Improved merchant onboarding rolling out now
When platform users want to start processing integrated payments, they often want to get started and start getting paid fast. So we’re constantly working to streamline and enhance the onboarding experience for new merchants, all while keeping up with an ever-changing compliance landscape. To that end, we are now launching broad improvements to the way Know Your Customer (KYC) information is collected. Here’s what’s changing:
- Most merchants only need to provide the last four digits of their Social Security Number (SSN)
- If a merchant’s identity cannot be verified, they will be prompted to enter their full SSN in real-time during the onboarding flow
- If a merchant’s identity still cannot be verified, or if business or nonprofit information cannot be verified, they may be asked to upload additional documents
We use a risk-based approach in deciding when to require your merchants to upload documents. The vast majority of your merchants will never need to upload documents to prove their identity, but all merchants should be prepared to provide documents at any time – even after the merchant has accepted payments or settled funds to their bank account. Any uploaded documents are reviewed by our Risk Team within two business days.
We’re also changing some requirements to better serve businesses and nonprofit organizations. All businesses and nonprofit organizations must have an EIN in the US and a GST/HST in Canada. Additionally, businesses and nonprofit organizations must have proper paperwork filed with the government (ie: Articles of Incorporation or 501(c)(3) designation letter). These updated requirements help us to serve you and your merchants better by managing risk profiles more accurately.
We’ve also added support for sole proprietors – people who have an EIN and wish to use it for tax reporting purposes, but don’t have proper paperwork filed with the government and therefore don’t qualify with WePay as a business or nonprofit organization.
You’ll find WePay web flows and APIs are being updated to reflect the new policies, and public documentation will be updated shortly.