> ## Documentation Index
> Fetch the complete documentation index at: https://docs.hifi.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Account Purposes

> Reference for acceptable account purpose values and their descriptions

| Acceptable value                       | Description                                                                                                                                                                                                      |
| :------------------------------------- | :--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| `PAY_SUPPLIERS`                        | Businesses that need to pay their suppliers for goods or services they purchase.                                                                                                                                 |
| `PAY_SERVICE_PROVIDERS`                | Businesses that make payments to contractors or service providers (like consultants, agencies, or maintenance services).                                                                                         |
| `GOODS_MERCHANDISE_COMMODITIES`        | Businesses engaged in purchasing or selling physical goods, merchandise, or commodities.                                                                                                                         |
| `FREELANCERS_CONTRACTORS_PAYROLL`      | Businesses paying employees, freelancers, or contractors for their work.                                                                                                                                         |
| `FINANCIAL_SERVICES_LOANS_INVESTMENTS` | Businesses offering financial services, loans, or investment opportunities.                                                                                                                                      |
| `TAX_REGULATORY_FEES`                  | This purpose applies when the business needs to pay taxes or regulatory fees to government agencies.                                                                                                             |
| `LEGAL_SERVICES`                       | Businesses or individuals paying for legal services.                                                                                                                                                             |
| `OPERATIONAL_EXPENSES`                 | Businesses paying general expenses necessary for day-to-day operations, such as utilities, rent, or office supplies.                                                                                             |
| `SUBSCRIPTIONS`                        | Applies to businesses paying recurring payments for subscriptions (e.g., software as a service, memberships, or media subscriptions).                                                                            |
| `TRAVEL_RELATED_EXPENSES`              | For businesses paying for travel services (flights, hotels, transportation, etc.).                                                                                                                               |
| `INSURANCE`                            | For businesses paying insurance premiums or dealing with insurance-related transactions.                                                                                                                         |
| `ADVERTISING_MARKETING_EXPENSES`       | This category involves businesses paying for advertising or marketing services, such as digital campaigns, print ads, partnerships, etc.                                                                         |
| `EQUIPMENT_MACHINERY`                  | Businesses making payments involving the purchase or lease of equipment or machinery used in business operations.                                                                                                |
| `TECHNOLOGY_SERVICES`                  | Businesses making payments related to software development, IT services, or cloud computing services.                                                                                                            |
| `EDUCATION_RELATED_EXPENSES`           | Businesses making payments related to education services, such as tuition fees, courses, or training programs.                                                                                                   |
| `TREASURY_PAYMENTS`                    | Businesses making payments involving the movement of funds within a company's treasury, including inter-company transfers or liquidity management.                                                               |
| `FX_SERVICES`                          | Businesses making payments that involve conducting foreign exchange transactions or currency conversions.                                                                                                        |
| `OTHER`                                | For 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_TRADING`           | Businesses that collect funds or payments from online marketplaces (e.g., e-commerce platforms like Amazon, eBay, etc.).                                                                                         |
| `OFFLINE_TRADING`                      | Businesses that engage in offline trade (e.g., retail transactions, in-person sales, or traditional markets).                                                                                                    |