Step 1 - Order Creation
The "buy" journey starts with selecting an amount in fiat currency to purchase with, selecting cryptocurrency to purchase, and choosing the payment method. This information can either be entered from partners’ platform or at Banxa check-out URL, depending on the integration methods that partners set up with Banxa.
Step 2 - Know Your Customer (KYC)
The first time a customer buys with Banxa they must complete the KYC procedure.
Firstly we will request their contact details to check if the customer is already registered in our database and has complete KYC.
If the customer has not completed KYC prior then we will request their name, date of birth, address, identity document and a selfie holding their identity document.
Step 3 - Payment
Payment is made with the method chosen in Step 1. We require that the payment comes from the same person specified in Step 2. If the customer pays using a third party’s account or card then we cannot complete the purchase and will refund the payment. Third-party payments include payments from business accounts; all payments from business accounts will be refunded.
Step 4 - Completion
Completion of an order happens when we either transfer the cryptocurrency to the customer or refund their payment if we deem their purchase to be non-compliant or fraudulent. When we transfer the cryptocurrency this is known as fulfilment.