Part of onboarding requires collecting identifying information in order to meet Know Your Customer (KYC) requirements.
Finix is a payment processor that helps you accept online payments from your customers. To enable payments for your business, we must collect certain personal data to verify your identity, the identity of your business, and, in some cases, the identities of your end buyers.
Payments processors, financial institutions, and other organizations that send funds–whether that be to individuals or businesses – are required to collect and verify information about control persons, known as “Know Your Customer” (or KYC) checks, and the business, known as “Know Your Business” (or KYB) checks.
To run these checks, Finix gathers certain information to verify the identity of the individuals managing your Finix account, the business associated with the Finix account, and individuals who own or control the business.
This information includes:
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Business Information: Information about the business such as business name, EIN, and the business incorporation type.
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Control Owner Information: Information about the person who is signing up for the merchant service. This is generally the business owner.
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Beneficial Owner Information: Information about any person with 25% or more ownership.
These identity verification policies are part of Finix’s Bank Secrecy Act/Anti-Money Laundering program and are required by anyone using this merchant service to process payments.
The types of information Finix will be collecting are:
Business Information Verification.
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Business Legal Name.
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DBA Name.
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Business Type (Sole Proprietorship, LLC, Corporation).
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Employer Identification Number (EIN).
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Business URL.
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Business Address.
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Business Phone Number.
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Incorporation Date.
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Business Address.
Controller & Beneficial Owner Verification.
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First and Last Name.
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Title.
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Social Security Number.
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Date of Birth.
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Phone Number.
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Personal Address.
Additional Verification Scenarios.
If there is an issue validating the information collected during the onboarding process, we’ll provide a rejection reason which may require you to submit government-issued IDs, a W-9 for certification of the user’s taxpayer identification number (TIN), or any other documentation that’s needed to investigate and verify the identity of the user.
Privacy and Security.
For information on how Finix protects your data, view the attached PDF.