Setting-up your Merchant Processing Agreement and becoming KYC Compliant is required before your organization can accept online payments.
Complete your Merchant Processing Agreement
1. From the Admin Console click on the Money Tab.
2. Then click on Merchant Processing Agreement.
3. Click on Register for WePay Account.
4. Complete the sign up form in the pop up window.
5. Confirm your email - sent to the email address provided.
6. After you confirm your email click Next here:
7. Enter the Details of your Non-Profit.
8.. Enter your information as authorized agent - you do not have to be the "Controller".
10. Enter your banking information and disbursement frequencies.
10. Submit
What is KYC Law and why is WePay requiring it?
The official ruling can be found at: https://www.federalregister.gov/documents/2016/05/11/2016-10567/customer-due-diligence- requirements-for-financial-institutions
As part of the FinCEN Final Rule, WePay will be required to collect personal data (outlined below) on all Beneficial Owner(s) ("Ownership Prong"), Individual(s) with Control ("Control Prong") and Individual(s) Opening the Account to ensure that proper due diligence for KYC compliance is conducted.
If you run into any issues please contact us at support@memberhub.com