This article describes the process for US-based companies and their representatives, and the required data and documents when applying for Payhawk products and services.
Company requirements
When applying for Payhawk, a company must:
Be registered in the US. Except for Sole Traders, all US-based companies can apply.
Have at least $250,000 for a parent entity in a group or $100,000 for each subsidiary entity in a group in one or more US bank accounts and in the name of the applying entity.
Required company data
During the application process, companies will be required to submit the following information:
Business information - business address, employer identification number (EIN), type of business entity, date of incorporation.
Business usage information - industry, employees, website, card usage, payment regions.
Online banking login details - required for linking by using Plaid as part of the application.
Required company documentation
During the application process, companies will be required to submit the following documentation:
Incorporated Entities - Form 1120 U.S. Corporation Income Tax Return including Schedule K and Schedule G.
Limited Liability Companies - Form 1065 U.S Return of Partnership Income.
501(c)(3) tax-exempt charitable and nonprofit organizations - Form 990.
Latest management accounts, showing income statements and balance sheets with the latest entries no older than three months.
Certificate of Good Standing.
Identifying company representatives
During their application process, companies must also identify their representatives by providing:
Details of one Payhawk administrator who will have a complete overview and full control over company spending and settings.
Details of Ultimate Beneficial Owners who own directly or indirectly more than 25% of the applying entity.
For Incorporated Entities/LLCs - If there is no UBO, the applying entity may be required to submit an electronically signed organization structure confirming ownership.
For 501(c)(3) tax-exempt charitable and nonprofit organizations - Details of the CEO may be required in lieu of a UBO.
Details of a Control Person who can be any of the following:
Anyone who owns or controls 25% or more of the voting stock.
Anyone who is in a position to influence the decision-making process of the applying entity.
Anyone who is a managing member if the applying entity is an LLC.
Required data for representatives
During the application process, company representatives will be required to submit the following information:
Date of birth
Citizenship
Social Security Number
Passport ID
Residential address
Required documentation for representatives
During the application process, company representatives will be required to submit the following documentation:
Social Security Cards
Passport or Driver License
Proof of address - can be provided by utility bill, bank statement, or pay stub dated within the past two months of the application.
Identity verification
All company representatives identified during the application process will need to verify their identity with Onfido. The process includes taking a selfie and a photo of the Passport or driver's license, which takes a couple of minutes to complete.