Payment Entities ― Add Entities & Bank Accounts

Table of Contents

Intro

Going through the Entity Verification process in SponsorCloud is the first and most crucial step when sending distributions. Once the entity is verified, you can add the bank account and start making distributions to your investors.

Add & Verify Entity(ies)

Step #1: Add an Entity to the platform

From your SynPro portal, complete the following:

1. Click  from the left-hand navigation menu
2. Next, click Settings
3. Click  in the Payment Entities section of the page

Step #2: Complete the Entity Verification Process

In the Add New Entity pop-up that appears, complete each step fully and as accurately as possible. We'll break down each step below, highlighting important items to pay attention to.

1. Basic Information

Complete each and every field on the Basic Information step of the Add New Entity pop-up.

Make sure to pay special attention to the following:

• 🚨 IMPORTANT ― The Entity Name and Business Address MUST match the Entity Name and Business Address on the document you will upload in the final step, "Upload Documents."
• 🚨 IMPORTANT ― The Business Address CANNOT be an agent or PO address; it MUST be the physical address where the business is conducted.

After you've double-checked your information and confirmed it accuracy and completeness based on the notes above, click .

2. Controller Information

Now that you've successfully completed the Basic Information step, it's time to complete the Controller Information step.

Make sure that the Controller's First Name and Last Name, Address, and Date of Birth match the Controller documentation (Drivers License or Passport) that you will upload in the final step, "Upload Documents."

After you've double-checked your information and confirmed it accuracy and completeness based on the notes above, click .

3. Beneficial Owner

With both the Basic Information and Controller Information steps complete, we must now complete the Beneficial Owner step.

If no natural person directly or indirectly owns 25% or more of the company’s equity interests, select “Same as Controller” to fill in the fields using the controller information you entered in the previous step.

After you've double-checked your information and confirmed it accuracy and completeness based on the notes above, check the agreement boxes and click .

4. Upload Documents

The final step of the Add New Entity process is to upload the required documentation that matches the details you've entered throughout the process thus far.

Required Documents:

• EIN or Articles of Incorporation  ― The details on these documents MUST match the details exactly as you entered them in the Basic Information step.Accepted examples: IRS EIN confirmation letter, Articles of Incorporation, Articles or Certificate of Organization 
•  Controller ID (Driver's License, Passport, State-Issued ID Card)  ― The details on this document MUST match the details exactly as you entered them in the Controller Information step.

• Beneficial Owner ID (Driver’s License, Passport, or State-Issued ID Card) — If the beneficial owner and controller are the same person, upload their ID once in the Controller ID row. The same file will be used for verification for both roles.

Step #3: Submit Entity Verification Request

Congratulations! You have successfully submitted your Entity Verification Request. If all of the details you entered are accurate and match the documentation you submitted, your Entity will be verified. This verification can take up to 2 business days.

You will receive an email notification about your entity’s verification status. Common statuses include: 

1. Verified - Your entity has been successfully verified, and you can proceed with adding a bank account. 

2. Rejected - One or more uploaded documents were not accepted and need to be uploaded again. 

Document Upload Required —  No documents have been submitted yet. Click "Complete Account"  to open the Document Upload step and upload the required documents. 

Additional Documents Required — One or more submitted documents were rejected, or additional documentation is needed. Click “Complete Account” to open the Document Upload step. Upload replacements for any rejected documents, or use the “Additional Document (Optional)” field to provide additional documentation if requested.

To be safe, routinely check the status of your Entity in the Payment Entities section of your Payment settings.

Add & Verify Bank Account(s)

After your entity has been successfully verified, you can add a bank account associated with the Payment Entity. To add and verify bank accounts, complete the following from your SynPro portal.

Step #1: Add Bank Account

1. Click  from the left-hand navigation menu
2. Next, click Settings
3. Click  in the Payment Entities section of the page
4. Enter the Bank Account details in the pop-up that appears
5. Click and follow the remaining on-screen steps 

Step #2: Enter Micro-Deposits & Verify Bank Account

After adding your bank account, you will receive two micro-deposits (e.g. $0.28 and $0.34) in your bank account to verify you entered the correct information. The micro deposits will be made in your account 24-48 hours after adding your bank account.

You will receive an email notification when the micro-deposits have been made. When you receive the micro-deposits in your bank account, complete the following steps from your SynPro portal:

1. Click  from the left-hand navigation menu
2. Next, click Settings
3. Click the [Verify] button under the bank account column you need to verify
4. Enter the micro-deposit amounts you received in your bank account
5. Click Verify

If you completed the above steps correctly, you will have successfully verified your bank account and can now start making distributions!