What different account types does Dagpay provide?
With the updated verification system, Dagpay now provides two different account types for improved onboarding for new users and to further comply with existing KYC and AML regulations. These account types are:
Unregistered business (freelance) - suitable for unregistered businesses (e.g. sole proprietors) with small transaction volumes - up to 1 000€ per month;
Company (legal entity) - suitable for registered companies and corporate businesses with medium to large transaction volumes.
Depending on the account type, there are different business verification requirements, each having different approved monthly processing volume limits for accepting dagcoin payments. Unregistered business (freelance) account type for example has the easiest onboarding requirements, but is capped at maximum 1 000€ worth of dag payments in total per calendar month, which cannot be raised. Company (legal entity) account type on the other hand requires you to submit more business proof documents in order to be able to accept more Dagcoin payments, but allows also for unlimited transactions when complying with all the requirements.
Below is a breakdown of the different account types and limits:
Unregistered business (freelance)
Unregistered business (freelance) - can accept up to 1 000€ worth of dag payments in total per calendar month;
Company (legal entity)
Tier 1 - can accept up to 1 000€ worth of dag payments in total per calendar month;
Tier 2 - can accept up to 10 000€ worth of dag payments in total per calendar month;
Tier 3 - can accept unlimited payments;
Note that the limit values used are based in EUR currency due to regulatory reasons, but can be respectively displayed also in your preferred local currency when using Dagpay.
What happens if I reach my processed payments limit?
If you have reached your limit, then depending on the account type you have the following options:
If you have an unregistered business (freelance) account type, then you must wait until the start of the next calendar month for the limit to reset. Currently it is not possible to raise the limit for unregistered business accounts. If you wish to process more payments per month, then you will need to create a new Company (legal entity) Dagpay account type.
If you have a company (legal entity) account type, then you can either also wait until the start of the next calendar month for the limit to reset or raise your limit by applying for a higher tier by submitting additional business proof.
Are there any other restrictions to using Dagpay besides the processed payments limit?
Other than the imposed limits, both account types still allow you to use Dagpay with all the available features, including its many different invoicing options* and escrow service. This way we hope to bring the Dagpay service to as many merchants as possible, without the burden of excessive legal requirements before getting started.
* Only exception being recurring email invoicing, which is enabled currently only for Company (legal entity) account types with Tier 3 level verification approved.