Know Your Client (KYC) Waiting Period for Payment Assistant

Know Your Client (KYC) is a regulatory standard in the financial industry that requires organizations to verify the identity of individuals before establishing financial relationships. For Payment Assistant, this means confirming your identity before your account setup is finalized. What to expect during verification depends on whether you use Payment Assistant with REPAY or BILL.

This verification process is essential for:

  • Risk assessment – Ensuring that transactions are secure and legitimate.

  • Legal compliance – Meeting Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) requirements under U.S. law, including the Bank Secrecy Act and the USA PATRIOT Act.

KYC Waiting Period with REPAY

The KYC verification for Payment Assistant with REPAY typically takes 3 to 5 business days. During this time, your submitted information is reviewed to ensure it meets compliance standards. After verification is complete, your account setup is finalized and you can begin processing payments.

KYC Review Period with BILL

Note: Don’t see this yet? The ability to use BILL with Payment Assistant is currently in an Early Adopter Program (EAP) for some of our customers. Look for full support and general availability in a future release.

BILL reviews your enrollment submission as part of its hosted enrollment experience. During this time, the Enroll with BILL step on the Getting Started page shows an in-progress indicator. The page refreshes the status automatically for about an hour. After that, reload the page to see whether BILL has confirmed your enrollment.

After you submit enrollment, BILL reviews the information and contacts you if it needs more documentation. If BILL contacts you, respond with the requested documents so the review can continue.

After BILL confirms your enrollment, the step is marked complete when a bank account is ready to fund payments. If you added a bank account manually, the step stays in progress until you verify the account with your bank. To finish setting up your account, complete the remaining steps on the Getting Started page, then select Start processing payments with Payment Assistant.