Sub-Account Onboarding Process

This page provides explanations on the underwriting requirements for all JustiFi sub-accounts, and the frequently asked questions surrounding those requirements.

Credit Risk: We're in this Together

Justifi is obligated to protect you, your customers and the consumers they serve. For that reason, we’re required to have a thorough understanding of your customers’ business model, financial situation, and the potential credit risk of each individual business. 

What is credit risk? 
Credit risk is the potential for monetary loss resulting from a business’ inability to remit refunds and chargebacks it generates back to customers it has accepted payment from. 

Historically, businesses that accept payment far in advance of delivery of goods and services may be a higher risk for payment processors. 

To mitigate this risk, businesses must provide documented evidence of its operational and financial strength, and its continued ability to support delivery of goods and services, refunds, and chargebacks.

Required Onboarding Documents by Entity

This information is securely used to perform industry standard identity verification. To ensure a fast and frictionless onboarding process, it’s important to input the information as accurately as possible.

For-Profits

Sole Proprietorship
Single Member LLC

BUSINESS INFO


Website URL


Business Type

Determines MCC Code


Business Name

As represented on tax records


Tax ID

Federal Tax Identification Number/EIN issued by the IRS


Approximate Annual Spend


Date of Incorporation

ONE REPRESENTATIVE


First & Last Name


Date of Birth

Must be 18 or older


Address


Email


Phone


Full SSN

________________

Photo ID Upload

Only collected (later) if submitted representative can’t be verified

 

BANK ACCOUNT

To receive payouts, US banks only


Accountholder Name


Account Type

Individual or Company


Routing Number

ACH routing number
(not wire routing number)


Account Number

Must be a checking account

For-Profits

Multi Member LLC
Private Partnership Private Corporation Unincorporated Association

BUSINESS INFO


Website URL

 

Business Type

Determines MCC Code

 

Business Name

As represented on tax records

 

Tax ID

Federal Tax Identification Number/EIN issued by the IRS

 

Address

 

Phone

 

Approximate Annual Spend

 

Date of Incorporation

ONE REPRESENTATIVE


First & Last Name


Date of Birth

Must be 18 or older


Address


Email


Phone


Full SSN


Title


Owner or Executive?

If Owner, can add up to 3 more Owners If Executive, can and add up to 4 Owners

________________

Photo ID Upload

Only collected (later) if submitted representative can’t be verified

 

OWNERS

25% or more business ownership


First & Last Name


Date of Birth

Must be 18 or older


Address


Email


Phone


Full SSN

________________

Photo ID Upload

Only collected (later) if submitted representative can’t be verified

 

 

BANK ACCOUNT

To receive payouts, US banks only


Accountholder Name


Account Type

Individual or Company


Routing Number

ACH routing number
(not wire routing number)


Account Number

Must be a checking account

Non-Profits

Incorporated
Unincorporated

BUSINESS INFO

 

Website URL

 

Business Type

Determines MCC Code

 

Business Name

As represented on tax records

 

Tax ID

Federal Tax Identification Number/EIN issued by the IRS

 

Address

 

Phone

 

Approximate Annual Spend

 

Date of Incorporation

ONE REPRESENTATIVE


First & Last Name


Date of Birth

Must be 18 or older


Address


Email


Phone


Full SSN


Title


Owner or Executive?

If Owner, can add up to 3 more Owners If Executive, can and add up to 4 Owners

________________

Photo ID Upload

Only collected (later) if submitted representative can’t be verified

 

BANK ACCOUNT

To receive payouts, US banks only


Accountholder Name


Account Type

Individual or Company


Routing Number

ACH routing number
(not wire routing number)


Account Number

Must be a checking account

Government Entities

Governmental Unit Government Instrumentrality Tax Exempt Government Instrumentrality

BUSINESS INFO


Website URL


Business Type

Determines MCC Code


Business Name

As represented on tax records


Tax ID

Federal Tax Identification Number/EIN issued by the IRS


Address


Phone


Approximate Annual Spend


Date of Incorporation

ONE REPRESENTATIVE


First & Last Name


Date of Birth

Must be 18 or older


Address


Email


Phone


Full SSN


Title


Owner or Executive?

If Owner, can add up to 3 more Owners If Executive, can and add up to 4 Owners

________________

Photo ID Upload

Only collected (later) if submitted representative can’t be verified

BANK ACCOUNT

To receive payouts, US banks only


Accountholder Name


Account Type

Individual or Company


Routing Number

ACH routing number
(not wire routing number)


Account Number

Must be a checking account

Individuals

BUSINESS INFO


Website URL


Business Type

Determines MCC Code


Approximate Annual Spend


Date of Incorporation

ONE REPRESENTATIVE


First & Last Name


Date of Birth

Must be 18 or older


Address


Email


Phone


Full SSN

BANK ACCOUNT

To receive payouts, US banks only


Accountholder Name


Account Type

Individual or Company


Routing Number

ACH routing number
(not wire routing number)


Account Number

Must be a checking account

Additional Credit Documentation may be Required

Not every sub-account is created equal!  In certain instances, we may require additional financial documents to safeguard both you and your customers. These documents may include:

  • Bank Statements: 3-6 months of recent bank statements may be required. 
    • Bank statements allow Justifi to assess deposit and balance trends.

       

  • Processing Statements: 3-12 months of processing statements from the business’ previous merchant account provider may be required. 
    • Processing statements allow Justifi to assess transaction volume and count as well as refund and chargeback trends.

       

  • Financial Statements: The most recent 2 years and year to date financial statements may be required. 
    • Financial statement packages typically include balance sheet, income statement, and cash flow statements. A Deferred Revenue report may also be required. 
    • These statements allow Justifi to assess the business’ financial condition and determine if the financial wherewithal is aligned with the credit risk the business may generate.

       

  • Booking Report: An annual booking report may be required. 
    • This report typically includes transaction date, transaction amount, and date of services rendered.

       

  • Line of Credit/Debt Terms: The business may be required to provide evidence of line of credit availability and/or term debt agreements. This allows Justifi to assess the business’ current debt obligations and cash availability.

     

In the event that any information is unverifiable, the following documents may also be required: 

  • Photo ID upload: for the financial representative
  • Photo SSN Card upload: for the financial representative
  • SS4 or 501c3 letter
  • Articles of Formation
  • Registration documentation: verifying the individual on the application as a valid financial representative

FAQs

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.
  • You can find additional information: here.

Do you perform a credit check with the SSN?

No, it is only used for OFAC background checks.

Can personal information be safely provided and stored with JustiFi?

Yes, JustiFi is PCI-DSS and SOC 2 compliant. This means that we follow the highest standards per the payment card industry for keeping card data safe, and cyber security compliance to ensure all of your data is stored securely.

Logos of PCI and SOC II to demonstrate security measures.