Onboarding Requirements Checklist
Application/Sign-up Form Requirements
Beneficial Ownership Requirements – APX to require and pass all application required data fields in compliance with FinCEN’s Beneficial Ownership Information which includes:
Terms and Conditions – Merchant must read both documents (to the bottom) and accept the Terms and Condition to complete the onboarding application.
Bank Account Validation – APX to facilitate the merchant’s Bank Account validation via the following options:
· Plaid Integration; OR
· Document upload of General, Personal ID, Void Check, Bank Statement, Bank Letter, Contact, or Tax Document
Payment Parameters – Provide your expected processing parameters to include the following:
· Estimated Annual Processing Volume
· Average Transaction Amount
· Average High Transaction Amount
Quick Checklist for Application Help
- Information about your business – e.g., corporation or sole proprietor, legal business name
- Rough estimate in $’s of how much you process per year and average transaction size – e.g., $250,000 and $800
- Personal information on all business owner(s) – e.g., SSN, personal address, DOB
- Bank account information
o Provide via Plaid with your bank account username and password
o OR bank account number and RTN
- Ability to agree to the terms and condition