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.
When you decide to underwrite the merchant, it’s very important to underwrite the principal/parent identity, not the associated identities. The associated identities represent the beneficial owners who are tied to the master Identity.
Note: Associated identities cannot be provisioned as a Merchant.
1. Navigate to the PEOPLE header, and click on Identities. Click on the link to view additional details. Click the ASSOCIATED IDENTITIES tab on the top navigation.
2. 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.
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 to associate the identity to the merchant.