Before you can begin processing card payments with Lightspeed Payments, you will need to fill out an application. After speaking with our sales team, you'll receive a link to the application via email. Lightspeed's underwriting team is required by law to collect certain information about your business and to follow due process before we can approve your application and set up your account with Lightspeed Payments.
Once completed, the application lives in a secure portal and all information gathered is used for underwriting purposes only.
Information we are required to collect
The information we collect as part of your application will differ slightly from region to region due to the differences in local laws and governmental bodies.
Required information in the United States
In order to process your application as quickly as possible, it’s important that you provide accurate information. The information you'll be required to provide includes:
- Document signer’s personal information: This will include your home address and SSN, as required by FINCEN. Lightspeed reserves the right to run a credit check if necessary.
- Legal Business Name: This is the Sole Proprietorship/LLC/Corporation name that you registered with the Secretary of State. Your business needs to maintain a status of Active or In Good Standing.
- Tax ID (FEIN): The Tax ID has to match your legal business name under IRS records. If we can’t find your Tax ID in IRS records, you can also provide your FEIN letter. This will be your SSN if you operate as a Sole Proprietorship.
- Business address: We need to verify your business operating location.
- Bank Account: A bank account associated with the Sole Proprietorship/LLC/Corporation name provided in the application is required. This is the account where your processed funds will be deposited.
New businesses may need to provide additional documents:
- Proof of occupancy: For example, a lease agreement that proves you are opening at a specific address.
- Proof of legitimacy: Something to show what type of business you are running. This could be a liquor license, food and beverage license, building permit, banking documents, or another legal document.
Required information in Canada
In order to process your application as quickly as possible, it’s important that you provide accurate information. The information you'll be required to provide includes:
- Document signer’s personal information: This will include your home address and date of birth, as required by FinTrac. Lightspeed reserves the right to run a credit check if necessary.
- Legal Business Name: This is the Sole Proprietorship/LLC/Corporation name that you registered with the provincial or federal business registry. Your business needs to maintain a status of Active or In Good Standing.
- Tax ID (business number): If you qualified for registration or voluntarily registered with the Canada Revenue Agency (CRA), you can provide your Tax ID. This has to match your legal business name under CRA records. If we can’t find your Tax ID in CRA records, you can also provide a copy of a CRA document with your business number on it.
- Business address: We need to verify your business operating location.
- Bank Account: A bank account associated with the Sole Proprietorship/LLC/Corporation name provided in the application is required. This is the account where your processed funds will be deposited.
New businesses may need to provide additional documents:
- Proof of occupancy: For example, a lease agreement that proves you are opening at a specific address.
- Proof of legitimacy: Something to show what type of business you are running. This could be a liquor license, food and beverage license, building permit, banking documents, or another legal document.
Our underwriting team will reach out to you if they need further clarification or if anything is missing in your application.