FreshBooks Payments is powered by WePay for US and Canadian users. A WePay account is automatically created for you whenever you create a FreshBooks account. You can continue with the rest of the set up of your WePay account with the information below:
Verify your FreshBooks Payments Account
If you haven't already, get started by enabling FreshBooks Payments with the steps here. Or if you selected Not Now when enabling FreshBooks Payments, you can use the same steps to finish your setup:
- Click on the gear icon in the top left corner
- Click on Accept Online Payments
- Click on Verify Now next to Verify Your Business
- You’ll be asked to log into your WePay account with your email and password (if you’ve never set a password, you can click on Forgot your password? to create one)
- Next, choose your entity type (Sole Proprietor, Individual, Business, Nonprofit, Trust or Government) and complete the rest of your business details by clicking Submit
- Next, in the same window, you’ll be asked to add your Settlement Details - enter your Bank Name, Routing Number, Account Number
- Next, specify your Account Type (Checking or Savings)
- Choose between Daily, Weekly, or Monthly for How Often We Should Send Your Money (your Transfer Period)
- Click Add Bank
- You’ll be taken back to your Accept Online Payments page, which will reflect your connected FreshBooks Payments account. You can find steps to manage it here.
- Business – Choose this if you’ve filed official government paperwork, such as articles of incorporation.
- Government - If you represent a governmental entity, select this.
- Individual – Select this if none of the other options apply.
- Nonprofit Organization - Choose this if you’ve filed official government paperwork, like your status as a Registered Charity.
- Sole Proprietor – Use this if you have a corporation number and wish to use it for tax reporting purposes.
- Trust - Choose this if you are a settlor, trustee, beneficiary or controller of a trust agreement.
The KYC (Know Your Customer) form is the process through which WePay verifies your account with the below:
- Details about your business
- SSN (Social Security Number for US users) or,
- SIN (Social Insurance Number for Canadian users)
- EIN (Employee Identification Number) for tax reporting on behalf of a corporation or organization (required for Business, Nonprofit Organization and Sole Proprietor accounts)
- US or Canadian bank account information
This is facilitated by WePay's Trust Center to verify your identity and your customers, as well as comply with anti-money laundering laws. It is also required for any tax reporting depending on your business type. This a required step in order to receive your payments.
After you have received a payment, you have 90 days to verify your account through the KYC process. If you don’t verify your account in time, any payment that you've received will be refunded to your client and any further payments will not go through until verification is done.
If any of the information above is incorrect, WePay will send you an email with a link asking you to update your account information.
Occasionally WePay may request additional documentation to verify your business by email at any time during your use of FreshBooks Payments. Like with Account Verification (KYC), this is done to ensure each transaction is safe and secure.
Once you've responded to WePay's email with the requested documentation, it can take some time for the verification process to be completed. WePay may also follow up with a request for more documentation or clarification - it is important you respond to these emails so that the process can be completed as quickly as possible.
Note that any payments processed during this time may be paused until verification is complete.