2 Account Holders

Account holders represent legal business entities within an organization. For example, if an organization has several store concepts or branches, then an account holder can be created for each concept that is its own business entity.

When adding an account holder, its first account is also created, which becomes the default account.

Each account holder has one or more owners. As an owner, you can grant ownership to others or you can just grant a user the permission to add accounts to the account holder. You can do this within the Account Holders page by clicking Users and then clicking Assign User.

The list of account holders in the Account Holders page also indicates whether payouts are allowed or not.

Account holders must first be verified before associated accounts can be managed or before additional accounts can be added. Verification is how the legal business, personal, and banking information is validated. Before adding an account holder, make sure you have the following information on hand:

  • Legal business name or doing business as (DBA) name, address, and Employer Identification Number (EIN).

  • Individuals in key financial roles for the company, such as owners, controllers, and signatories. They will be asked to provide their personal information.

  • Business bank account and routing numbers.

When an account holder status is Closed, then business email, phone number, and address data are deleted.