When you enable Payments for your practice, you will need to verify the ID of someone from your business who will act as your Company Representative before you are able to receive funds.
Note: Account verification is applicable for USA, Canada, and UK accounts. Australian accounts at this stage do NOT require verification.
Know Your Customer
Every country has its own set of rules about paying out funds to individuals and businesses. These are typically known as “Know Your Customer” regulations, or KYC. These regulations broadly require two things: collecting information, and verifying the information is accurate.
Under normal situations the information we require upfront should be enough to verify an account but for a variety of reasons additional information can be requested to complete the verification process and to confirm your identity.
Requests for additional information may also be made as you process larger volumes of payments through Practice Ignition.
Information We May Ask For
When you first get started with payments you will first be asked for the Company Representative's:
- Full name as it appears on their Social Security details,
- Date of birth.
As your volume of transaction increases, you may be asked for the following information of your Company Representative:
- Their Business home address
- Last 4 digits of their Social Security Number (SSN)
- Tax ID (Employer Identification Number-EIN
- Full SSN or Government ID or Passport number.
What Will Happen If You Don't Provide the above Information?
If you do not enter this information within 7 days or $2000 worth of charges (whichever comes first), we will temporarily pause all transactions until we have that information. If after 21 days we still do not have the information, we will refund the charges back to your client.
Who Can See This Information and How Is It Stored?
The only information that Practice Ignition stores is the Company Representatives name and date of birth. All other information that is submitted is passed straight through to our payment gateway for verification.
Changing Your Company Representative
If you need to change your Company Representative, simply go to your Payment Account settings and enter their name and date of birth. If you have already submitted further details such as their address or social security number, then after putting in their name and date of birth, they will be prompted to submit further information.