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Merchant Creation
Introduction
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Merchant API Creation - US
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Merchant API Creation - Canada

Merchant Creation

The merchant creation process allows you to integrate the onboarding and merchant creation process with your own application.

API Endpoints for Merchant Creation:

This collection shows working examples of the merchant creation process for a US based merchant and a Canadian based merchant.

Beneficial Ownership
As a financial services company we are required to verify the beneficial owners of each legal entity we create an account for.

The number of owners required to submit is conditional based on FINCEN beneficial ownership regulatory requirements. An officer is required every time.

A beneficial owner is defined as one of the following:

  • Any individual who owns directly or indirectly, 25 percent or more of the equity interests of the legal entity registering for a merchant account; AND/OR
  • An Officer, defined as individual with significant responsibility for managing the legal entity (e.g., a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer). An Officer could be the same person as one of the Owners.

You must include all beneficial owners that meet the criteria above when you onboard merchants to us through the API.

By definition of the FinCen rule Sole Proprietorships and Non-Profit organizations do not have to submit owner information. However, they are required to submit the information for an officer. For a Sole Proprietor the owner is the officer.

Use the link below to see a live demo of what this could look like and how we recommend collecting the merchant information.

https://www.tfaforms.com/4914062