After registering on Velafi, a unique User ID (UID) will be automatically generated for your account, which represents your organization.
A 'Merchant' refers to an individual or legal entity bound to a single account within the platform. 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.
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.
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.
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.
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.