The below documents and information will be required in order to complete the KYC verification process for Sole Proprietors.
Such information and documents are collected in order to complete the verification process because Webconnex Payments follows required financial regulations to assure any person or organization processing payments will not be misusing the funds or causing harm. Documents provided will be checked against official records.
NOTE: If you file your taxes for your business under a Social Security Number, then you are a Sole Proprietor. If you happen to file your taxes with an EIN (Employer Identification Number) then you are an Organization.
Prepare the Following Information + Documents
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Personal Details
First Name + Last Name
Date of Birth
Country of residence
Last 4 digits of Social Security Number (SSN)
Email address
Phone number
Agree that your bank account where you will receive payouts has the same name as the Sole Proprietor
Address
Sole Proprietor Details
Country of establishment
Legal name of sole proprietor - Enter the name exactly as it appears on your Secretary of State Registration.
Doing business as (DBA) or simply enter the Legal Name of the Company
Employer Identification Number (EIN)
Personal address where your business is registered to
Payout Details + Verification Methods
Option 1: Trustly (recommended option)
Trustly is our trusted partner helping speed up your account setup by instantly verifying your bank account. You would simply select and login to the bank where you would like to receive the payouts and wallah, you're done!
NOTE: Webconnex Payments will only gain temporary access to your bank details, and your data is never shared with third parties.
Option 2: Manual Verification
The manual verification method will ask that you enter the Account Holder Name, Account Number and ACH routing number for the bank account where you would like to receive your payouts.
NOTE: The bank account holder has to have the same name as your sole proprietorship
Then you will be asked to upload one of the following documents. Upon doing so, you'd upload one file either JPG, JPEG, PNG, PDF Size up to 4MB on one page. The file must contain images that are not cut off, blurry or expired.
Bank Statement
Your uploaded bank statement must contain the following information:
Account holder name on the document has to match the legal business or trading name of your company
The account number needs to be visible
The routing number should be visible
Date on the document is no older than 12 months
Must be an official bank document that shows the bank logo, the bank name, or a bank-specific font
Deposit ticket / deposit form
Your uploaded deposit ticket / deposit form must contain the following information:
Account holder name on the document has to match the legal business or trading name of your company
The account number needs to be visible
The routing number should be visible
Date on the document is no older than 12 months
Must be an official bank document that shows the bank logo, the bank name, or a bank-specific font
Must have a bank stamp or bank signature
Screenshot of online banking environment
Your uploaded screenshot of online banking environment must contain the following information:
Account holder name on the document has to match the legal business or trading name of your company
The account number needs to be visible
The routing number should be visible
Date on the document is no older than 12 months
Must be an official bank document that shows the bank logo, the bank name, or a bank-specific font
Official email or a letter from your bank
Account holder name on the document has to match the legal business or trading name of your company
The account number needs to be visible
The routing number should be visible
Date on the document is no older than 12 months
Must be an official bank document that shows the bank logo, the bank name, or a bank-specific font
Must have a bank stamp or bank signature
Sign Documents
The last step in the verification process is to sign the official-documentation.
Sign the services agreement
Sign the PCI DSS questionnaire