Overview
Now that you've added a bank account to DoorLoop, if you plan on receiving online payments from your tenants, you'll need to complete a Business Account Application, also known as KYB (Know Your Business). Through this process, our payment processor verifies you and your business. DoorLoop partners with Stripe for this verification and payment processing.
Walkthrough Video
Set Up Incoming Payments/Business Verification Walkthrough Video Link.
Tip: Before submitting a Business Account Application, be sure to have the following information on hand:
Identity Verification (if Stripe can't verify programmatically):
Government-issued photo ID (front and back) — driver's license, passport, state ID + full SSN
Proof of address document — utility bill, bank statement
Business Verification:
Articles of Incorporation
Certificate of Formation
Business license
IRS Letter 147C (EIN confirmation)
Partnership agreement
Trust agreement (for trusts)
Bank Account Ownership Verification:
Cancelled check
Bank statement showing account holder name and account number
Note: 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
Submit a Business Account Verification
Step 1 - Begin With the Business Account Application
To submit your business account application, click on Accounting > Incoming Payments on the main menu.
On the Online Incoming Payments page, click the Merchant Account Setup tab. Here you'll see a list of all your DoorLoop bank accounts. Click the Apply button for the bank account on which you want to submit a business verification application.
You'll see a popup to Start Business Account Setup. Click Start Setup to begin the process. Note that by continuing, you agree to the Rapid Rent Agreement and Financial Services Addendum. Applications are subject to underwriting review.
Be sure to enter the 6-digit verification code into the Verify Your Identity window, sent to your mobile phone on file.
Add information to start accepting money. Click Add information to continue.
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've already set up a merchant with DoorLoop, you can use the same email as before or a different one.
Click Submit to move to the next step.
Note: If you already have a Stripe account that you set up outside of DoorLoop, you won't be able to use the same email address as that account. Use a different email address, or you'll encounter errors during the signup process.
Step 3 - Verify Your Phone Number
Enter the verification code sent to your phone number. This confirms 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 haven't filed paperwork to register as a business entity, your business type is likely Individual. Not sure which option to select? Refer to this support article.
Company
Sole Proprietorship — owned and run by one person, with 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 aren't 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 6 and Step 6a.
Step 5 - Tell us About Your Business
Stripe collects this information to better serve your business and help meet the requirements of regulators, financial partners, and its 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, see this article.
Legal Business Name — Enter the legal business name you have on file with the government.
Business Name or "Doing Business As" — (Optional) The operating name of your company, if different from the legal name.
Employer Identification Number (EIN) — 9-digit EIN. If you use your Social Security number for business tax purposes, you can enter that instead.
Business Address — Enter the registered address of the business. You can use your home address if you don't have a business address.
Business Website — Share the website where you sell or promote products or services. The website should provide information about the products and services you're selling. Generic URLs or websites under construction aren't supported. If you don't have a Business Website, click "Don't have a website? Add product description instead," then enter a Product Description that describes your business.
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, such as the Business Representative. If that's not you, ask the right person to complete this form.
Legal Name — Enter your name exactly as it's 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 you have recorded with the government.
Phone Number — Enter your phone number.
Social Security Number — Enter your full SSN. We're required to collect this information to satisfy regulatory obligations.
Click Continue to move to the next step.
Note: Only US or Canada-based identification is currently supported. These are the only two countries currently able to apply for a merchant account.
Step 6a - Business Details: For Individual Type Only
For Individual Type business accounts, after submitting your personal details, you'll also need to add a website to verify your application.
If you don't have a website to include in your Business Verification application for an individual account, you can use an alternative such as:
A business social media profile (e.g., LinkedIn, Facebook, Instagram)
An app store link
A URL that provides sufficient descriptions of your products, services, or business activities
The page you provide must show business-related information and be publicly viewable by anyone. The key requirement is that the link offers enough information about your business for verification purposes.
If you don't have a Business Website, click "Don't have a website? Add product description instead," then enter a Product Description that describes your business.
Step 7 - Select An Account To Receive Payouts
In this step, you'll need to add the bank account where you want to receive your payouts. A payout is the transfer of funds from Stripe to your bank account.
Use the Search field to find your bank and add your banking information from there. (Not all banks are supported this way.)
If you can't find your bank as an option for online verification, you can manually add your bank using the button labeled "Enter bank account credentials instead." If you choose this option, you'll be prompted to enter your Routing Number, Account Number, and Confirm account number again. (This account must be a checking account.)
If you did connect to your bank online, select which account will be used for your payouts.
Click Continue to move to the next step.
Step 8 - Add Public Details for Customers
For the Public Details, you'll need to add the following items:
Business Name — This is automatically filled in from the previous information supplied.
Statement Descriptor — This must be similar to your business name or URL. Suggestions that meet requirements are auto-generated, so check for typos.
Shortened Descriptor — (Optional) Enter a shorter statement descriptor.
Your Website — Enter your business email.
Step 9 - Verify Bank Account
You will need to provide some information in regards to your business here. Mainly, what is the highest monthly rent that you collect from any active lease, and you will need to provide bank statements for the lat 3 months to verify rental income and account activity. When completed, click Submit for Review.
You'll see that your application documents were submitted and are now under review. The review process takes approximately 2-3 business days. Click View Accounts to finish.
Step 10 - Application Incomplete, Resume Application
It is possible that upon exiting the last step, that you will see that your application is incomplete. Click Resume Application on the right side of the bank to see which information is still needed. Most likely, it's an identity verification step for security purposes. Click Start Verification to get started. Make sure you are the person for which this bank account belongs to. Follow the instructions to verify your identity, which will require that you scan a QR code and complete the verification via your mobile phone.
Step 11 - Application Waiting for Review
The final step is to just wait for the merchant team to review your business verification application and approve it. You can check the status of your application by clicking Accounting > Incoming Payments and head into the Merchant Account Setup section.
If you submitted all your merchant account documents correctly and we don't need anything else from you, the approval process will take about 2-3-business days.
Note: If you notice that the merchant account approval is taking longer than expected, reach out to our support team. We can check the status of your business verification application and see if there were any issues with the process.
Your business account application is now submitted and awaiting review.
Things to Consider
If you need to receive payments into more than one bank account, you'll need to complete a new, separate business verification application for each. Simply add the other bank accounts in DoorLoop and repeat the steps above.
Each property can be assigned separate Operating and Escrow bank accounts. However, only the bank listed as the Operating bank account can receive online payments. If you need to receive funds into the Escrow account, you can swap the default accounts temporarily or perform a bank transfer.
You can only apply for a merchant account in the region your DoorLoop account is set to. This means that if your DoorLoop account is set to the US, all information provided for the merchant account needs to be US-based. You won't be able to set up a merchant account using information from another country.
You'll 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 any merchant account application.
Make sure 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 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 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 may see delays in verifying your account.
A valid Merchant Account is needed to enable the DoorLoop CashPayments Powered by Western Union feature. Tenant cash payments need to be deposited into your merchant account and the bank account you have set up with that account.
A valid Merchant Account is also needed for Outgoing Payments. See Set Up Outgoing Payments - Powered by Checkbook.io and Plaid for more information.
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