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    OverviewStep 1: Create a business Verified CustomerStep 2: Handle verification statusesStep 3: Add beneficial ownersStep 4: Certify beneficial ownershipFrequently asked questions
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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)YesPublicly traded corporationscorporationNo (exempt)YesNon-profitscorporation or llcNo (exempt)YesLLCsllcYes (if owns 25% or more)YesPartnerships, LP's, LLP'spartnershipYes (if owns 25% or more)Yes

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Dwolla, Inc. is an agent of Veridian Credit Union and all funds associated with your account in our network are held in one or more pooled accounts at Veridian Credit Union. These funds may not be eligible for share insurance by the National Credit Union Share Insurance Fund. Dwolla, Inc. is the operator of a software platform that communicates user instructions for funds transfers to Veridian Credit Union.

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