Business Customer Verification #

This article will walk through the identity verification process for Business Verified Customers within the Dwolla API.

The basics #

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.

Key Terminology #

  • Account Admin - The representative creating the business verified Customer on behalf of the business and Controller.
  • Controller - Any natural individual who holds significant responsibilities to control, manage, or direct a company or other corporate entity (i.e. CEO, CFO, General Partner, President, etc). A company may have more than one controller, but only one controller’s information must be collected.
  • Beneficial owner - Any natural person who, directly or indirectly, owns 25% or more of the equity interests of the company.
  • Beneficial ownership certification - An action taken by the Account Admin to confirm that the information provided is correct.
  • EIN (Employer Identification Number) - A unique identification number that is assigned to a business entity so that they can easily be identified by the Internal Revenue Service.

Business Verified Customer Quick Guide #

My Customer's business structureWill sign up in Dwolla asAre they required to add beneficial owners?Are they required to add certify beneficial ownership?
Sole proprietorshipssoleProprietorshipNo (exempt)No (exempt)
Unincorporated associationsoleProprietorshipNo (exempt)No (exempt)
TrustsoleProprietorshipNo (exempt)No (exempt)
CorporationcorporationYes (if owns 25% or more)Yes
Publicly traded corporationscorporationNo (exempt)Yes
Non-profitscorporation or llcNo (exempt)Yes
LLCsllcYes (if owns 25% or more)Yes
Partnerships, LP's, LLP'spartnershipYes (if owns 25% or more)Yes

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