11/13/2023
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Required information in the United States-
In order to process your application as quickly as possible, it’s important that you provide accurate information. The information you'll be required to provide includes:
Document signer’s personal information: This will include their home address and SSN, as required by FINCEN. Lightspeed reserves the right to run a credit check if necessary.
Beneficial Owners: We are required to capture the personal information of any individual that qualifies as a beneficial owner. Beneficial owners can include one or both of the following types of individuals. The exact rules vary by country, but beneficial owners can include one or both of the following types of individuals:
Individuals who own 25% or more of your company
Individuals who exercise significant control over your company
Individuals considered to “exercise significant control” over your company are those responsible for managing and directing the business and may include executive officers or senior managers, such as CEO, CFO, COO, Managing Member, General Partner, President, Vice President, or Treasurer.
Legal Business Name: This is the Sole Proprietorship/LLC/Corporation name that you registered with the Secretary of State. Your business needs to maintain a status of Active or In Good Standing.
Tax ID (FEIN): The Tax ID has to match your legal business name under IRS records. If we can’t find your Tax ID in IRS records, you can also provide your FEIN letter. This will be your SSN if you operate as a Sole Proprietorship.
Business address: We need to verify your business operating location.
Bank Account: A bank account associated with the Sole Proprietorship/LLC/Corporation name provided in the application is required. This is the account where your processed funds will be deposited.
You may be required to upload an image (voided cheque, bank letter, bank statement, or online banking environment) of your banking information. This image must have the following information visible:
Business legal entity name or DBA name
Routing number
Account number
New businesses may need to provide additional documents:
Proof of occupancy: For example, a lease agreement that proves you are opening at a specific address.
Proof of legitimacy: Something to show what type of business you are running. This could be a liquor license, food and beverage license, building permit, banking documents, or another legal document.
Our underwriting team will reach out to you if they need further clarification or if anything is missing in your application.
