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How do I set up a business account?

When you come to TCPayments to register, the first step is to verify your account. If your account is already verified, you can go straight to setting up your TCPayments account. There are two types of accounts you can set up with TCPayments powered by Dwolla:

  • Personal Account
  • Business Account

PERSONAL ACCOUNT 


How do I set up a business account?

 

In order to set up a personal account, you will be asked to enter basic personal identifying information. Once set up, your account will have the ability to fulfill payment requests and receive money from personal and business accounts registered within TenantCloud. There are no limits on the number of transactions you can perform each day, week, or month.

Please note!
Each transaction has a default limit of $5,000 per transaction.

This might be helpful: How to set up a personal account?

 

BUSINESS ACCOUNT 


How do I set up a business account?

 

You'll then come to a registration page that requires basic information regarding the organization itself and personal information for the business/organization representative signing up. 

These will include:

  1. The business (required)
  2. The controller (conditionally required)
  3. The beneficial owner (conditionally required)

In order to set up a business account, you will be asked to enter business identifying information and to provide data about the business’s control, including all owners who, directly or indirectly, own 25% or more of the equity interests of the company. 

Once set up, your account will be able to fulfill payment requests and receive money from personal and business accounts registered within TenantCloud. There are no limits on the number of transactions you can perform each day, week, or month.

Please note!
Each transaction has a default limit of $10,000 per transaction.

To set up a Business  account, go to the main Settings menu and choose "Online payments". Click on the “Set up” button under the TCPayments option. Select Business Account as the type and continue entering basic information:

How do I set up a business account?

How do I set up a business account?

How do I set up a business account?

 

You'll then come to a registration page that requires some basic information regarding the organization itself and personal information for the business/organization representative signing up. 

These will include:

  1. The business (required)
  2. The controller (conditionally required)
  3. The beneficial owner (conditionally required)

How do I set up a business account?

How do I set up a business account?

How do I set up a business account?

How do I set up a business account?

 

This might be helpful:
Impacts and benefits of the customer due diligence rule 

Account Admin

A business account will need an account admin to enroll the company during the onboarding process. This account admin is not identity verified. To become fully verified, a controller and/or a beneficial owner may need to be identity verified. 

Controller

A controller is any natural individual who holds significant responsibilities to control, manage, or direct a company or other corporate entity (e.g., CEO, CFO, general partner, president, etc). A company may have more than one controller, but only one controller’s information must be collected. The controller will need to provide information to be fully identity verified. This includes their last four SSN and date of birth for identity verification purposes. For certain business types, a business’s EIN will also need to be provided as part of the process.

Beneficial Owners

Certain business types may also need to add and certify beneficial ownership. A beneficial owner is any natural person who, directly or indirectly, owns 25% or more of the equity interests of the company.

How do I set up a business account?

Businesses that are not exempt from beneficial owner requirements and need to submit beneficial owner information include:

  1. Corporations
  2. LLC’s
  3. Partnerships

 

Business types exempt from providing beneficial owner information (but who must certify beneficial ownership).

Businesses types that are classified in one of the categories below are exempt from beneficial owner requirements. However, the individual creating the business account will still be required to explicitly certify there are no owners to attest to the exemption:

  1. Non-profits
  2. Public corporations

Business types exempt from providing beneficial owner information and exempt from certifying beneficial ownership

The following business types will not need to add beneficial owners or explicitly certify beneficial ownership:

  1. Sole proprietorships
  2. Unincorporated association (should sign up as a sole proprietorship)
  3. Trusts (should sign up as a sole proprietorship)
  4. Business-verified customer accounts created prior to May 11th, 2018. These customers are grandfathered into the updated customer due diligence rules.

If your business is exempt, or if there is no individual with at least 25% ownership, you can go straight to certifying that there is no beneficial owner.

How do I set up a business account?

 

After a beneficial owner has been created, the beneficial owner’s identity needs to go through a verification process. A beneficial owner that has a status of “incomplete” or “document” will impact the business's eligibility to send or receive funds.

How do I set up a business account?

How do I set up a business account?

How do I set up a business account?

When a beneficial owner has been successfully verified by Dwolla, the business's status will be set to “verified.” Reference the table below for more information on the events that correspond to each of the beneficial owner statuses:

Status Description

Verified

Beneficial owner has been identity- verified.

Document

Beneficial owner must upload a document in order to be verified.

 Incomplete 

The initial verification attempt failed because the information provided did not satisfy Dwolla's verification check.

 

If a beneficial owner is not verified, the only other state the beneficial owner can be in is “document.” If the beneficial owner has a status of “document,” they will need to upload additional pieces of information in order to verify their identity. 

 

Determining verification documents needed

U.S. persons

A scanned photo of the beneficial owner’s identifying document could be either a license (state-issued driver’s license), or ID card (U.S. government-issued photo ID card). The file must be either a .jpg, .jpeg, .png, .tif, or .pdf. Files must be no larger than 10 MB in size.

Non-US persons

A scanned photo of the beneficial owner’s identifying document could be a Passport. The file must be either a .jpg, .jpeg, .png, .tif, or .pdf. Files must be no larger than 10 MB in size.

How do I set up a business account?

How do I set up a business account?

 

If an individual beneficial owner wants to update their information, that individual beneficial owner will first need to be removed. After removal of a beneficial owner, they can be re-added and go through the verification process once again. You can also remove a beneficial owner if they no longer own 25% or more of the business.

The successful creation and verification of a beneficial owner doesn’t necessarily mean a business verified customer is verified and ready to send or receive funds. The final step in creating a business verified customer is to certify that all information provided is correct. Read on to view the procedures on how to certify your owners.

 

How do I set up a business account?

 

Certifying beneficial ownership

In order for your business to be eligible to send and receive funds, the individual creating the business account must certify beneficial owner(s). By certifying that all beneficial owner information is correct, the requirements imposed by the United States Federal Customer Due Diligence Rule and Dwolla will be successfully fulfilled.

Status Description
 Uncertified 

New business customers that are not exempt are initially placed in an uncertified status. Uncertified business customers are unable to transact.

 Recertify 

Business customers that are certified and change owner information, OR Business customers that Dwolla needs to obtain more information from relating to beneficial owners are placed in a recertify status.

 Certified 

Confirms the certification of beneficial owners.


After successfully creating your business account, you will need to add and verify a bank account. After completing this step, your TCPayments powered by Dwolla account will be able to fulfill payment requests and receive money from personal and business accounts.

 

Watch the video guide to learn more:

 

 

Last updated:
Mar. 13th, 2019

Please let us know if you have any other questions.