A 'Merchant' refers to an individual or legal entity bound to a single account within the platform. Every Merchant must complete identity verification (KYC for individuals or KYB for companies). Upon successful approval, the system will assign a unique Merchant ID (MID), which serves as the official compliance identifier for the Merchant.

Under the same organization (UID), you may create multiple Merchants for different brands or business lines, and each Merchant is managed as an independent business entity.

Core Functions

Specifically, the Merchant account is used to:

Process and receive payments
View and manage balances
Access transaction history and settlement information
Generate reports for reconciliation and operational monitoring

All financial data displayed in the dashboard—including balances, transactions, and movements—is scoped at the Merchant account level. This ensures regulatory compliance, traceability of funds, and clear segregation of activity per verified individual or business.

Merchant Panel

In the 'Merchant' section, you can view all verified merchants under your account and find their corresponding MIDs.
You can also switch to the 'Incomplete' tab to view merchants pending application submission, the 'In Review' tab for accounts under review, and the 'Rejected' tab for merchants declined.
Additionally, you can click 'Limit' - 'Details' to view the monthly fiat trading limits and cryptocurrency withdrawal limits for each merchant across all payment channels.

Add Merchant

If you need to add new merchants for different identities, you can also click 'Add Merchant' in the top right of the initial page to complete the process.

FAQ

1. What are UID and MID?

UID: A unique identifier automatically generated when a VelaFi account is created. It represents the main organization account.
MID: A unique merchant ID assigned to each verified business entity under a VelaFi account. Multiple MIDs can exist under the same UID based on different businesses or brands.

2. What is the relationship between UID and MID?

Each VelaFi account has one fixed UID. A single UID can contain multiple MIDs.

3. How can I view my UID and MID?

Log in to your VelaFi account and click your username in the upper-right corner to view your UID; you can view your MID in the 'Merchant' section.

4. Can unverified merchants obtain an MID?

No. Only merchants that have completed identity verification and passed the review process can obtain a valid MID. Merchants with applications that are not submitted, under review, or rejected will not have a valid MID.