Below are the 6 Steps and information needed to complete your VendorPay setup. Be sure that all fields match what's listed in the IRS for the Company or Individual (some address may not be current). As you type or hover over the fields, they provide additional details.
1. Review your Security Settings
2. Controller Information (Be sure to use full name and not nicknames)
3. Business Details (Business name must be the legal name with the IRS)
4. Bank Account Details
Please be sure to confirm the details below, prior to moving on to Step 5.
5. Bank Verification
Bank Verification via Micro-Deposits may take up to 2 business days. You can then enter these amounts under Settings - Locations - Bank Accounts (option to do so in the far-right).
6. Beneficial Owners Details (a person who owns 25% or more of the company, if there is no individual then this may be skipped)
Requested as part of the Due Diligence Regulation issued by the Financial Crimes Enforcement Network (FinCEN). Link here for additional details: https://www.fincen.gov/resources/statutes-regulations/federal-register-notices/customer-due-diligence-requirements
If you need help entering the above, please get in touch with your Account Manager.