Provide your business's ownership information
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Provide your business's ownership information
To comply with the FinCEN mandate for customer due diligence, beginning May 11, 2018, when you’re getting started with Payments by Wave, we are required to obtain information about every person wit...
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I am the treasurer of an amateur radio club and I set us up to accept credit card payments through Wave. However, I'm not always going to be treasurer, so I need to know how to change this information. Also, I forgot to add the president.
@jchadwell in this case, I recommend creating a new business within your Wave account, setting up payments for that business, and then adding the president when you're submitting the application again. You can submit a support request where we update the contact on file, however we cannot retroactively add another owner to an account.
These are critical personal information. Where is the proof on how you handle these secure data to ensure data are secure and safe?
Hey @hhSpark, thanks for reaching out and great question, you're completely right, a lot of personal information is required. Let me assure you that Wave is extremely committed to the security and privacy of those who use Wave. Our entire organization works with our security team to ensure that the security and privacy of your data is protected at all times.
If you would like to learn more, our privacy practices are outlined in our public privacy policy, which can be found at https://my.waveapps.com/privacy - specific questions can also be sent to privacy@waveapps.com
For information about your relationship with Wave, please review our Terms of Use at https://my.waveapps.com/terms - specific questions can be sent to security@waveapps.com
Do you pull personal credit of these individuals? If so, you need to make that clear. Terms of Service acceptance grants you perpetual right to do a credit pull of these individuals and that is potentially detrimental to company stakeholders credit standing, so you need to be more transparent or less invasive.
@Scott_ It's good to be prudent! For any specific security related questions, please email security@waveapps.com
I just added a THIRD business to my wave account and had to do a whole new ID verification to accept cc payments for the additional business. This is a hassle considering its tied to the same wave account username as the others. To make matters worse, the credit questions asked which street was closest to my home...a home I've been in less than a year in a new state. The dumbest credit question ever to me. So I referred to Google maps for that answer. Guess that was wrong because I to upload an ID. I went through the trouble of uploading my ID to verify it's really me adding a business to my own account and that wasnt sufficient either. You do know Quickbooks charges less fees for cc payments? Lol, the new business would be perfect for testing them out. Meanwhile, how do I just cancel or turn off accepting cc payments for this biz?
Hey there @SoNutrishous
Thanks for reaching out. I apologize your experience with our onboarding for payments was not a pleasant one. We just want to make clear how important *your security is at Wave and that we consider our relationship with our users to be less transactional and more secure, trying to protect you and other users from chargebacks or fraudulent activity. Wave's risk policy is something we strongly pride ourselves over, so we like to get a good insight into those using our payments or payroll services.
We understand quickbooks charges 2.9% (a standard credit card rate paid to the credit cards) and 25¢ per transaction, while Wave collects 2.9% + 30¢ per transaction, but it should be noted that our software is free to use without a monthly fee, so a lot of business owners are saving money here.
If you'd like to turn off your payments on your invoices just head to Settings > Payments > Uncheck the ACH or Credit Card payments option. This will no longer attach payment information to your invoices.
Thanks again for your feedback, we genuinely appreciate it when users let us know what Wave is like up against the big giants for payment processing.
I'm owner to 100% of my LLC company but I'm a Non-Resident alien. How can I still get online payments?
Hey @Pablo_Andres
Unfortunately to accept payments in our Payments By Wave rails you would need to be a resident with an SSN according to our Payments Terms of Service. My apologies if this is an inconvenience to your business! You are of course able to operate in our platform and do all of your accounting freely, but may not be able to accept payments.
Can we use the EIN instead of the SSN if we are a US C-Corp with EIN but all the shareholders a non-US residents?
Hey @mexot71104
If you've set up your company as a C-corp you should be able to input the EIN instead of an SSN!
Give this a try and let us know if you run into any issues with this.
why do you need social security number??
HI @wardcup . To stay compliant with the KYC mandate, we do require your SSN when filling out your Payments application.
Hi, I can't provide ownership info because when a click the payment button it says that I am not allowed to enter. I already entered myself as administrator and as partner for Next Level. My goal is to attach the credit cards payment option to my invoice. Please help. -Victor De Jesus
Hi, it mentions that this information is for individuals. What if the "person" that owns a portion of the company is a Corporation? There is no distinguishing factor between the two, unless the DOB is entered as the incorporation date?
Hey @lrodriguez that's definitely an odd one! Can you send a screenshot here of what that page looks like that's telling you you are not allowed to enter?
@ttondu That sounds correct, yep! If there are further portions of verification needed outside of that, it will be sent to our Account Management team to review.
