The below documents and information will be required in order to complete the KYC verification process for Sole Proprietors.

Note: To help the government fight the funding of terrorism and money laundering activities, Federal law requires financial institutions to obtain, verify, and record information that identifies each person (individual or entity) who opens an account and certain individuals who are associated with an account.

Because of this, Webconnex Payments will ask for your name, address, taxpayer identification number, and other information to identify you when you open an account. This information must be verified before you receive your first payout.

Personal Details

When completing the Know Your Customer (KYC) process for an individual or sole proprietor, Webconnex Payments will ask for some personal information. Here are the questions Webconnex Payments asks under the Personal Details section.

First Name + Last Name
Date of Birth
Country of residence
Last 4 digits of Social Security Number (SSN)
Email address
Phone number
Agree that your bank account where you will receive payouts has the same name as the Sole Proprietor
Address

Sole Proprietor Details

Webconnex Payments will also ask for some basic details about your Sole Proprietorship in the KYC process. Here are the questions Webconnex Payments asks under the Sole Proprietor Details section.

Country of establishment
Legal name of sole proprietor - Enter the name exactly as it appears on your Secretary of State Registration.
Doing business as (DBA) or simply enter the Legal Name of the Company
Employer Identification Number (EIN) or Social Security Number (SSN)
Personal address where your business is registered to

Pro Tip: If you do not have an Employer Identification Number (EIN), enter your Social Security Number (SSN) in this field.

Payout Details + Verification Methods

Webconnex Payments requires a verified bank account on file for receiving any payouts. You can verify your payment method through our automated banking verification system, where you log into your bank to verify the bank account. You can also manually verify your bank account by entering the bank information manually and uploading a document confirming the details of this account.

Pro Tip: When verifying your bank account, make sure the legal name you entered matches exactly with the name on the bank account. If there’s a mismatch, we recommend going to the DBA section and entering the name that appears on the bank account.

Note: The individual or sole proprietor must own the bank account they add as the payout method.

Option 1: Automated Banking Verification (recommended option)

Webconnex Payments partners with Trustly to help speed up your account setup by instantly verifying your bank account. To use our automated banking verification process, select and login to the bank where you would like to receive the payouts. Once you do so, you have completed the verification process for this section!

Pro Tip: If your bank isn’t listed for automatic verification, we recommend using the manual verification method instead.

Note: Webconnex Payments will only gain temporary access to your bank details, and your data is never shared with third parties.

Option 2: Manual Verification

The manual verification method will ask that you enter the Account Holder Name, Account Number and ACH routing number for the bank account where you would like to receive your payouts.

After this, you will be asked to upload one of the following documents. Here are the requirements for each of the documents.

Pro Tip: The file you upload can be uploaded as a JPG, JPEG, PNG, or PDF image. The file can be up to 4MB on one page.

The file must contain images that are not cut off, blurry, or expired.

Bank Statement

Your uploaded bank statement must contain the following information:

Account holder name on the document has to match the legal business or trading name of your company
The last four digits of your account number must be visible
Date on the document is no older than 12 months
Must be an official bank document that shows the bank logo, the bank name, or a bank-specific font

Deposit ticket / check

Your uploaded deposit ticket / deposit form must contain the following information:

Account holder name on the document has to match the legal business or trading name of your company
The last four digits of your account number must be visible
Must be an official bank document that shows the bank logo, the bank name, or a bank-specific font
Image must be high quality and all security features must be evident

Screenshot of online banking environment

Your uploaded screenshot of online banking environment must contain the following information:

Account holder name on the document has to match the legal business or trading name of your company
The last four digits of your account number must be visible
Date on the document is no older than 12 months

Official email or a letter from your bank

Your official email or letter from the bank must contain the following information:

Account holder name on the document has to match the legal business or trading name of your company
The last four digits of your account number must be visible
Date on the document is no older than 12 months
Must be an official bank document that shows the bank logo, the bank name, or a bank-specific font
Must have a bank stamp or bank signature

Sign Documents

The last step in the verification process is to sign the official documentation.

Sign the services agreement
Sign the PCI DSS questionnaire

Note: Webconnex Payments manages PCI compliance for any pages processing payments through its platform. This means you can confidently answer “yes” to relevant questions on the PCI DSS questionnaire you’re required to complete.

FAQs

How long does Webconnex Payments take to review the information I submitted?

Right now, the review process for Webconnex Payments takes up to 72 hours to complete. If your information has been in review for over 72 hours, please reach out to our team, and we would be happy to help.

Can I start accepting transactions while my Webconnex Payments processor is under review?

Yes, you can accept transactions while your Webconnex Payments processor is under review. The moment you add a Webconnex Payment processor to your account, you can start accepting transactions.

You will not receive a payout until your KYC (know your customer) process and your banking information is completed and verified.

How do I add the information I need to complete my verification / KYC (know your customer) process?

Here is how to upload the information needed to verify your Webconnex Payments processor

From the top menu bar, hover over the Gear icon in the right-hand corner
Select Payment Processors from the dropdown
Find the Webconnex Payments processor you want to verify
Click the Setup Up Payouts button under this processor
Continue the verification process

Sole Proprietor | Individuals - Documents Needed to Complete Verification (KYC)