How to Create and Manage Customer Wallets with Finmo

Finmo offers a feature that enables you to create and manage their customer profiles by creating Customer consisting of unique "Cusomter_IDs". This allows you to handle recurring transactions and track payments for their end customers with ease. To use this feature effectively, you must first create a customer profile, fill in all the details to make it wallet ready. A customer profile is considered “Wallet Ready” only once all necessary information has been provided by the merchant on the Finmo platform. Once a Customer is created, you can link it to a wallet. 

Why Customer Wallets?

Creating a wallet for a customer involves gathering additional details to meet regulatory standards for account creation. Finmo allows you to set up profiles for either individual or company customers, providing flexibility based on the type of end-customer.

For individual customers, the following information is required for wallet setup:

• Full Name

• Nationality

• Address

• Identification Type (e.g., Passport, National ID)

• Identification Number

• Date of Birth

For company customers, information about the business is needed, including registration details, nature of business, and other relevant company specifics.

Example Use Cases

Finmo’s wallet feature is comparable to popular digital payment systems allowing end-customers of the businesses to top up wallets their and payout from them while can e-commerce platforms can use payment gateways to manage incoming payments. 

Similarly, Finmo enables you to streamline transactions by issuing virtual accounts, which can be used by customers to fund their wallets with fiat currency.

How to Create a Customer in Finmo

Follow these steps to set up a customer and create a wallet:

1. Navigate to the Customer Section
   In the Finmo dashboard, locate the "Customer" section in the main menu.
   
   
   

2. Add a New Customer
   Click on "Add New Customer." At the top of the page, you’ll see tabs to choose between "Company Customer" or "Individual Customer." Select the appropriate option and fill in the required fields.
   
   
   
   
   

3. Create a Wallet for the Custome
   
   Once the customer profile is created, navigate to the wallet section. Select the customer ID from the dropdown list and associate the customer with a new wallet.
   
   
   
   

Important Notes

• You can create as many customer wallets as needed, provided the customer profile is “Wallet Ready” with all required information filled out.

• Make sure to complete all fields when creating a customer and wallet. Any missing information will prevent you from moving forward in the setup process.