KYC / KYB: definition, example, and why it matters

Before you can accept card payments, processors collect EIN, bank info, and owner ID. Required by US anti-money-laundering law. Glo Invoice walks you through Stripe's KYB in minutes.

• Short definition. Know-Your-Customer / Know-Your-Business identity verification required by processors.
• Category. KYC / KYB is a payments term used by service businesses when billing customers.
• How Glo Invoice handles it. Glo Invoice builds kyc / kyb into the invoice itself, so you don't track it on paper or in a spreadsheet.

Frequently asked questions

What does kyc / kyb mean?

Before you can accept card payments, processors collect EIN, bank info, and owner ID. Required by US anti-money-laundering law. Glo Invoice walks you through Stripe's KYB in minutes.

Related terms

• Stripe — A payment processor that lets businesses accept cards, ACH, and wallets online.
• Card payment — A payment made by credit or debit card, processed online or in person.