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Set Up a Merchant Account to Accept Online Payments - Powered by Stripe
Set Up a Merchant Account to Accept Online Payments - Powered by Stripe

Apply for a merchant account to receive online payments from your tenants

Samuel avatar
Written by Samuel
Updated this week

Overview

To receive online payments from your tenants, you will need to complete a Merchant Account Application. Through this process, our payment processor verifies you and your business. DoorLoop has partnered with Stripe, a reputable leader in global payments that will significantly enhance our service and provide a more streamlined experience.

The Patriot Act of 2001 requires financial institutions to verify the identity of anyone opening an account and processing payments. Once this is done, you can start accepting online payments!

The Steps

Apply for a merchant account

Step 1 - Begin the merchant account application

  1. To begin the merchant account application, click on Accounting and then click on Setup under the Online Payments section.

  2. From your list of bank accounts, click Apply Now for the bank account on which you want to apply for a Merchant Account.

  3. You'll see a popup for DoorLoop + Stripe. Click Apply Now to begin the process.

Step 2 - Let's Get Started

Enter your Contact Info. You'll need to enter your phone number and a valid email address.

  • Phone Number - We’ll text this number to verify your account. Message and data rates may apply. By continuing, you agree to the Terms of Service and Privacy Policy.

  • Email - If you have set up a merchant account once already with DoorLoop, you can use the same email or a different one.

Click Continue to move to the next step.

Note: If you already have a Stripe account that you have set up outside of DoorLoop, you will not be able to use the same email address as that account. Please use a different email address, otherwise, you may encounter errors during the signup process.

Step 3 - Verify Your Phone Number

Enter the verification code you receive to your phone number. This is to verify that you entered a valid phone number.

Click Continue to move to the next step.

Step 4 - About Your Business

Here you'll need to select a legal entity for your company.

  • Individual - If you have not filed paperwork to register as a business entity, then your business type is likely to be Individual. Not sure which option to select? Refer to this support article.

  • Company

    • Sole Proprietorship - owned and run by one person and in which there is no legal distinction between the owner and the business entity.

    • Single-member LLC - an LLC with only one owner

    • Multi-member LLC - an LLC with more than one owner.

    • Private Partnership - a long-term arrangement between a government and private sector institutions.

    • Private Corporation - a company whose shares and related rights or obligations are not offered to the public.

    • Other / I'm Not Sure - If you're a public company, select "Other/I'm not sure" and refer to this support article for further details.

  • Nonprofit Organization - a legal entity organized and operated for a collective, public or social benefit.

Click Continue to move to the next step.

Note if you chose Individual as the Type of Business, skip to Step 5.

Step 5 - Tell Us More About Your Business

Stripe collects this information to better serve your business and help meet the requirements of regulators, financial partners, and our Services Agreement.

The combination of your name and Employer Identification Number (EIN) must exactly match the one listed on your IRS documents (e.g., Letter 147C or SS-4 Confirmation letter), including capitalization and punctuation. For more information about this, you can check this article here.

  • Legal Business Name - Enter the legal business name that you have on file with the government.

  • Employer Identification Number (EIN) - If you use your Social Security number for business tax purposes, you can enter that instead.

  • Doing Business As - (Optional) The operating name of your company, if it’s different than the legal name.

  • Registered Business Address - Enter the address of the business. You can use your home address if you don't have a business address.

  • Business Website - No website? You can share an app store link, a business social media profile, or add a product description instead.

Click Continue to move to the next step.

Step 6 - Verify Your Personal Details

This account should be activated by someone authorized to sign on your organization’s behalf. If that’s not you, please ask the right person to complete this form.

  • Legal Name - Enter your name exactly as it is recorded with the IRS.

  • Email Address - Enter your contact email.

  • Date of Birth - Enter your legal date of birth.

  • Home Address - Enter the home address that you have recorded with the government.

  • Phone Number - Enter your phone number.

  • Last 4 Digits of Social Security Number - The last 4 digits of your SSN are only used to verify your identity—no credit checks.

Note: Only US or Canada-based identification is currently supported. These are the only two countries currently able to apply for a merchant account.

Click Continue to move to the next step.

