Owner Officer

The Owner/Officer section is always required and is used to collect information on all beneficial owners of the business/merchant being boarded.

Introduction

  • There can be a maximum of 4 beneficial owners and 1 individual with control over every application. (maximum of 5 total)
  • The combined ownership percentage between beneficial owners cannot exceed 100%. (but the sum doesn't have to equal 100% - the sum must be </=100%)
  • An SSN or passport number, and DOB, are required for every beneficial owner/IWC unless the business is one of the following entity types: Government (GV), Financial Institution (FI), or Corporation - Publicly Traded (CPUB).
    • For US citizens - SSN and DOB are required (except for the above-mentioned exceptions)
    • For Non-US citizens - Passport number, country of issuance, and DOB are required. (except for the above-mentioned exceptions)
  • At least one beneficial owner or IWC must have the SignatureInd set to Y on every application. (SignatureInd indicates that the owner will be signing the application on one of the two "Principal" lines.)
  • A maximum of 2 beneficial owners can have the signing_app set to true on a given application.
  • A maximum of 2 beneficial owners can have the guarantor set to true on a given application.

Properties

Property
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Description
owner_type
required
Owner type defines what type of owner/officer a person is for the merchant business.
  • Beneficial Owner: Someone who has ownership in the business.
  • Individual with Control: Someone with significant responsibility in the business, such as a CEO, CFO, etc.
  • BI: This is used when an owner is defined as both a beneficial owner and IWC.
At least 1 beneficial owner must be checked. This must be sent as an array such as ["B"], ["I"] or ["B", "I"]
first_name
required
First name of owner/officer. Limited to 11 characters
middle_name
optional
The iddle name of owner/officer. Limited to 11 characters
last_name
required
Last name of owner/officer. Limited to 11 characters
title
required
The title that a given owner/officer has within the merchant's business. See more here​
us_citizen
required
Determinate whether the owner/officer is a US person or not
ssn
required
Social security number (SSN) of a given owner/officer.
dbo
required
Date of birth of owner/officer
owned_percent
required
The percent ownership that owner/officer has in the business
country
required
The country that the owner/officer resides in.
city
required
City of the given address
street_type
optional
Street type for an owner/officer's address.
street_direction
optional
If applicable, the street direction of an owner/officer's home address
street_number
required
Street address
state
required
State for an owner/officer's address.
zip
required
ZIP code for an owner/officer's address.
unit_number
optional
Unit number (if applicable) of an owner/officer's address.
phone_no
required
Phone number of the owner/officer(s) on the application
email
required
Email address of the owner/officer(s) on the application
guarantor
required
Used to determine who will be signing the application as a guarantor. A maximum of 2 owner/officers can be designated as guarantors
signing_app
required
This field is used to indicate which owner/officers will be signing the application on the "Principal" lines
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