Account Setup: verifying your business, step by step (setup guide)

This guide walks through Account Setup: what it is, what to have ready before you start, how to complete each step, and how to fix the things that most often slow verification down. Most businesses finish in one sitting when they have everything ready.

Why Account Setup is needed

StretchDollar moves reimbursement money from your company's bank account to your employees through our payment partner, Dwolla. Before any money can move, federal rules require Dwolla to verify your business, the person setting it up, and the people who own it. Until Account Setup shows Verification Complete, you can't approve reimbursements, so your employees can't be paid.

Who should complete it

Step 2 asks for the personal details of the person completing it, and that person becomes the company's official contact for verification. It needs to be someone with significant control over the company's finances, such as an owner, CEO, CFO, president or managing member.

  • If that's you, go ahead.
  • If it isn't (for example, you're an office manager or bookkeeper), don't enter someone else's details as your own. Ask us to add the right person as an admin so they can complete it themselves: How do I add another admin?

What to have ready

For you (Step 2):

  • Your Social Security number. The form asks for the last 4 digits first, and only asks for all 9 if Dwolla needs another check.
  • Your date of birth and your job title (for example, Owner or CEO).
  • Your home address. Not the business address, and not a PO box, virtual mailbox or registered agent.

For each beneficial owner (Step 3): anyone who owns 25% or more of the business, including you if that applies.

  • Their legal name and date of birth.
  • Their full 9-digit Social Security number.
  • Their home address.

Good to have nearby, in case Dwolla asks for a document:

The three steps

  1. Step 1: Verify Business Information. This shows the business details you entered at sign-up. There's nothing to do here unless we ask you to correct something or upload a document.
  2. Step 2: Verify Admin Information. Click Verify, fill in the Admin Verification form and click Submit. This sends your business and your details to Dwolla.
  3. Step 3: Verify Beneficial Ownership. This unlocks after Steps 1 and 2.
    • Click Add Beneficial Owner for each person who owns 25% or more.
    • Once every owner shows as verified, click Certify.

    • If no one owns 25% or more, click No Beneficial Owners instead.

      Don't skip Certify. Your account isn't finished until ownership is certified, even if everything else is verified. After you certify, owner details can only be changed by our team.

Sole proprietors don't have Step 3. Nonprofits only certify that there are no individual owners. More detail: How do I add, edit or remove a beneficial owner and certify ownership?

What the status at the top means

  • Verification Needed: you haven't submitted Step 2 yet, or ownership still needs to be added and certified.
  • Information Required: Dwolla couldn't match something. Read the note under the flagged step and click Resubmit. This time you'll be asked for all 9 digits of your SSN. Double-check every field against your official documents before you send it, because resubmitting the same information won't change the result.
  • Documents Required: click the upload button on the flagged step. Reviews usually take 1 to 2 business days.
  • Verification Complete: you're done. Make sure your company bank is connected on Bank Setup too.
  • Account Suspended or Deactivated: contact us and we'll help.

The most common reasons verification gets stuck

  • Using the business address for yourself. Step 2 needs your home address. The business address in Step 1 must be a physical location. A registered agent, virtual office or co-working address won't verify. If you run the business from home, use your home address.
  • Names and numbers that don't match the IRS. The legal business name, EIN and business type need to match your EIN letter exactly, including "LLC" or "Inc."
  • Fixing details on the Company page. Changes there don't update your verification. Use Resubmit on Account Setup instead. If both Step 1 and Step 2 show Resubmit, save Step 1 first, then click Resubmit on Step 2 to send everything to Dwolla. More detail: How do I resubmit my information during a verification retry?
  • Using a passport for someone who lives in the US. Passports are only for people without a US Social Security number. US residents need their SSN, and a driver's license or state ID if a photo ID is requested.
  • Deleting an owner to start over. Please don't. Removing an owner can't be undone and can block the account. Contact us instead and we'll fix it with you.
  • Uploading the wrong document.
    • An EIN letter proves your EIN.
    • Proof of address must show both your business name and address: a utility bill, bank or financial statement, tax statement, or a lease valid for at least 30 more days.
    • A W-9 isn't accepted.
    • Business documents can be a JPG, PNG or PDF; ID photos must be a JPG or PNG.
  • Photo ID rejected. Take a clear, color photo of the front, with all four edges showing, no glare or flash, and an ID that hasn't expired.

Your business tax status (for example, "LLC taxed as an S-Corp") can't be changed on this page. If it's wrong, contact us.

Still have a question about Account Setup? Ask it in the help window and we'll walk you through it.

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