Filling out the onboarding application doesn't have to be confusing, we're here to help!
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
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.
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, we will email confirming successful setup. In this email, we will provide detailed instructions on how to proceed with signing up for a kick-off call. This call is designed to guide you through the next steps of the onboarding process and ensure you have a clear understanding of how to maximize the benefits of payments portal. We value your time and are committed to providing you with a seamless onboarding experience!
If you need assistance or have further questions, please refer to our self-service Knowledge Base!