InvestNext Payments can be used to receive funds for an Investment in a capital raise and to send payments via ACH or Check to investors through distributions.
When setting up InvestNext Payments, we are working with our Payments partner to do the following:
Verify the Business Entity
Verify the Controller
Certify the Beneficial Owner(s) — even if there are none
Verify the Bank Account is properly connected to your Project in InvestNext
Table of Contents:
This Article is formatted into 4 Parts. The Parts are composed in the same order you'll be working in. You can also skip down to each part linked below:
Video Tutorial:
Step-by-Step Instructions:
Part 1 - Verification Form:
Fill out the Verification Form with details relevant to the Business/Entity and the Controller.
STEP 1. Navigate to the Project. Then click on the 'Settings' tab:
STEP 2. Click the 'Payments' tab in the left-side menu:
STEP 3. Fill out the Verification Form with all appropriate details:
IMPORTANT: Ensure that the below criteria are accurately entered in order to avoid receiving any rejections. Most common mistakes are:
The 'Business Name' MUST match the EIN paperwork exactly (including punctuation).
The 'Business Type' MUST match the EIN registration.
The 'Business Address' MUST be a physical U.S. address (a PO Box/Mailing Center, Virtual Address, or Registered Agent address are all prohibited due to TOS). If your business address is registered to a PO box or virtual address, use the controller’s residential address to avoid delays.
The 'Controller Address' MUST be a residential address related to the individual.
STEP 4: Click 'Submit' at the bottom of the page when done. The Verification Form will automatically be sent to our Payment Partners for review.
Part 2 - Upload Business Documents:
Upload your EIN paperwork in order to meet the required AML/KYC procedures.
STEP 1. Click the "Action Needed: upload additional documentation" banner:
STEP 2. Click the 'Upload Document' button. A pop-up menu will appear where you can select and upload the PDF files to the site.
STEP 3. Once you've completed uploading your Business Documents, they will automatically be sent to our Payment Partners for review.
TIP: Disclaimer - the "Action Needed: upload additional documentation" yellow banner will remain on the Payments page until the review is complete, and the Documents have been verified/approved.
Part 3 - Add Funding Souce (Bank Account)
Add & Verify the Bank Account that will be used to send and receive funds.
STEP 1. Click the '+ NEW FUNDING SOURCE' button.
STEP 2. Add the Bank Account by entering its information in the pop-up window. Then click 'Create Funding Source' when complete:
NOTE: The "Signatory" field will display exactly as it will be printed on any Check payments. Simply type the relevant name.
STEP 3. After adding the Bank Account, this will trigger two Micro-Deposits to be sent from our Payment Partners to that Bank Account.
IMPORTANT: Micro-Deposits take 1-2 business days to process and appear in the Bank Account.
Once received, enter the Micro-Deposit amounts into the site by clicking the "Verify" button shown in the "Linked Funding Sources" table:
STEP 4. Click the 'Verify Account' button to verify your Funding Source (Bank Account).
STEP 5. Finally, click "Set Default":
Part 4 - Add & Certify Benefifical Owners
Add Beneficial Owner - any individual that owns 25% or more of the equity interests of the Business.
TIP: If you have no Beneficial Owners, you can follow STEP 1 and then skip down to STEP 4 to skip and complete this section.
STEP 1. Click the 'Action Needed: Certify any beneficial owners' yellow banner:
STEP 2. Click the '+ Add Beneficial Owner' button. In the pop-up window, enter the details relevant to the individual. Then click 'Submit' when complete:
NOTE: Uploading a Photo ID may be required.
TIP: Repeat this Step as many times as needed if there are multiple Beneficial Owners to add. This will automatically be sent to our Payment Partners for review.
STEP 4. After all Beneficial Owners are verified OR if there are no Beneficial Owners, click the "Certify Information" button to complete this Part:
Your Payments setup is now complete! 🎉
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