Onboarding
Business details
Business Details are the basic information that a bank will use to do a KYB ("Know Your Business") check on you. This check is required by regulators as a part of the underwriting process.
Business representative
A Business Representative is any person affiliated with your business who the bank can use to do a KYC ("Know Your Customer") check. This check is required by regulators as a part of the underwriting process.
Bank account
We need your business bank account, so we can pay you! Also, we use this to underwrite your business with confidence.
Tax information
We collect this information so that we can ensure we are offering you the best solution for your business, this helps us categorize your transactions appropriately to help your transactions flow smoother.
Ultimate beneficial owners
An Ultimate Beneficial Owner (UBO) is anyone who owns 25% or more of the business, directly or indirectly. Conducting a background check on all UBO's is required by regulators as a part of the underwriting process.
Directors
Any directors of your business. Some banks are required to run KYB/KYC checks on directors as a part of their underwriting process.
Shareholders
Individuals or entities who own shares in a corporation, representing a portion of its equity. Banks are required to run KYB/KYC checks on shareholders as a part of their underwriting process.
Documentation
We collect all the necessary documentation onboard your business to our platform.
| Document name | Description | When is this required |
|---|---|---|
Articles of Incorporation | Government issued document showing proof of business or articles of incorporation. | Always |
Personal Identification (Front / Back) | Picture of the front and back of valid government issued driver's license, passport, or government issued identification | Always |
Voided Check | Voided check of your business bank account | Always |
Non-profit Evidence | Government issued document showing non-profit status | For non-profit organizations |
Organization Chart | Organization chart showing the ownership and management structure of the business | Required for complex ownership structures |
Federal Firearms License | Government-issued Federal Firearms License | For businesses affiliated with firearms |
Profit and Loss Statements | Statements for the previous two years | Required for underwriting |
Business Balance Sheet | Up to date balance sheet for your business | Required for underwriting |
Processor Statements | Previous three months processor statements | Required for underwriting |
Bank Statements | Previous three months bank statements | Required for underwriting |
IRS Form W-9 | Form W-9, request for taxpayer identification number and certification | Always |
Business License | State-issued business license | Required if state mandates business license |
Photo of Kennels | Photos of kennels in your store | For pet-related businesses |
Dealer License | Government Issued Dealer License | For power sports dealers |
Bylaws | The internal rules that govern your company's operations | Required for certain business structures |
Operating Agreement | Defines the structure and management of your company | Required for certain business structures |
Sign and submit
We utilize docusign to allow you to sign the necessary agreements, and give them to you in a single file! This is the final step of the onboarding process, and we will begin underwriting your business as soon as possible. Keep any eye on your email, and merchant portal for updates.