To comply with regulations from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Wix Payments requires you to update your account details with additional information.
Having up-to-date account information helps to create a safer, more secure financial ecosystem by helping prevent crimes such as money laundering, fraud, and tax evasion.
To avoid interruptions in accepting payments and receiving payouts, your account details must be updated and verified in line with FINTRAC requirements.
Depending on the type of account you've chosen, you're requested to add some or all of the following additional information.
Individual account
Individual accounts are for unregistered businesses who use a personal bank account.
Update your account details and include the following information:
Add a description of the products or services you're selling.
Upload a document confirming your address.
Accept Wix Payments' terms of service and service fees, including consent to share some of your details with credit agencies to verify your identity.
Partnership / Sole Proprietorship account
Partnership and Sole Proprietor accounts are for registered businesses and use a business bank account.
Update your account details and include the following information:
Provide your business phone number and the phone number your customers can use for support.
Upload a document confirming your business address.
Add a description of the products or services you're selling.
Accept Wix Payments' terms of service and service fees, including consent to share some of your details with credit agencies to verify your identity.
Corporation account
Corporations accounts are for a registered business with a business registration number. Corporations use a business bank account. If you're doing business as a corporation, you're required to have at least one company director.
Update your account details and include the following information:
Add directors from the list of available business owners, or enter the details of others who serve as directors. All directors should be added.
You must provide supporting documents to validate their status as a director. These can be one of the following:
Board meeting minutes/resolution dated within the last 12 months
A current and valid government issued document that contains the entity name and directors
Corporate profile report
Articles of Incorporation or Association
Notice of Articles
Notice of Change of Directors (e.g. Form 6, Form 4006, Form 3006)
Provide your business phone number and the phone number your customers can use for support.
Upload a document confirming your business address.
Add a description of the products or services you're selling.
Accept Wix Payments' terms of service and service fees, including a consent to share some of your details with credit agencies to verify your identity.
This article is credited to the Wix team - https://support.wix.com/ and we thank them for that!