Step 7 - ID Verification

For additional security, please have the person who's applying for the merchant account finish verifying their identity with a government-issued ID.

Let's verify your identity - Stripe will verify your identity using images of you, your ID card and other data sources. Have a form of identification ready and be prepared to take a selfie. The images and results will be shared with DoorLoop and with Stripe, and may be used according to the privacy policy provided by DoorLoop and Stripe’s Privacy Policy. Learn more

  1. Here you'll need to click Get Started to go through the verification process.

  2. Choose between the Automated Verification and Manual Verification.

    • Automated Verification - (1-2 minutes) Biometric fingerprint technology will use your ID card, images, and other data sources to verify your identity.

    • Manual Verification - (up to 2-3 days) A qualified specialist will verify your ID and selfie, which takes more time.

      • Take a picture with your phone - Choosing this option will allow you to verify with your phone. You'll need to click a link that you can grab with your phone with either a QR Code, SMS, Email, or a Direct Link. This will then walk you through the process of uploading the images with your phone.

      • Take a picture with your webcam - If you choose this option, you'll need to allow access to your webcam and then take photos of the ID types they ask for.

    If you decide to click the Skip for Now button, you won't be able to complete the application at the end until completing this step under Personal Details. Only use this option if you want to save your progress and come back to this again later. More on that in Step 8.

  3. Professional Details - You'll need to enter your website URL here for your business. No website? You can share your profile from DoorLoop, a professional social media profile, or add a product description instead.

Click Continue to move to the next step.

Step 8 - Add Your Bank to Receive Payouts

In this step, you'll need to add the bank you want to receive your payouts. A payout is the transfer of funds from Stripe to your bank account. Link your account to seamlessly receive payouts and help us better understand your business.

  1. Use the Search field to find your bank and add your banking information from there.

  2. If can't find your bank or choose not to search for it, you can also use the button below to "Enter bank details manually instead". If you choose this option, you'll be prompted to enter your Routing Number and Account Number and Confirm account number again.

    Note that this account must be a checking account. Click Save to close this window.

Click Continue to move to the next step.

Step 9 - Review and Finish Up

You’re almost ready to get started with DoorLoop. Take a moment to review and confirm your information. Note that for any information that you skipped, you'll need to complete the information here. This includes Professional Details, Personal Details, and Payout Details. You'll be prompted to edit these fields if the system sees that any information is missing and required.

Click Agree & Submit if everything looks correct.

Step 10 - Application Waiting for Review

The final step is to just wait for the merchant team to review your application and approve it. You can check the status of your application by clicking Accounting > Settings.

If you submitted all your documents correctly and we don't need anything else from you, the approval process will take about 3-business days.


Special Considerations

  • Note that you can add as many bank accounts as you want in DoorLoop. These should represent the actual bank accounts you use in your business. We have two default accounts called Operating and Escrow, but you can rename these if you’d like. Pro tip: add the last four digits of the bank account to the name of the account in DoorLoop so you don’t confuse your accounts later.

  • If you need to receive payments into more than one bank account, you will need to complete a separate merchant account application for each. Simply add the other bank accounts in DoorLoop and repeat the steps above.

  • You will need to be verified by both the processor and DoorLoop after the application process. This is again due to The Patriot Act of 2001 requiring financial institutions to verify the identity of anyone opening an account and processing payments. We reserve the right to decline anyone's merchant account application.

  • Make sure that all information you add is correct, especially your legal name and tax ID number as shown on your official IRS-issued documentation, such as your SS-4 confirmation letter or your Letter 147C. For Stripe to verify this information with the IRS, the full name must be entered exactly as displayed on these forms, including upper/lower case, symbols, and punctuation placement.

    If your legal name and tax ID on file match the information on your SS-4 confirmation letter and Stripe is unable to verify it with IRS records, it’s best to call the IRS and request a Letter 147C (the record of how your entity is filed with the IRS).

    Otherwise, you can see delays in verifying your account.

  • If you run into any issues while trying to complete the merchant account, please chat in with our support staff by clicking the blue chat button at the bottom right corner.

  • What are the costs associated with setting up a merchant account?

    • Starter: $49 per merchant application

    • Pro: $25 per merchant application

    • Premium: Free merchant applications


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