I don't want to accept online payments at this time, however it shows up on each invoice. I went to the payment page to check settings and there is no way to taggle it off that I can see. It looks like its in the middle of a set-up.
Hey @PConstant! You will need to turn those toggles off from each invoice in order to not have them be available to process payments. This is something that we're actively working to improve, and I do apologize for the inconvenience surrounding this workflow at present.
Hello, I get this error https://take.ms/6q3rX every time I click this https://take.ms/yPv6b
How can I set it up to receive payments?
Hi @Andrey! Thanks for reaching out! Are you currently a collaborator on the Wave account you are trying to set up Payments on, or is this your own business you created in Wave? Are you able to try clearing your cache & cookies, or logging in with an incognito/private browsing window to see if you still get the error?
Thanks Emma, I am the owner of the business and I created this account. I've tried logging in in Incognito mode and I tried two different browsers on Mac (Chrome and Safari) and I always get the same error.
@Andrey Thanks for getting back to us. It sounds like it's maybe one of two issues
- Device/network issue
There are a few troubleshooting steps to take that should resolve the issue.
If you're using a VPN, please disable it.
Please power-cycle your modem and/or router. A great article that walks you through how to do this, and why it helps is (available here.)[https://www.lifewire.com/how-to-properly-restart-a-router-modem-2624570]
Try connecting to a different network. The fastest way to do this is usually to tether to your mobile device.
Try disabling your antivirus software, or adding waveapps.com to your antivirus whitelist.
- Business is in unsupported country/region
You may have created your business under an unsupported region then edited it to a Wave Payments supported country later on. Wave Payments is available to U.S. & Canadian businesses, or Stripe supported countries here. If you've done this, your access may be an issue. Archive the old business then create a new business under the supported region.
To archive a business, click to the top left of your screen on your business name and then select Manage your Profile > Businesses.
In the list of businesses, click the pen icon next to the business you want to archive.
You will be taken to the Edit Business page. At the very bottom, you will see an Archive Business ** section > **click the archive button.
Take a look at this Help Centre Article on How to Archive a Business, for more details on things that must be done before you can archive your business and more:
https://support.waveapps.com/hc/en-us/articles/208621286-How-to-archive-a-business
To add a new business to your account, see the help guide here: https://support.waveapps.com/hc/en-us/articles/208624306-How-to-add-a-new-business-to-your-Wave-account
Hey @Klutch3painter and welcome to Wave's Community Forum. It sounds as though you are looking to complete the set up for Wave Payments and have gone through the verification question step. These questions (taken from public records) may ask things that are outside of your memory. If you are unable to complete the questions asked, it will likely prompt you to upload an image of your personal identification (Driver's Licence or Passport) as another verification step. Should you run into any issues, as a North American Waver registering for Wave Payments, you may have access to live chat for the Support Team to help, or you can send us an email and we will be happy to help.
We are an nonprofit organization; what percentage do I need to add our Executive Director as for this section? Thank you! Lindsey
Hey @lfhochhalter! We wont be able to tell you what your percentages for your company should be as far as ownership - you might want to have a word with them!
This is not helpful. We are a corporation and no one owns more than 25%. It suggests that we enter someone who has significant control, but that does not work. How does a true business, not a sole proprietorship enter their information. Is their a customer support number I can call?
@Wave_Customer,
I use Wave for my corporate clients. C-Corps do not show individual stockholders. The equity section of a C-Corp should have Common stock and possibly Paid in Capital and Dividends. If this is an incorporated S-Corp then Common Stock, Paid in Capital and Distributions (one for each shareholder). Common Stock should be stated at par value. Paid in Capital represents the excess a shareholder paid for the stock over par value. Let's go through an example. You incorporate and are authorized to issue 100,000 shares at .01 par value. 4 individuals each acquire 1000 shares for 2500. That is a total of 10k contributed to the corp in exchange for stock. The ownership would each be 25%. There are 4000 shares issued and each owns 1000 (1000/4000=25%) For ease, the corporation deposited the funds. The 2500 deposit would be split between Common Stock and Paid in Capital. You would either split the deposit if it imported or if you are manually entering you would do a journal entry. Either way a credit would be made to Common Stock for 10 (1000*.01) and the remaining 2490 would be credited to Paid in Capital. Your balance sheet would have
Assets
Cash - 10,000
Liabilities - 0
Equity
Common Stock - 40
Paid in Capital - 9960
Total Equity -10000
Hope that helps!
Hey there,
I am trying to complete the setup of my business. I am facing an issue with the setup. Our company does not have any owner who owns 25% or more than that. Every owner is less than that. I am unable to complete my setup of the account due to this. Could you help me with a way we can do this as invoices have started to go out and we are unable t complete the bank connection.