Merchant underwriting is a similar process to applying for a mortgage or car loan. Payabli must gather certain information from merchants to meet federal know-your-business (KYB) and know-your-customer (KYC) requirements, and to confirm a merchant’s trustworthiness.

All applicants must complete a Payabli Merchant Application that includes the legal information for the business, and information about each beneficial owner. Other documents may be required if the screening verification doesn’t return any verifiable digital validation.

Business information

  • Legal entity name of business registered with the IRS and the state in which the business is incorporated. If Payabli can’t verify the legal name during underwriting, we may request the applicant’s SS-4 (A document from the IRS that confirms the EIN and managing member of the business being underwritten) or articles of incorporation.
  • Federal Tax ID: EIN/TIN. For a sole proprietorship, the sole proprietor may use their Social Security Number (SSN).
  • Applicable DBA (“doing business as”) name or trade names registered to the legal entity that’s applying.
  • Business legal address. This is the principal place of business or a local office.
  • Business Type and description of product sold and or service provided. This description must be detailed enough for Payabli to determine the merchant’s Merchant Category Code (MCC).
  • Business website URL.

Beneficial owner information

For each beneficial owner, Payabli needs the following information:

  • Legal name
  • Date of birth
  • Contact information: current U.S. residence address, direct phone number, and direct email address
  • Identification number: either a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
  • Driver’s license number and state of issuance

Payabli uses this information to verify the individual’s identity and their with the business.

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