ClubCollect is a software company. The company designed a payment processing program which is mainly used by sport associations and schools. ClubCollect also works with other verticals like student associations, but our main target group remains sports related clubs. The platform allows organisations to structure their invoices, send them to their members, follow the payment flow and get a good overview of all the invoices and their statuses.
CC: Since we are still on start-up level (or scale-up currently) we did not really have a good KYC process. Fully-Verified was actually recommended by Docomo, the company that provides us the ability to work in the financial sector. They looked at our KYC process and one of the improvements we needed to do were the verifications of the beneficial owners of the clubs we are working with.
CC: Better verifications and because you also provide the OCR results, we know better who we are working with and that is a big improvement in comparison with our previous checks were we only asked copies of id’s of the signatories of the contract, but never checked if those were indeed the persons who delivered the copies to us.
CC: The main purpose is to identify and check the background of the signatories of the contract we have with our customers. We ask them to do this check with your service right after they signed the contract and before any payouts to their account will be made. When the verifications have not been done successfully we do not pay out the money we (possibly already) received from the members of the organisations. The organisations gain access to our system right after they signed the contract so they can start invoicing the members, but for a payout from us they need to send us some documentation and have successfully verified their identity.
Fully-Verified was created as answer to its founders collectively losing over $150 000 to various types of fraud in their eCommerce businesses.