Sub-Account Onboarding Process

This page provides explanations on the underwriting requirements for all JustiFi sub-accounts, and the frequently asked questions surrounding those requirements.

View Required Documents

Credit Risk

We're in this together.

Justifi is obligated to protect you, your customers and the consumers they serve. For that reason, we're required to have a thorough understanding of your customers' business model, financial situation, and the potential credit risk of each individual business.

What is credit risk?

Credit risk is the potential for monetary loss resulting from a business’ inability to remit refunds and chargebacks it generates back to customers it has accepted payment from.

Historically, businesses that accept payment far in advance of delivery of goods and services may be a higher risk for payment processors.

To mitigate this risk, businesses must provide documented evidence of its operational and financial strength, and its continued ability to support delivery of goods and services, refunds, and chargebacks.

Required Onboarding Documents by Entity

This information is securely used to perform industry standard identity verification. To ensure a fast and frictionless onboarding process, it's important to input the information as accurately as possible.

For-Profits

Sole-Proprietorship

BUSINESS INFO

• Website URL
• Business Type
• Determines MCC Code
• Business Name
• As represented on Tax Records
• Tax ID
  Federal Tax Identification Number/EIN Issued By The IRS
• Approximate Annual Spend
• Date of Incorporation

ONE REPRESENTATIVE

• First & Last Name
• Date of Birth (Must be 18 or older)
• Address
• Email
• Full SSN
• Photo ID Upload (Only collected if submitted representative can't be verified)

BANK ACCOUNT

To receive payouts, US banks only

• Account Holder Name
• Account Type (Individual or Company)
• Routing Number (ACH routing number)
• Account Number (Must be a checking account)

For-Profits

Multi Member LLC

Private Partnership

Private Corporation

Unincorporated Association

BUSINESS INFO

• Website URL
• Business Type
• Determines MCC Code
• Business Name
• As represented on Tax Records
• Tax ID
  Federal Tax Identification Number/EIN Issued By The IRS
• Address
• Phone
• Approximate Annual Spend
• Date of Incorporation

ONE REPRESENTATIVE

• First & Last Name
• Date of Birth (Must be 18 or older)
• Address
• Email
• Phone
• Full SSN
• Title (Owner or Executive?)
• Photo ID Upload (Only collected if submitted representative can't be verified)

OWNERS

25% or more of business ownership.

• First & Last Name
• Date of Birth (Must be 18 or older)
• Address
• Email
• Phone
• Full SSN
• Photo ID Upload (Only collected if submitted representative can't be verified)

BANK ACCOUNT

To receive payouts, US banks only

• Account Holder Name
• Account Type (Individual or Company)
• Routing Number (ACH routing number)
• Account Number (Must be a checking account)

Non-Profits

Incorporated

Unincorporated

BUSINESS INFO

ONE REPRESENTATIVE

BANK ACCOUNT

To receive payouts, US banks only

• Account Holder Name
• Account Type (Individual or Company)
• Routing Number (ACH routing number)
• Account Number (Must be a checking account)

Government Entities

Governmental Unit

Government Instrumentality

Tax Exempt Government Instrumentality

BUSINESS INFO

ONE REPRESENTATIVE

BANK ACCOUNT

To receive payouts, US banks only

• Account Holder Name
• Account Type (Individual or Company)
• Routing Number (ACH routing number)
• Account Number (Must be a checking account)

Individuals

BUSINESS INFO

• Website URL
• Business Type
• Determines MCC Code
• Approximate Annual Spend
• Date of Incorporation

ONE REPRESENTATIVE

• First & Last Name
• Date of Birth (Must be 18 or older)
• Address
• Email
• Phone
• Full SSN

BANK ACCOUNT

To receive payouts, US banks only

• Account Holder Name
• Account Type (Individual or Company)
• Routing Number (ACH routing number)
• Account Number (Must be a checking account)

Additional Credit Documentation may be Required

Not every sub-account is created equal! In certain instances, we may require additional financial documents to safeguard both you and your customers. These documents may include:

• Bank Statements: 3-6 months of recent bank statements may be required.
• Processing Statements: 3-12 months of processing statements from the business’ previous merchant account provider may be required.
• Financial Statements: The most recent 2 years and year to date financial statements may be required.
• Booking Report: An annual booking report may be required.
• Line of Credit/Debt Terms: The business may be required to provide evidence of line of credit availability and/or term debt agreements.

In the event that any information is unverifiable, the following documents may also be required:

• Photo ID upload: for the financial representative
• Photo SSN Card upload: for the financial representative
• SS4 or 501c3 letter
• Articles of Formation
• Registration documentation: verifying the individual on the application as a valid financial representative

Onboarding FAQ

We’re here to answer all your questions

Why do you need this info?

In short, it’s all about keeping you and your customers safe. By understanding your business, we can ensure a secure payment process that your customers will trust.

What is a financial representative?

Typically this is the owner(s) of a for profit business. For non-profit organizations, this is typically a board member such as a president, secretary, treasurer, etc. who is responsible for or oversees the finances of the organization.

Why can’t a PO Box be used for the address?

We need a physical address to ensure the organization/business is located and performing business within the United States.

Why does the financial representative need to provide a full SSN and date of birth?

The financial representative needs to provide this information for a federal OFAC check. The Office of Foreign Assets Control (OFAC) maintains watch lists for money laundering, fraud, and terrorist organizations; if the financial representative is on one of these lists, underwriting will fail and payments cannot be processed.

Do you perform a credit check with the SSN?

No, it is only used for OFAC background checks.

I thought I was already approved, why are you asking me for additional documentation?

In some cases, we may ask for additional financial documents to make sure everything is secure. This includes Processing Statements and Financial Statements.

Can personal information be safely provided and stored?

Yes, JustiFi is PCI-DSS and SOC 2 compliant. This means we adhere to the highest industry standards for card data security and cybersecurity compliance, ensuring all your data is securely stored.