How do I set up a business Online Payments account?
When you come to Online Payments to register, you will first come to a step asking to verify your account. If your account is verified, you can go straight to setting up Online Payments.
You are able to set up an Online Payments account only if you are connected with the landlord or property manager and their Online Payments account is verified.
You can set up one of the following two types of accounts in Online Payments:
- Individual for personal and sole proprietorship;
- Business for companies, LLCs, and partnerships.
Please note! ACH Payments are available only for US customers.
The business account requires entering identifying business information and providing data about the business’s control, including all owners who, directly or indirectly, own 25% or more of the equity interests in the company.
To set up a Business account, go to the main Settings menu, and click on the “Set up” link in the "Online payments” section. Select Business Account as the type and continue entering basic information:
You will be asked to enter the legal business name, EIN, phone number, and address of your company:
A representative is any individual who holds significant responsibilities to control, manage, or direct a company or other corporate entity (e.g., CEO, CFO, general partner, president, etc). A company may have more than one controller, but only one controller’s information must be collected. The controller will need to provide information to be fully identity verified. This information includes their job title and role, phone number, last four digits of SSN, date of birth as well as a home address for identity verification purposes:
A business owner is any person who, directly or indirectly, owns 25% or more of the equity interests of the company. An owner will also provide their job title and role, phone number, last four digits of SSN, date of birth as well as a home address:
Businesses that are not exempt from beneficial owner requirements and need to submit beneficial owner information include:
Business types that are classified in one of the categories below are exempt from beneficial owner requirements. However, the individual creating the business account will still be required to explicitly certify there are no owners to attest to the exemption:
- Public corporations
If your business is exempt, or if there is no individual with at least 25% ownership, you can skip this step and move on to the next one.
In the last step, you will want to add a bank account. You can add a bank account using the Manual verification method.
For Manual verification, you will need to add your Routing and Account numbers, as well as an Account name and Holder name. Two small deposits will be sent automatically to the funding source for this purpose. These deposits take 1-2 business days to appear on the customer’s online statement. When accepting these amounts, you will need to enter the deposits in Online Payments > Bank Account tab > verify (three dots menu next to the bank account name) to verify your bank account.
If a bank account is not verified 10 days after you have added it, it will be removed automatically. You will need to re-add a bank account.
That’s it! The information is submitted and you have set up online payments. The verification process may take some time.
Mar. 2, 2023