Required Verification Information

Learn what information is needed to onboard sellers.

Part of onboarding requires collecting different identifying information about your sellers to meet Know Your Customer (KYC) requirements.

This information includes:

  • Business Information: Information about the business, like business name, tax ID, and incorporation type.
  • Owner Information: Information about the control person (the individual signing up the business for Finix) or beneficial owner (any person with more than 25% ownership).
    • The control person, commonly the owner, must have permission to sign up the business for Finix.
    • Beneficial owners are represented by Associated Identities.
  • Bank Account Information: Information about the business's bank account, like account type and routing number.

Finix's identity verification policies are part of Finix’s Bank Secrecy Act/Anti-Money Laundering program and required by our payment processing partners.

The following tables list the KYC information sellers must provide before a Merchant account can be approved on Finix.

  • Fields marked as ✅ are required.
  • Fields marked as ☑️ are conditionally required.
  • Fields marked as ✔️ are optional.
  • Fields marked as ❌ are not required.

See Data Formats by Country for details on how data should be formatted by country.

Business Information

Field Description USA Canada
Name
business_name		 Seller's full legal business name ✅ ✅
Doing Business As
doing_business_as		 Seller's assumed, trade, or fictitious business name
(Can be same as business_name)		 ✅ ✅
Type
business_type		 Seller's incorporated business type ✅ ✅
Ownership Type
ownership_type		 Whether the seller's business is private or public ✅ ✅
Business Tax ID
business_tax_id		 Seller's business tax identification number
(Optional for Canadian Sole Proprietors)		 ✅ ☑️
Website
url		 URL of the seller's public website ✅ ✅
Phone
business_phone		 Seller's customer support phone number
Individual or personal phone numbers will not be accepted		 ✅ ✅
Address
business_address		 Seller's primary business address
(Must be deliverable; PO Box, Mail Forwarding, Registered Agent, personal, or home addresses are not accepted)		 ✅ ✅
Incorporation Date
incorporation_date		 Date the sellers' business was incorporated (founded) ✅ ✅
Merchant Category Code (MCC)
mcc		 MCC that fits the seller's business ✅ ✅

Owner Information

This information is required for both the control person and beneficial owners.

Field Description USA Canada
First name
first_name		 Owner's first name ✅ ✅
Last name
last_name		 Owner's last name ✅ ✅
Title
title		 Owner's job title ✅ ✅
Ownership Percentage
principal_percentage_ownership		 Percent of the company the owner controls ✅ ✅
Tax ID
tax_id		 Owner's tax identification number
(Optional for Canadian sellers)		 ✅ ✔️
Birthdate
dob		 Owner's birthdate ✅ ✅
Phone
phone		 Owner's phone number ✅ ✅
Email
email		 Owner's email address ✅ ✅
Address
personal_address		 Owner's home / residential address
(Must be deliverable and non-PO Box)		 ✅ ✅

Bank Account Information

Field Description USA Canada
Account Type
account_type		 Bank account type ✅ ✅
Account Owner
name		 Bank account owner name ✅ ✅
Account Number
account_number		 Bank account number ✅ ✅
Routing Number
bank_code		 Bank account routing number/bank code ✅ ❌
Institution Number
institution_number		 Bank account institution number (Canada-only) ❌ ✅
Transit Number
transit_number		 Bank account transit number (Canada-only) ❌ ✅
Bank Document
bank_document		 Bank statement or other verifying document ✔️ ✔️

Additional Verification Scenarios

If there is an issue validating the information collected during onboarding, we’ll return a reject code.

These reject codes help detail the steps that need to be taken to get the seller approved for a Merchant account.

Sometimes, this may require you to submit government-issued IDs, a W-9 to certify the seller's taxpayer identification number (TIN), or any other documentation needed to investigate and verify the seller's identity.

For more information on reject codes and how to upload additional verification documents, see Uploading Files to Finix.

Finix and Data

For details on how Finix uses this data, see Finix's Privacy Policy.