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?
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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