Add a Merchant with multiple beneficial owners
When you have multiple beneficial owners with over 25% ownership, you are required to list them on the Dashboard. For Merchants determined to be high risk, you may need to list all beneficial owners with over 10% ownership.
The flow for adding a Merchant with multiple beneficial owners requires you to create multiple associated identities to represent the beneficial owners.
|Note: You will want to create the identity for the company with the owner with the highest percentage of ownership. Other beneficial owners can be added as Associated Identities.|
The associated identities represent the beneficial owners who are tied to the master Identity.
When you decide to underwrite the merchant, it’s very important to underwrite the principal/parent identity, not the associated identities.
|Note: Associated identities cannot be provisioned as a Merchant.|
Add a Merchant workflow
1. Navigate to the Identity that has Beneficial Owners and click on the Associated Identities tab.
2. Add all Beneficial Owners as Associated Identities. Click the Create Associated Identity button. The Create New Identity screen appears.
|Note: You can choose to leave the Business Information section blank as the parent identity has this information.|
3. Provision the Parent Identity
Before you head to the Processors tab, make sure you see all the Associated Identities to make sure you are on the right identity. Next, click on the Provision Merchant button.