Customer Journey

The is the general flow that end-users will go through in order to purchase cryptocurrency through Banxa, and is initiated by you through the use of the Create Order endpoint.

1. Order Creation

The Buy journey starts with selecting the fiat and fiat amount to purchase with, the cryptocurrency and cryptocurrency amount to purchase as well as the payment method. The blockchain network will be defaulted, however an alternative can be selected. This information can also be pre-populated from your website and passed through to Banxa on order creation.

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2. Know Your Customer (KYC)

If this is the first time a customer is purchasing with Banxa they must complete KYC procedures. A customer's contact details is how Banxa determines whether the customer has already completed KYC.

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KYC information requirements include the customer's name, date of birth, address, identity documentation and selfie.

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In addition to basic information and an upload of documentation, a selfie that has been taken within 24 hours is also required in order to comply with mandatory liveness checks.

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3. Payment

Payment is made with the payment method selected in Step 1. For compliance and regulatory reasons, we require that the payment comes from the same person specified in Step 2. In other words, the credit card or bank account holder name must match that name submitted as part of KYC.

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4. Completion

Completion of an order occurs when either cryptocurrency has successfully been transacted on the blockchain and transferred to the customer's wallet (known as Fulfillment) or a refund has taken place in the event that the purchase is deemed to be non-compliant or fraudulent.

Note. The below screenshot is an example of the Interact payment method, a bank transfer that will require the customer to make the transfer from their bank. The status of the Payment as well as the Fulfilment will be updated in real-time as these process are complete.

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