Help Center - For Owner
How do I set up a business account?
When you come to TCPayments to register you will first come to a step asking to verify your account. If your account is verified, then you can go straight to the setting up the TCPayments account. There are two types of account you can set up with TCPayments powered by Dwolla:
- Personal Account
- Business Account
You will be asked to enter basic information. Your account will be able to fulfill payment requests and receive money from personal and businesses registered in TenantCloud. No limits on the number of transactions you can do each day, each week or each month.
Each transaction has a default limit of $5,000 per transaction.
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You will be asked to enter business information as well as provide the information about the business controlled and all the beneficial owners who, directly or indirectly, own 25% or more of the equity interests of the company.
Your account will be able to fulfill payment requests and receive money from personal and businesses registered in TenantCloud. No limits on the number of transactions you can do each day, each week or each month.
Each transaction has a default limit of $10,000 per transaction.
If you decided to set up the Business type of account, go to the main Settings menu and choose Online payments. Click on the "Set up" button under the TCPayments option. Please select Business Account type and continue with entering the basic information:
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:
- The business (required)
- The controller (conditionally required)
- The beneficial owner (conditionally required)
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Impacts and benefits of the customer due diligence rule
Business account type will need an account admin to signup 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.
A controller is any natural individual who holds significant responsibilities to control, manage, or direct a company or other corporate entity (i.e. 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’ EIN will also need to be provided as part of the process.
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.
Businesses that are not exempt from beneficial owner requirements and need to submit beneficial owner information include:
Business types exempt from providing beneficial owner information but 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 be still required to explicitly certify no owners to attest to the exemption:
- Public corporations
Business types are 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:
- Sole proprietorships
- Unincorporated association - will sign up as a sole proprietorship
- Trusts - will sign up as a sole proprietorship
- 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.
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' eligibility to send or receive funds.
When a beneficial owner has been successfully verified by Dwolla, the business' 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:
Beneficial owner has been identity verified.
Beneficial owner must upload a document in order to be verified.
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
A scanned photo of the Beneficial Owner’s identifying document can be specified as license (state issued driver’s license), or ID Card (other 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 10MB in size.
A scanned photo of the Beneficial Owner’s identifying document can be specified as Passport. The file must be either a .jpg, .jpeg, .png, .tif, or .pdf. Files must be no larger than 10MB in size.
Remove and update a Beneficial Owner
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 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 don’t necessarily mean the 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.
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.
New business customers that are not exempt are initially placed in an uncertified status. Uncertified business customers are unable to transact.
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.
Confirms the certification of beneficial owners.
After having successfully created your business customer account, you will need to add and verify a bank account. After you’ve completed this step, your TCPayments powered by Dwolla account will be able to fulfill payment requests and receive money from personal and businesses accounts.
This might be helpful: How to add a bank account?
Watch the video guide to learn more:
Jun. 7th, 2019