Becoming a merchant on Onboard: a comprehensive guide

There is no Uber without the drivers; there is no Airbnb without the hosts; and there is no Onboard without our merchants.

Onboard Wallet is the simplest and most secure wallet to manage your digital assets. No matter who you are, you have total control of your assets with a simple and delightful experience, going from crypto to your local bank account in a matter of minutes! As a merchant, we believe this creates limitless opportunities for you, as you help our users easily buy and sell digital assets, while you earn from it.

You can help create a P2P marketplace where merchants have true ownership and a voice.

What's in it for you?

Earn profits by trading digital assets: You can earn profits by trading digital assets for cash.

Start trading in minutes: Our process makes it easy to sign up in minutes. Get verified in less than 24 hours. Start creating ads and complete trades.

Merchant Networks: Join trusted merchant networks to reach more customers. Access higher trade volumes and more frequent trades. Or create your own merchant network to grow your business operations.

No third party, just you and your money: You have total control of your funds. But we ensure we protect your funds when you transact, using our escrow system. This ensures safety of your assets. Funds will only be released when both buyer and seller confirm.

InstantPay: InstantPay allows you manage your orders with little to no effort. With InstantPay, all you need to do is set up your account, ensure it is funded, and watch your orders get processed automatically. Find out more about Instant Pay

How to become a merchant: A step-by-step guide

Interested in becoming an Onboard merchant? This guide will walk you through each step, right from when you download Onboard Wallet to being verified as a merchant.

Step 1: Download Onboard Wallet

If you're an Android user, you can download and install Onboard Wallet right from the Google Play Store.

As an iOS user, you can still install the app in a few easy steps, while we work to ensure Onboard Wallet is also available on the App Store:

Download and install Testflight on your iPhone or iPad.

Once you've installed Testflight, click the invite link to install Onboard Wallet using Testflight.

Accept the invitation by tapping on "Accept" or "Install" button, and TestFlight will begin installing Onboard Wallet on your device.

Step 2: Create your Onboard account

Create an Onboard account using your Google or Apple account.

For more details on creating your account, read the dedicated help article: How to create your Onboard account

Step 3: Verify your account

While you can send, receive and swap crypto on Onboard Wallet without completing KYC, in order to trade crypto for cash, we need to verify your identity. This is to ensure safe and secure peer-to-peer trades with other users.

To verify your account, you’ll need to verify your phone number, provide a proof of ID (such as an international passport, driver’s license, or National ID), and take a video selfie. Verification usually takes a few minutes (and in a few cases, up to 24 hours), and we guarantee the security & privacy of your data.

Watch the video below to learn how to complete your KYC on Onboard Wallet:

Step 4: Upgrade to become a Merchant

Once your account has been verified, you can now upgrade to become a merchant in a few easy steps:

Open the Exchange portal from your Wallet dashboard.

Click on the Profile icon on the top-right of your screen, and then click on the "Upgrade to Merchant" button.

Submit your Personal Information. Since you're verified, your full name will already be prefilled. Enter your display name, which will be shown to customers when browsing your ads.

If you'll be operating your merchant profile with your business account, also the requested business information.

Once you've submitted your application, you'll be notified on-screen that your merchant application is being reviewed. Once our Compliance team has reviewed your application, you will be notified of the status via email.

Once verified as a merchant, you'll see an updated Wallet dashboard, with access to merchant-specific features.



If you encounter any issues while following the above steps, don't hesitate to contact us via the Chat button on the app. We're always ready to help!

FAQs

Who is an Onboard Merchant?

An individual or business who has completed requisite KYC checks and profiled accordingly to process deposits (onramping - when you are going from Fiat e.g. USD, NGN, KES, etc to crypto) and withdrawals (offramping - when you are going from crypto to Fiat) requests for users. As a merchant, you provide liquidity for users, either by buying-off their Crypto and providing Fiat to them, or selling your Crypto to them, receiving Fiat in return. All of these will be at fees as low as 0.1%.

The Onboard advantage is how, while creating your Ad, you’re able to set your price (within a range of market price) and the terms of trading you are comfortable with.

What type of transactions can you process on Onboard?

As an Onboard Merchant, you help users to deposit (Onramp) and withdraw (Offramp) Crypto, between their non-custodial and bank/mobile money wallets.

Do I pay fees as a Merchant?

Onboard won't charge any fees. As a merchant, you will keep 100% of the fees you generate whilst also earning rewards in the native token of Onboard.

Who are the customers I'll be processing transactions for via Onboard?

Users of non-custodial wallets, wanting to fund their purchase wallets for NFTs, Play-To-Earn, etc or crypto earners looking to convert their funds to their local currency.

Is there a minimum transaction limit?

No, there are no limits. As a merchant you are at liberty to choose what your daily buy/sell volumes are.

Is there a maximum transaction limit?

No, there are no limits. As a merchant you are at liberty to choose what your daily buy/sell volumes are. However, most customers have a maximum limit of $2000 per order, hence you are likely to get orders not exceeding that amount. To get access to larger-volume trades from OTC desks, check out Onboard's Merchant Networks product.

Is there a daily transaction limit?

No. As a Merchant, you can process as much volume as you want daily.

How do I receive NGN, while processing Onboard transactions?

During your sign-up process, you would be required to include a preferred wallet (ChipperCash, Abeg, etc) or bank account, with which you can send and receive funds.

Are my funds safe as an Onboard merchant?

Yes. Although we do not hold custody of your funds, our escrow system has been configured in a secure manner, so there would be no incidents of fund loss through our platform.

What do I do when I have a problem with a transaction?

In the event of of an incomplete transaction, wherein you do not receive funds for value you already provided, you can report a Dispute on the transaction, after which our Customer Support team will review all evidences and take appropriate action to complete the order.

Updated on: 10/07/2023