Getting access to the Velotrade marketplace is quick and easy.
To prevent fraud and guarantee the safety of both sellers and investors, Velotrade has an easy, yet thorough onboarding process which all businesses must complete before they get full access to the platform.
Velotrade is a Hong Kong registered and regulated company, therefore, we must request all businesses who want to join our platform certain documentation in order to verify that all the information provided is accurate and truthful. In some countries, this process is called KYC (Know Your Client or Know Your Customer). This background check and verification process is intended to prevent illicit activities such as identity fraud and money laundering.
The onboarding process starts with a simple form in which you’ll be asked to provide some basic information about your business. You’ll then get limited access to our marketplace. Here, you’ll need to upload some documents that will allow us to verify and approve your business. After approval, you’ll get full access to the Velotrade marketplace in which you can upload all the invoices you wish to sell.
Here is how the onboarding process works step by step:
Step 1: Fill Out The Sign Up Form
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 and it must generate a turnover of at least $1,000,000 USD (one million American dollars) a year, or the equivalent in a different currency.
- Your buyer must also be a registered company in business for at least 3 years, have a stable credit history, and it must generate a turnover of at least $20,000,000 USD (twenty million American dollars) a year.
If your buyer and business meet the criteria, then you are ready to sign up and go to step 2.
Step 2: Upload Documents Requested
Once you sign up, you’ll automatically get limited access to the Velotrade platform. Depending on several factors, such as the location and type of business, you will be required to upload certain documents in order for Velotrade and its third-party partners to verify your identity as well as your buyer business details. These documents include, but are not limited to, company registration numbers (CR) for Hong Kong companies or the equivalent in other countries as well as financial statements.
This process is very straightforward and totally automated. You’ll be able to upload the required documents and submit them for review in a matter of minutes.
Step 3: Wait For The Verification To Take Place
While we perform some of the verification processes internally, we also work with third party risk management service providers. Velotrade is a registered company in Hong Kong. We are regulated by the Securities and Futures Commission of Hong Kong, so the verification process we follow must be adequate to the local laws in order to maintain and promote the fairness, efficiency, competitiveness, transparency, and orderliness of the transactions.
Usually, the first stage of the verification process follows the KYC (Know Your Client or Know Your Customer) procedure, validating the identity, documents and ownership structure of your business and your buyer. Then, our third party risk management service providers help us evaluate creditworthiness of your buyer and make a decision on your case.
Velotrade might, at any point, ask for extra documentation or information. If all the documents are clear and we don’t require any extra details, the verification process should not take longer than a few weeks.
Upload And Sell Your Invoices
Once your business gets verified and approved, you’ll be asked for your bank account details so we know where to transfer the money when you sell an invoice.
The verification process only needs to happen one time. Once we verify your business and have your bank account details, you’ll get full access to the marketplace, which means that you will be able to upload and sell as many invoices as you want!
We have a list of accredited investors ready to provide funding. Start the process now and get your SME on the right track. If you have any queries, you can contact our team online or give us a call on +852 5808 3777.