1. Introduction and Objective
1.1 Matrix Sols is committed to maintaining a secure, compliant, and trustworthy digital ecosystem. This Merchant Onboarding Policy details the criteria, due diligence, and Know Your Customer (KYC) processes required to partner with and publish content or services on the Matrix Sols Platform.
1.2 This policy aligns with industry best practices and standard Indian regulatory frameworks (including Anti-Money Laundering and basic KYC principles) to mitigate financial and operational risks, prevent fraud, and ensure all partners operate legitimate business entities.
2. The Onboarding Process Workflow
All prospective merchants, publishers, and partners must undergo a structured onboarding process before accessing Matrix Sols Services:
- Step 1: Application Submission. The merchant submits basic business details, contact information, and intended use cases via our onboarding portal.
- Step 2: Document Collection (KYC). The merchant provides necessary legal, financial, and identity documents to establish the legitimacy of the business and its ultimate beneficial owners (UBOs).
- Step 3: Verification & Platform Assessment. The Matrix Sols compliance team verifies the submitted documents against issuing authorities. Concurrently, the merchant’s website/app is reviewed for compliance with our Prohibited Content Policy, secure checkout, and clear consumer terms.
- Step 4: Risk Profiling. Based on the business model, industry, and documentation, the merchant is assigned a risk profile that dictates transaction limits and ongoing monitoring requirements.
- Step 5: Agreement Execution & Activation. Upon successful verification, the Merchant Service Agreement is signed, and technical integration/activation is initiated.
3. Mandatory KYC Document Requirements
To verify the legal existence and operational validity of the merchant, Matrix Sols requires specific documentation based on the entity type in India:
3.1 For Sole Proprietorships & Individuals
- Identity Proof: PAN Card of the proprietor.
- Address Proof: Aadhaar Card, Passport, Voter ID, or Driving License.
- Business Proof (Any one): GST Registration Certificate, Shop & Establishment Act License, or Udyog Aadhaar/MSME Certificate.
- Financial Proof: Cancelled cheque of the business bank account (bearing the entity name) and recent bank statements.
3.2 For Private Limited Companies, Public Limited Companies, & LLPs
- Entity Proof: Certificate of Incorporation, Memorandum of Association (MOA), and Articles of Association (AOA) or LLP Agreement.
- Tax Identifiers: Company PAN Card and GST Registration Certificate.
- Authorization: Board Resolution or Letter of Authorization granting the signatory the right to act on behalf of the company.
- Signatory & Director KYC: PAN Card and valid Address Proof (Aadhaar/Passport) for the authorized signatory and key directors/partners.
- Financial Proof: Cancelled cheque of the corporate bank account.
4. Website and Platform Assessment
Before approval, Matrix Sols evaluates the merchant’s digital storefront (website or app) to ensure consumer protection and compliance. The merchant’s platform must clearly display:
- 4.1 Detailed Product/Service Information: Clear descriptions of what is being sold, ensuring no items fall under the Matrix Sols Prohibited Content Policy.
- 4.2 Clear Policies: Readily accessible Terms and Conditions, Privacy Policy, and a comprehensive Refund/Cancellation Policy.
- 4.3 Contact Information: Active customer support details, including an email address and operational phone number.
- 4.4 Security: Implementation of adequate data security measures (e.g., HTTPS/SSL certificates) to protect user data.
5. Rejection and Deactivation
Matrix Sols reserves the right to reject an application or suspend an existing merchant account under the following circumstances:
- 5.1 Failure to provide accurate, complete, or authentic KYC documentation.
- 5.2 The merchant's business involves products or services listed in our Prohibited Content Policy.
- 5.3 Detection of fraud, excessive chargebacks, suspicious transaction patterns, or negative matches on global/domestic regulatory watchlists.
- 5.4 Non-compliance with applicable local laws or failure to maintain adequate consumer dispute resolution mechanisms.
6. Ongoing Monitoring
Onboarding is not a one-time event. Matrix Sols conducts ongoing due diligence, which includes monitoring transaction volumes, reviewing customer complaints, and periodically requesting updated KYC documents to ensure continuous compliance with this policy.
7. Contact Us
If you have questions regarding the onboarding process, document requirements, or your application status, please contact our onboarding and compliance team:
- Email: support@matrixsols.in