Once you complete your Wodify Payments merchant application, it will go through a brief verification process. Here are some tips on completing your Wodify Payments merchant application to ensure a quick verification, and avoiding having to submit additional information to Stripe’s team!
Tip: This help article is best for those opening a Wodify Payments account in the United States or Puerto Rico.
What Business Type Am I?
If you have formed a business entity with the government (LLC, LLP, Corporation etc.,) then your account type should be 'Company.' If you are not operating as a business entity with the government, your account type should 'Individual.'
Entering Business Details
Both account types will require entering in the appropriate Business Details as requested.
Individual accounts will additionally be required to enter Personal Details. This information should be completed by the account owner.
Company accounts will additionally be required to enter Company Details. The information must match exactly what the IRS has on file in order to be verified. It’s advised that an SS4 or 147C form is available to compare when entering this information.
- If you have a DBA (Doing Business As) name, it’s required that you listed your DBA name under ‘Business Details, ’as well as your Company Name under ‘Company Details’ while completing the merchant application. This should display on your SS4 form.
TIP: DBA (Doing Business As) vs. Legal Entity - A company is said to be "doing business as" when the name under which they operate their business differs from its legal, registered name. Should you operate under a DBA, it should be entered under the ‘Business Name’ field on this application.
Account Opener Details
Stripe requires photo ID documentation to verify the main business owner, as well as all listed as a beneficial owner when completing the application. The front and back of the ID must be submitted. Please see the following for tips on submitting a proper identification photo:
- The images must be in color
- JPEG and PNG file formats are the only format that can be accepted (PDF’s cannot be verified)
- The photos cannot be blurry, contain no marks or stains covering the information, nor can any part be cut off
- It’s best the photo contains the license image only with no distracting background image
- The maximum file size is 8Mb
An address is required in order to verify the owners identity.
- It’s recommended to pull the address via Google Maps for this application
Owner and Manager Details:
Should this be a company account, it’s required to list all owners who own 25% or more, as well as provide photo ID documentation for all. 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.
Bank Account Details:
Enter the business bank account that you want your payouts to deposit into.
- This must be a checking account, not a savings account
- Virtual bank account can work, but are not guaranteed. It’s suggested to steer away from them if possible, as a "brick and mortar" bank is preferred
For more information, check out this article from Stripe’s knowledge base: