Onboarding Requirements Checklist

                               Application/Sign-up Form Requirements

Beneficial Ownership Requirements – APX to require and pass all application required data fields in compliance with FinCEN’s Beneficial Ownership Information which includes: 

Terms and Conditions – Merchant must read both documents (to the bottom) and accept the Terms and Condition to complete the onboarding application.

Bank Account Validation – APX to facilitate the merchant’s Bank Account validation via the following options: 

·       Plaid Integration; OR

·       Document upload of General, Personal ID, Void Check, Bank Statement, Bank Letter, Contact, or Tax Document

Payment Parameters – Provide your expected processing parameters to include the following: 

·       Estimated Annual Processing Volume 

·       Average Transaction Amount   

·       Average High Transaction Amount

Quick Checklist for Application Help

1. Information about your business – e.g., corporation or sole proprietor, legal business name

1. Rough estimate in $’s of how much you process per year and average transaction size – e.g., $250,000 and $800

1. Personal information on all business owner(s) – e.g., SSN, personal address, DOB

1. Bank account information

o   Provide via Plaid with your bank account username and password

o   OR bank account number and RTN

1. ​ Ability to agree to the terms and condition