Velotrade has a straightforward and thorough onboarding process. All business must complete this step before they can get access to the platform. This measure prevents fraud and guarantees the safety of both sellers and investors.
Velotrade is a Hong Kong-registered and regulated company. The company holds SFC type 1 license issued by The Securities and Futures Commission of Hong Kong. So, the verification process must be adequate to the local laws.
In simple words, it means we need to comply with rigid and strict regulations. All our clients on the platform must submit specific documentation. In this way, we can verify that the information provided is accurate and truthful.
This process is known as the KYC (Know Your Client or Know Your Customer) method. The background check is to prevent illicit activities such as money laundering. Likewise, this verification method deters illegal activities such as identity fraud and scams.
The verification process only needs to happen one time.
Velotrade is a Trade Finance FinTech company operating in Hong Kong. As such, we embrace technology to our core. Our on-boarding process is entirely digital: from the signature of documents to submitting certificates. We removed the boundaries and the lengthy process required for paperwork. It is just a matter of clicks!
Before you apply, please keep in mind that we have some minimum criteria you need to meet:
- Your business (or the business you represent) must be a registered company in business for at least 1 year. It must generate a turnover of at least US$ 1,000,000 (one million American dollars) a year.
- Your buyer (the debtor) must also be a registered company in business for at least 3 years. It must have a stable credit history generating a turnover of at least US$ 20,000,000 (twenty million American dollars) a year.
Here is how the onboarding process works step by step:
The process step by step
Step 1: Fill Out The Sign Up Form
The onboarding method starts with a simple form in which you need to provide some preliminary information. Such as:
- Company Name
- Company email
You can insert details about yourself and your company directly here.
Your form is then submitted to our credit department for verification.
Once the operator approves your request, you will have limited access to our platform. To have full access, you need to upload the required documents.
Step 2: Upload Documents Requested
The first stage of the verification process follows the KYC procedure. At this step, we validate the certificates and the ownership structure of your business. Moreover, we also check the identity of your buyer (the debtor).
Here, you need to upload documents that allow the verification of your business by Velotrade and its third-party partners.
These documents include, but are not limited to:
- Company Constitutional Documents.
- Financial statements.
- Additional documents depending on a case by case.
Step 3: Wait For The Verification To Take Place
While we perform most of the verification processes internally, we also work with third-party risk management service providers. In this way, we can give a fair assessment of each case and make the decision accordingly.
Velotrade might, at any point, ask for extra documentation or information. If all the documents are cleared, the verification process should not take longer than a few weeks.
Good to go! Upload And Sell Your Invoices
At this point, you’ll get full access to the Velotrade marketplace in which you can upload all the invoices you wish to sell.
Once your business is verified and approved, you need to provide your bank account details. So we know where to transfer the money when you sell an invoice.
Once we have your bank account details, you will get full access to the marketplace. It means that you will be able to upload and sell as many invoices as you want!