Know Your Customer (KYC) Policy

This policy explains how PapelSoftware LLC ("PapelShip", "we") identifies and verifies the sellers who open stores on PapelShip. It applies to every seller account, and it sits alongside our Terms of Service, Acceptable Use Policy and AML Policy.

PapelShip is a platform where independent sellers open their own stores. What we verify depends on how a store takes payments, so this policy describes each payment route separately.

• Card payments through the seller's own gateway: A seller connects a payment account in their own name, such as Stripe, PayTR or iyzico. The buyer pays the seller through that provider, and the provider settles with the seller. That provider verifies the seller under its own KYC rules before it lets them take payments. PapelShip does not receive or hold these funds.
• Cryptocurrency: The buyer pays from their wallet straight to the seller's own wallet. Funds never pass through PapelShip, and we never hold private keys or balances. See the non-custodial terms in our Terms of Service.
• Manual methods: Bank transfers and similar methods are paid by the buyer directly into the seller's own account.

PapelPay is PapelShip's built-in card payment service. It is not live yet. When it launches, card payments will be processed by a licensed payment partner, PapelShip will deduct its commission from each sale, and the rest will be paid out to the seller. Because funds will then flow through PapelShip's platform account, every seller must be verified first.

• No verification, no card payments: PapelPay stays switched off for a store until its seller's verification is approved. There is no unverified tier.
• Individuals (KYC): full legal name, date of birth, nationality, residential address and a valid government-issued photo ID. A selfie or liveness check may be required.
• Businesses (KYB): registered legal name, registration number, country of incorporation, registered address, ultimate beneficial owners (anyone holding 25% or more) and a director or authorised representative, each verified as an individual.
• Payout account: a bank account in the verified individual's or business's own name. Payouts to third-party accounts are not allowed.
• Business details: a description of what the store sells, its website and the expected sales volume.
• Sanctions and watchlists: sellers, owners and directors are screened against sanctions and politically exposed person (PEP) lists before approval and on an ongoing basis.

• We may ask any seller, on any payment route, for identity, business or product information at any time, and may limit or suspend the account until it is provided.
• Sellers must keep their details up to date and tell us about changes in ownership, business activity or payout account.
• Verification is repeated when information expires, when the risk profile of a store changes, or when our payment partner requires it.
• Stores that sell products prohibited by our Acceptable Use Policy are suspended regardless of verification status.

Verification documents are collected and stored by our verification and payment partners, and used only for verification, fraud prevention and legal compliance. How we handle personal data is set out in our Privacy Policy.

Questions about verification can be sent to [email protected]. Company details are on our company page.