Applying for a Finix account
Finix is the payment processor that our US based customers can use when they set up a Candid Pay account. To learn more about Candid Pay click here: How to accept credit card payments
Before you can get approved for an account, Finix's underwriting team must collect and verify information that identifies you and your business as required by regulation and our financial partners.
You will want to have the following documents ready to upload as you complete the account form:
Business Info
You must provide information about your business, like the DBA name, Tax ID, EIN, and the date of incorporation.
You'll also be required to upload documentation that verifies the EIN of the business. Acceptable documents include:
A Form SS-4
A 147C Letter
Control Person
The application form collects information about key individuals in the business.
- The control person is the individual who owns the business (sole proprietor) or is responsible for managing and controlling the business.
- If there are multiple substantial owners, add every Control Owner and pass 1% as the Ownership Percentage.
- You also need to provide the details of any beneficial owners. Beneficial owners own 25% or more of the business (up to 4 beneficial owners max).
Information the form collects includes:
- Full Legal names
- Title
- DOB
- Tax ID (SSN or ITIN)
- Phone Number
- Home Address
- Ownership Percentage
If further verification is required, Finix will request additional documentation that verifies the identity of the control person and/or beneficial owners. Acceptable documents may include:
- Passport
- State-issued ID card
- Driver’s License
- Bank Statement
- Utility Bill
Processing Info
All businesses must also disclose their processing activity and the payment channels they've used for the past 12 months.
Information that’s collected includes:
Transaction Distribution
The account form also prompts you to detail the channels the entity used to process transactions (in terms of percentage; 0-100). Submitting this info helps Finix understand the transaction activity of businesses by card acceptance channel and customer type.
Information that needs to be submitted includes:
Card Volume
All businesses must also disclose their card volume for the past 12 months. The total entered for Online Payments, and In-Person Payments must total 100.
Note: Since you will be using Finix only while processing payments through Candid you will want to mark In-Person Payments as 0%.
Payment Volume by Customer Type
All businesses must also disclose their payment volume for the past 12 months. The total entered for Business to Business, Business to Consumer, and Other must total 100.
Note: Since you will be using Finix only for your wholesale business you will want to mark Business to Business transactions as 100%.
Bank Account
You'll be prompted to enter the information of the bank account where your business will receive payouts.
A document from your bank is required to verify the submitted information. Acceptable documents include:
- A notarized bank letter
- A bank statement that verifies the details entered belongs to the business owner.