Required Onboarding Information
To complete OFAC checks for security compliance, we need the following information. No credit checks will be performed. Please have the following pieces of information ready before you begin:
1
Your EIN and legal entity name
2
Your business contact details, like address, phone, and email
3
Your business banking info for payouts
4
The full social security number, date of birth, and address for any financial representatives or business owners.
5
Details about your payment terms, like how long between your customer’s first payment and the event, and whether you take deposits – for example, a 50% deposit 120 days before the event, with the rest due 10 days before the event.
6
Bank Statements: We might ask for 3-6 months of recent bank statements to understand your deposit and balance trends.
Frequently Asked Questions
Why do you need this info?
In short, it’s all about keeping you and your customers safe. By understanding your business, we can ensure a secure payment process that your customers will trust.
What is a financial representative?
Typically this is the owner(s) of a for profit business. For non-profit organizations, this is typically a board member such as a president, secretary, treasurer, etc. who is responsible for or oversees the finances of the organization.
Why can’t a PO Box be used for the address?
We need a physical address to ensure the organization/business is located and performing business within the United States.
Why does the financial representative need to provide a full SSN and date of birth?
- The financial representative needs to provide this information for a federal OFAC check. The Office of Foreign Assets Control (OFAC) maintains watch lists for money laundering, fraud, and terrorist organizations; if the financial representative is on one of these lists, underwriting will fail and payments cannot be processed.
- By providing this information for the financial representative, you are mitigating risk from potential fraudulent activity.
- The purpose of these checks is to allow the US government to work with financial institutions to prevent identity theft, money laundering, the financing of terrorist organizations and activities, and other types of fraud.
Do you perform a credit check with the SSN?
No, it is only used for OFAC background checks.
I thought I was already approved, why are you asking me for additional documentation?
In some cases, we may ask for additional financial documents to make sure everything is secure. These requests may come after an initial credit approval and may include the following:
- Processing Statements: We could need 3-12 months of statements from your previous payment processor to assess transaction volume and any refund or chargeback patterns.
- Financial Statements: The most recent 2 years of financial statements, plus year-to-date figures, might be required. This usually includes a balance sheet, income statement, and cash flow statements. Sometimes, we might also need a Deferred Revenue report. This helps us understand your business’s financial health and ensure it aligns with potential credit risks.
Remember, the more info you provide, the faster and easier it will be to get you approved.
Can personal information be safely provided and stored?
Yes, JustiFi, our payments partner, is PCI-DSS and SOC 2 compliant. This means they adhere to the highest industry standards for card data security and cybersecurity compliance, ensuring all your data is securely stored.
