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Onboarding: PayArc

Overview​

Onboarding with PayArc is simple when you have all the necessary documents ready. This guide outlines the steps to complete the process and the required information.

Onboarding Steps​

Follow these steps to onboard with PayArc:

  1. Prepare Required Documents
    Ensure you have all the necessary documents and information listed below.

  2. Fill Out the Application in Lendiom
    Complete the Merchant Info section inside the Lendiom platform.

  3. Sign Electronically
    Electronically sign the application to finalize submission.

  4. Wait for Approval
    PayArc will review your application and notify you once it's approved.

  5. Complete the PCI Compliance Questionnaire
    Upon approval, call PayArc for assistance with the PCI Compliance Questionnaire.

Required Documents and Information​

To ensure a smooth onboarding process, gather the following:

Personal Information​

  • Driver’s License the Owner(s):
    • Must be valid and unexpired.
    • Should be a clear color picture.
  • Owner’s Information:
    • Date of Birth.
    • Social Security Number.
    • Email Address.

Business Information​

  • EIN Issuance Letter (SS-4 Form)
  • Business Incorporation Details:
    • Date of Incorporation.
    • State of Incorporation.
    • Articles of Incorporation.
  • Voided Check:
    • Must display readable routing and account numbers.

Financial Statements​

  • Financial History:
    • Two years of financial statements (Profit & Loss statements or business tax returns).
    • Last three months of business banking statements.
    • Last three months of card/ACH processing statements (if applicable).
    • If no processing history, provide the last three months of personal banking statements.

Contract Information​

  • Business Contract:
    • Include a section about Lendiom.
    • Click here for details on suggested verbiage.

Processing Estimates​

  • Estimated Monthly Processing Volume:
    • Average transaction amount.
    • Total monthly processing amount.
    • Highest individual transaction amount.
tip

For all estimates, we encourage you to round up 10-25% to ensure you have room to grow.

Notes and Tips​

  • Accuracy is Key: Double-check all information and documents to avoid delays.
  • Support Available: If you need assistance, reach out to Lendiom support.
  • Secure Submission: All data submitted is encrypted and handled securely.