Why do I need to create customers?

Creating customers in Finmo is essential for enabling various payment flows and serves several key purposes. It allows businesses to support both individual and corporate end customers, enables recurring payments, ensures regulatory compliance, and facilitates effective fund segregation.

1. Facilitate Recurring Transactions:
Each customer is assigned a unique Customer_ID, which allows you to manage and track recurring payments for their end users with ease.

2. Support for Different Customer Types:
Finmo allows the creation of profiles for both individual and company customers, offering flexibility to suit different business models and regulatory requirements.

3. Wallet Creation and Fund Management:
Once a customer profile is completed and marked as “Wallet Ready”, meaning all required information has been provided it can be linked to a Finmo wallet. This wallet is used to hold customer funds securely and supports various transaction types.

4. Separate Virtual Accounts (VAs) and Wallets for Fund Segregation:
Customers can have separate Virtual Accounts (VAs) for fund collection and wallets for holding and managing funds. This segregation helps with clearer fund tracking, compliance, and operational control.

5. Regulatory Compliance and Traceability:
Finmo ensures that all necessary customer information is captured to meet regulatory standards. This enhances compliance and ensures transaction traceability across the payment flow.

6. Seamless and Personalised Experience:
With structured customer profiles, you can offer a more personalized and seamless payment experience to your end customers.