If you received the following popup on your account, you are legally required to provide details on the beneficial owner(s) at your business. This information is required for all Vagaro businesses with a merchant account. If you refuse to provide this information, you risk the bank stopping deposits or even closure of the account unless this is fixed.
What is a beneficial owner?
Beneficial ownership refers to the individual or individuals who ultimately own or control a company or an asset, even if the title is in another name. This person benefits from the property or company, such as receiving income or profits, or influences policy and procedures.
Who is a beneficial owner of my business?
The beneficial owner includes:
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The individual who signed up for the business merchant account.
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Anyone who owns 25% or more of the business.
What information do I need to provide?
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Full, legal name of all beneficial owners.
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Business or personal address of all beneficial owners. You cannot use a P.O. box.
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Tax ID Number. I.e., Social Security Number, Social Insurance Number, Individual Taxpayer Identification Number, National Insurance Number, etc.
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Date of birth of all beneficial owners.
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