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Acceptable valueDescription
PAY_SUPPLIERSBusinesses that need to pay their suppliers for goods or services they purchase.
PAY_SERVICE_PROVIDERSBusinesses that make payments to contractors or service providers (like consultants, agencies, or maintenance services).
GOODS_MERCHANDISE_COMMODITIESBusinesses engaged in purchasing or selling physical goods, merchandise, or commodities.
FREELANCERS_CONTRACTORS_PAYROLLBusinesses paying employees, freelancers, or contractors for their work.
FINANCIAL_SERVICES_LOANS_INVESTMENTSBusinesses offering financial services, loans, or investment opportunities.
TAX_REGULATORY_FEESThis purpose applies when the business needs to pay taxes or regulatory fees to government agencies.
LEGAL_SERVICESBusinesses or individuals paying for legal services.
OPERATIONAL_EXPENSESBusinesses paying general expenses necessary for day-to-day operations, such as utilities, rent, or office supplies.
SUBSCRIPTIONSApplies to businesses paying recurring payments for subscriptions (e.g., software as a service, memberships, or media subscriptions).
TRAVEL_RELATED_EXPENSESFor businesses paying for travel services (flights, hotels, transportation, etc.).
INSURANCEFor businesses paying insurance premiums or dealing with insurance-related transactions.
ADVERTISING_MARKETING_EXPENSESThis category involves businesses paying for advertising or marketing services, such as digital campaigns, print ads, partnerships, etc.
EQUIPMENT_MACHINERYBusinesses making payments involving the purchase or lease of equipment or machinery used in business operations.
TECHNOLOGY_SERVICESBusinesses making payments related to software development, IT services, or cloud computing services.
EDUCATION_RELATED_EXPENSESBusinesses making payments related to education services, such as tuition fees, courses, or training programs.
TREASURY_PAYMENTSBusinesses making payments involving the movement of funds within a company’s treasury, including inter-company transfers or liquidity management.
FX_SERVICESBusinesses making payments that involve conducting foreign exchange transactions or currency conversions.
OTHERFor business purposes that don’t fit the other categories. If a business purpose doesn’t fall under the defined categories, it can be classified as “Other” and still undergo the KYC process for due diligence.
ONLINE_MARKETPLACE_TRADINGBusinesses that collect funds or payments from online marketplaces (e.g., e-commerce platforms like Amazon, eBay, etc.).
OFFLINE_TRADINGBusinesses that engage in offline trade (e.g., retail transactions, in-person sales, or traditional markets).