Stripe, the card service manager that Forma partners with, has regulatory requirements in place to prevent abuse of the financial system. To comply with these regulations, all Forma customers must complete a business verification process.
This verification process (called “Know Your Business” or “KYB”) is a legal obligation for organizations like Stripe, and requires that they verify the identity of the businesses they work with.
Learn more about Stripe's privacy commitment and Data Processing Agreement.
Key takeaways:
- Forma customers are required to complete a verification process of their business via Stripe, Forma's card services manager
- This verification is a regulatory requirement
- The verification process must be done by someone with significant or managerial control, and will act as a representative of their business
Who should complete the business verification?
The person who completes the verification process will act as their company's representative, so they should hold significant or managerial control in the business. They'll need to enter their personal information to verify their identity, including their Social Security number.
What do I need to do to verify my business?
- Submit details about your business.
This includes the legal business name, Employer Identification Number (EIN), and registered business address.
- Enter the personal info of your business representative.
This needs to be someone who has significant or managerial control in the business. They'll also need to verify their identity with their Social Security number.
- Upload documentation for all business owners.
You'll need to enter the names of anyone who owns 25% or more of the company, and you may need to verify their identity with a government-issued ID.