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What information do I need to add on my Wodify Payments account to comply with FinCEN?

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The following article applies to US based customers on whose Wodify Payments account was created after May 11, 2018. For more information on why you are being asked to enter additional information, please visit our help article What are the FinCEN requirements? For instructions on how to update your account to comply with these regulations, please read below.

 

Your Wodify Payments account type can be either Company or Individual. Both types require details about the business and the account opener's personal information. 

 

  1. To enter the required information on your account, head to:  Financial > Settings > Wodify Payments Configuration. Select your account.
  2. From Account Details, Select 'Click here' and then scroll through your account to fill in the required fields.

 

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Note: If you left or closed out the application but still need to make edits, you will need to re-open it again. Just select 'Click here'  from Account Details to re-open the application.  

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Requirements vary based on your account type. Please read below for more information on your account type Company or Individual.

 

Here are the required Business Details for both Companies & Individuals:

  • Account Type
  • MCC
  • EIN (Company only)
  • Description of Products/Services Sold
  • Personal Information of account opener including:
    • Name, Address, Phone and Email Address
    • DOB
    • Social Security Number
    • Identifying Document

 

Individual accounts only require these Business Details and personal info from the account opener. 

 

Company Account

Company account now requires additional information is entered for other persons/entities associated with the business, known as Beneficial Owners.

  1. First, the account opener information must be filled out. The Account Opener is the individual creating the account. This is typically the end user who is interacting with your platform on behalf of the business.

 

 

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NOTE: If you are operating as a single owner for your business (you own 100% of your business), and you are opening the account, enter your information in the Account Opener Details section. In this scenario, you do not need to enter any additional beneficial owners.

 

If you are the only owner of your business (you are opening the account and you own 100% of your business), you are finished updating your account.

 

2. If you are a Company who has multiple partners who own parts of the business, you also add personal information for each Beneficial Owner.

 

Below are each type of Beneficial Owner you will need to enter in Wodify Payments account. 

  • Executive: An individual with significant management responsibility for the business, such as an executive officer or senior manager (e.g., CEO, CFO, General Manager, Vice President).
  • Owners: Every individual who, directly or indirectly, owns 25% or more equity in the company.

Here's how to enter more beneficial owners:

1. Head to Financial > Settings > Wodify Payments Configuration > Choose your account

2. Select + ADD BENEFICIAL OWNERS

3. Select the business role, and Enter all required fields for the beneficial owner

 

 

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 Note: If you have multiple Wodify Payments Configurations, you will need to repeat these steps for each configuration. 

 

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