Click here to learn about Sub-Merchant accounts!
Required Information for Onboarding
- Beneficial ownership and control prong details
- Social Security Number
- Date of birth
- Home address
- Percentage share of ownership
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Legal entity details
- Tax ID
- Preferred bank account details for paid-in-full funding
- Business Name
- Business Address
Required Proof of Business
One of the following:
- IRS EIN Confirmation Letter (CP 575)
- IRS SS-4 Confirmation (stamped)
- State-issued tax certificate
- Business License
Required Proof of Banking
One of the following:- A voided check
- A banking verification letter/account verification letter
- A recent bank statement
- Online banking screenshot
- Wire transfer receipt
Which bank account should I use?
Your choice of bank account will depend on the specific way you intend to utilize AndDone:
- For Pay-In-Full Transactions - If you are processing pay-in-full payments through the platform, choose a bank account where you want the full policy amount to be deposited.
- For Collecting Fees on Transactions - If you are utilizing the platform solely for the purpose of collecting fees on transaction, please provide the appropriate bank account to which you would like fee proceeds deposited.
- For Other Use Cases - If your agency operates with multiple accounts (e.g., a trust account or an operating account), select the one that aligns with your internal financial processes and preferences.
What is Beneficial Ownership?
Beneficial ownership is defined as an individual who either directly or indirectly exercises substantial control over the legal entity, or any individual who owns or controls at least 25% of the reporting company’s ownership interests.
What is a Control Prong?
The image below illustrates how to identify if an individual qualifies as a Control Prong. If the individual falls into any of the categories below, the individual is exercising substantial control. Control Prong must be
Why Does AndDone Ask for Your Personal Information?
Your personal information (such as your Social Security Number and residential address) is required to conduct the necessary due diligence to open and maintain a sub-merchant account on behalf of your agency/legal entity. As a payment facilitator, we are required to collect information about your business to comply with federal Know Your Customer/Know Your Business regulations.
Once I Submit My Onboarding Application, What are My Next Steps?
Once your onboarding application has been submitted, our underwriting team will review it. If any additional information or documentation is needed, we will notify you. After successful review and setup, you will receive an email confirmation. This email includes instructions on how to sign up for a kick-off call, which is designed to help you get started with the AndDone Payments Portal. The call covers key features and best practices to ensure you can navigate the platform smoothly. We value your time and are committed to providing a seamless onboarding experience.
If you need assistance or have any further questions, please click here to contact our support team.