This article will walk through the identity verification process for Business Verified Customers within the Dwolla API.
A business verified Customer represents a business that intends to send or receive funds on your platform. In any transaction, at least one party—either the sender or the receiver—must complete the identity verification process as outlined in this article.
|My Customer's business structure||Will sign up in Dwolla as||Are they required to add beneficial owners?||Are they required to add certify beneficial ownership?|
|Sole proprietorships||soleProprietorship||No (exempt)||No (exempt)|
|Unincorporated association||soleProprietorship||No (exempt)||No (exempt)|
|Trust||soleProprietorship||No (exempt)||No (exempt)|
|Corporation||corporation||Yes (if owns 25% or more)||Yes|
|Publicly traded corporations||corporation||No (exempt)||Yes|
|Non-profits||corporation or llc||No (exempt)||Yes|
|LLCs||llc||Yes (if owns 25% or more)||Yes|
|Partnerships, LP's, LLP's||partnership||Yes (if owns 25% or more)||Yes|
All funds transfers made using the Dwolla Platform are performed by a financial institution partner, and any funds held in a Dwolla Balance are held by a financial institution partner. Learn more about our financial institution partners.