Applying for a MONESQ Plus account involves submitting a merchant application for any account handling card and e-check transactions. This requires a federally mandated KYC (Know Your Customer) check. While most of the information required is readily accessible, there are certain pieces of information that may require a bit more explanation or time to gather before signing up for MONESQ. This checklist is designed to help make signing up for MONESQ as smooth as possible:
- Legal business name: If you formed an entity with a state filing, it should match the name in that filing.
- Business Name (DBA): If the name you do business as is different than the legal business name, enter it in your application. If it is the same as your legal business name, enter your legal name in this field as well.
- Date the business was established: You will need to enter the date your business was established
- Ownership type: You will need to indicate in your application whether you are an LLC, S-Corp, C-Corp, Sole Proprietor, etc.)
- Federal Tax ID: If you are an entity, this will be your Employer Identification Number (EIN). For sole proprietors, it is your social security number.
- Control person and owner information: You will need the address, phone number, birth date, and social security number for the firm's control person and each of the owners. A control person is defined as anyone with significant responsibility to control manage or direct the merchant entity. Examples include a Managing Partner, Managing Member, General Partner, or any other individual who regularly performs similar functions.
- Ownership percentages: If your firm has more than one owner, you will need to enter the percentage of ownership for each owner. NOTE: All owners with more than 25% ownership must be listed in your application.
- Bank account information: You will need the account and routing numbers for your Operating account, and (if you choose to add it) your Trust account. Be sure to enter these accurately so operating expenses, such as card processing fees, aren't inadvertently deducted from your Trust account
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