BitPay Changes ID Requirements for Higher Transactions

By using BitPay ID, clients will have to go through a one-time verification process which will require the submission of personal information such as their Social Security or passport number, in addition to a photo ID.

The new ID requirements apply to customers that try to send $3,000 or more to a BitPay merchant, request a refund of $1,000 or more, to get BitPay payouts or to receive a BitPay prepaid product.

“We are introducing a new identity verification flow for purchasers requesting refunds of $1,000 or more*1, for people receiving BitPay payouts, or for purchasers paying $3,000*1 or more to BitPay merchants (or loading via a BitPay prepaid product). If you’re requesting a refund of $1,000+, receiving a payout from a business using BitPay’s payouts API, or making a $3,000+ payment, you will notice one of these screens asking you to verify some details about your identity and location.”

“This process helps us improve our identity verification efforts and reduce payment risk for BitPay’s merchants. It’s also a requirement for us to be able to offer verified users future services like Bitcoin payouts, or faster onboarding for people who want to get BitPay prepaid products.”-read the announcement.

The new payment limits and ID requirements have been implemented since August the 5th.

Featured image: SiliconAngle

source: https://coindoo.com/bitpay-changes-id-requirements-for-higher-transactions/

TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some Satoshi with the exciting new Lightning Network Tippin.me tool!