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.
Here are the required Business Details for both Companies & Individuals:
- Account Type
- EIN (Company only)
- Description of Products/Services Sold
- Personal Information of account opener including:
- Name, Address, Phone and Email Address
- Social Security Number
- Identifying Document
Individual accounts only require these Business Details and personal info from the account opener.
A Company account now requires additional information is entered for other persons/entities associated with the business, known as Beneficial Owners.
Below are each type of Beneficial Owner you will need to enter in Wodify Payments account.
- Account Opener: The individual creating the account. This is typically the end user who is interacting with your platform on behalf of the business.
- 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.
If you are a Company type, you must add personal information for each Beneficial Owner.
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