Now that you're live with Wodify, you'll want to take a few minutes to set up your Wodify Payments (powered by Stripe) account so you can start processing payments right away! This article will walk you through how to create a new Wodify Payments account, completing your Stripe Application, and updating your account details!

Note: Stripe will allow you to begin receiving payments and payouts almost immediately after completing your Wodify Payments application, without requiring full verification. However, we strongly recommend that you provide all information and documents for full verification right away.

• Payouts may eventually be suspended if full verification information is not provided. 
  

In this article, we will cover:

• How to Create a New Wodify Payments Account
• Completing your Stripe Application
• Updating your Account Details

How to Create a New Wodify Payments Account

Before you can input your personal or business info, you must first create a new Wodify Payments account. 

To Create a New Wodify Payments Account:

1. Go to Wodify Core > Financial > Settings
2. Click on the Wodify Payments Configurations tab
3. Click + New Account 
   
   
4. Within the New Account Setup, complete the following fields:
   • Configuration Name: (Internal Use Only) By default, this will populate as 'WP Account Name Config.'
   • Statement Descriptor: This is the static name that appears on all customer bank statements.
   • Bank Account Holder Name: Name listed on the bank account.
   • Bank Account Holder Type: Select Individual or Company.
   • Routing & Account Number: Enter the details of the bank account you wish to receive deposits into.
5. Click Next

Note: Once completed, selecting NEXT will route you to an alternative link supported by Stripe directly.  You will then be prompted to complete the application via Stripe wizard.

Completing your Stripe Application

Note: Selecting the correct business type can prevent verification issues during or after the Stripe application process. Below are guidelines of what business information commonly matches with the IRS. 

1. Select the Type of Business: Individual, Company, or Nonprofit Organization. 
   • For Individual: Individual Name and Social Security Number (SSN)
     • Select this option if you do not have a registered business, LLC, or entity. 
   • For Company: Business Name and Entity’s EIN
     • The Business Name and EIN need to match your official IRS-issued documentation (e.g., Letter 147C or SS-4 Confirmation letter)  
2. Click Next

• Employer Identification Number (EIN)
• Company Website and/or social media page
• Industry (MCC)
• Personal Details 
  • Name, Address, Phone, and Email Address
  • DOB
  • Social Security Number and/or government-issued ID number
  • Identifying Document

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

1. A business representative is the individual creating the account. This is typically the end-user who is interacting with your platform on behalf of the business.
2. Click Next
   
   
   

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

 Below is each type of Beneficial Owner you will need to enter in your 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.