On Peerwallet, you can do very little without account verification. Even as a SEMI Decentralized platform, we are required by law to verify users or businesses who want to use Peerwallet.
Before we explain account Limits, first we need to explain the several types of accounts available.
On Peerwallet, there are 3 types of accounts.
Users: They are the everyday users of Peerwallet. Everyone is a user
Sellers: They are those who have integrated Peerwallet on their website to accept payment or those accepting payment via a payment Link.
Merchants: They are those who have been approved to provide financial services on Peerwallet.
Interestingly, you can be all 3, or you can just be a regular user and a seller.
Below are the following account Limits which exist on Peerwallet;
1) Non-Verified Users: If you have just created your account and you haven't verified any of your details yet, you belong to this category. Your daily spend Limit is $500 or the equivalent in your default currency.
2) ID verified: If only your ID has been verified on Peerwallet, it doesn't mark your account as verified but you get a higher account limit. The daily spend limit here is $20,000 or the equivalent in your default currency.
3) ID verified & Address Verified: Here your account is verified. The daily account limit here is $100,000 or the equivalent in your default currency.
4) Company Verification: If you want your account to do business as a Company, here people would be able to interact with you with your approved Company name instead of your name. The account limit here is $1,000,000 daily.
Note: You need just the personal verification before you can apply as a Merchant on Peerwallet, you can also become a Merchant with a business verification this is your choice.
Merchant Limits: Once a user has been approved as a Merchant, either as an individual or a company, the account Limit would be $5,000,000 daily.