Do you use Payza to power your business? Congrats! You’ve made a great decision in opening your business to the world. The next step is verifying your Payza account. Payza verification is an easy process (we promise!) that will allow you to receive, send, deposit and withdraw an unlimited amount of funds. Once verified, whether you need to send $100 to a supplier or withdraw $100,000 into your bank account, you can use Payza to move your money quickly and securely.
Different business types have different processes for getting verified, and here we’re going to walk you through how to become verified if you are a sole proprietor.
What is a Sole Proprietor?
Sole proprietorship is one of the most popular business forms because of its simple structure, easy setup process and cost-effectiveness. A sole proprietorship business can operate in two fashions. One, you may choose to register your business with your government business registry which would then allow you to run your business under a DBA (doing business as) name, such as Tracy’s Toy Trains. Or you may choose to not register your business and run your business under your own personal name. A sole proprietorship is a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and the business.
There are many different businesses that have the characteristics of a sole proprietorship. A sole proprietor business may include the freelance graphic designer, the mom who makes some extra income by making and selling jewelry, or the independent marketing consultant.
How Do I Get Verified?
To get verified, you’ll need to send in the following three (3) documents:
1. POA (Proof of Address)
This can be a bank statement or utility bill, such as a phone or electricity bill. Your name and address must be clearly visible. Your Proof of Address document cannot be older than six (6) months old.
2. POI (Proof of Identification)
This must be a government-issued photo ID, such as a passport or a driver’s license. Please make sure that three (3) corners of the ID are visible.
3. Registration Document (for registered sole proprietorships)
A registration document may be a General Business Registration, Doing Business As, or Tax Registration. You may also submit another kind of registration document, as long as it meets the following requirements:
- The business registration or expiration date is visible and still valid
- The business name and address match with the information listed in your business profile
- The Payza account holder’s name is listed as a sole proprietor
- The Employer Identification Number is visible, if applicable
4. Attestation Form (for unregistered sole proprietorships)
For those business who have chosen not to register their business with a government registry, we need to be able to verify you are operating as a Sole Proprietor. This allows you certain Payza account privileges that a personal account does not have. You can download the Attestation Form by following these steps:
- Log into your Payza account.
- Under your name (top left corner), select Verification from the drop-down list
- Click Corporation Documents
- Select Unregistered Sole Proprietorship – Attestation Form
- Review and accept the terms by checking the box provided and entering your initials
- Click Submit to complete
Please ensure that all submitted documents are clearly visible in .jpeg or .jpg format and are between 500 KB to 1 MB in size.
Once you have submitted your verification documents, please allow 4-5 business days for it to be reviewed. You can check the status of your submitted documents at any time by logging into your account, selecting Verification from the drop-down list (under your name), and clicking on Corporation Documents. You’ll be able to see the date you submitted the document, the status, and any relevant details.
If you’re not sure whether or not you qualify as a Sole Proprietor, or if you need more information about how to get verified, contact Payza’s Customer Support Team. Our dedicated Customer Support Advisors will be happy to help you out however they can.