Overview
Now that you've added a bank account to your DoorLoop, if you plan on receiving online payments from your tenants, you will need to complete a Business Verification Application aka KYB (Know your Business). 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.
Tip: Before submitting a Business Verification 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 Verification Application
Step 1 - Begin with the Business Verification Application
To submit your business verification application, click on Accounting > Incoming Payments on the main menu.
On the Online Incoming Payments page, click the Merchant Account Setup tab. Here you will 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 for the Business Verification Application. Agree to the terms and conditions and then 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 already set up a merchant with DoorLoop, you can use the same email as before 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 will 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 - Select Your Business Type
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 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 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.
Business Name or "Doing Business As" - (Optional) The operating name of your company, if it’s different than 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 do not have a Business Website, click the "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, 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.
Social Security Number - Enter you full SSN. We are required to collect this information to satisfy regulatory obligations.
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 6a - Business Details: For Individual Type Only
For Individual Type business accounts, after submitting your personal detsails 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 should offer enough information about your business for verification purposes.
If you do not have a Business Website, click the "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 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.
Use the Search field to find your bank and add your banking information from there. (Note that not all banks will be supported in this way.)
If you can't find your bank as an option for online verification, you can also choose to manually add your bank by using the button below labeled "Enter bank account credentials 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 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 - These must be similar to your business name or URL. We provided suggestions that meet our requirements. (Suggestions are auto-generated, so check for typos.)
Shortened Descriptor - (Optional) Enter a shorter statement descriptor.
Your Website - enter your business email.
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 Business Type, Business Details, Public Details, Management and Ownership, 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 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 3-business days.
If you notice that the merchant account approval is taking longer than necessary, please reach out to our support team. We'll be able to check the status of your business verification application and if there were any issues with the process.
Click Continue to move to the next step.
Things to Consider
If you need to receive payments into more than one bank account, you will 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 will be able to 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 that your DoorLoop account is set to. What that means is that if your DoorLoop account is set to the US, all information provided for the merchant account needs to be US-based information. You will not be able to set up a merchant account using information from another country.
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.
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
A valid Merchant Account is needed to enable the DoorLoop CashPayments Powered by Western Union feature. The tenant's cash payments will need to be deposited into your merchant account and the bank account you have set up with that account.
A valid Merchant Account is needed for Outgoing Payments. For more information on how to do this, read: Set Up Outgoing Payments - Powered by Checkbook.io and Plaid.
Next Steps: