document must be included and readable
- Registration shown in the document must be valid at the time of verification
- Document must include the full business name, business address, and either VAT number or company registration of the incorporated entity
- Document must be in png, jpg or pdf format
I’ve been blocked from submitting documents for verification after too many failed attempts. What now?
If for some reason it's not possible to verify your document and you need to try multiple times, you’ll eventually be unable to keep submitting the document. If this happens, please let us know and we’ll help you finish the verification.
I already sent in documents to verify my account, why do I need to do it again?
Changes made to your Catawiki account can prompt additional verification through our payment provider to make sure the info matches.
Concerns about fraudulent emails
We appreciate your vigilance when it comes to the security of your personal info online. We can assure you that the verification email sent to you is genuine and coming directly from Catawiki. These verification requests will also always be visible in your Settings.
More info: