Business Invoicing - Signing Up for Receiving USD

If you are using Bitwage for business invoicing and looking to get paid in USD our vendor requires a separate on-boarding process.

We are very excited to extend our ACH/Domestic Wire options to our business invoicers! With this new option you will receive unique account details that can be sent with your business listed as the recipient!

How do I apply?

What information will be required?

Important Information for entities with multiple owners or business owner is different than Bitwage Admin

Is Bitwage giving me a bank account to store funds?

What is this receipt I got over on email and why does it show a USDC Stellar transaction on it?

Are there any new fees or costs associated when I use an ACH or Wire account?

How do I apply?

To apply go to Invoicing and click Create Invoice. Once you select or add a client that pays in USD you will be able to click Apply under Funding Instructions. This will take you to the on-boarding flow.

**This feature is limited to some locations. Check here what are the options available in case you are in one of those locations.

What information will be required?

You will be required to provide some basic information about your business such as business name, address, source of funds, nature of business, etc. If you are a sole proprietor most of the KYB fields will be prefilled. There is also a document requirement. Please have these on hand for uploading when applying:

Formation Document - This document must include your entity name and business registration number.
1. Sole Proprietorships
  - Business License
  - Trade Name Registration
  - DBA ("Doing Business As") Filing
2. Partnerships
  1. General Partnerships (GP)
    - Partnership Agreement
    - Business License listing all partners
    - Trade Name Registration (DBA) listing all partners
  2. Limited Partnerships (LP)
    - Certificate or Registration of Limited Partnership–filed with the secretary of state or similar government body to officially form the LP
    - Certificate or Registration of Limited Liability Partnership–filed with the secretary of state or similar government body to register the LLP
  3. Limited Liability Partnerships (LLP)
    - Certificate or Registration of Limited Liability Partnership–filed with the secretary of state or similar government body to register the LLP
3. Corporations
  - - Articles of Incorporation–filed with the secretary of state or similar government body
    - Certificate of Incorporation–filed with the secretary of state or similar government body
4. Limited Liability Companies (LLC)
  - - Articles of Organization–filed with the secretary of state or similar government body
    - Certificate of Incorporation–filed with the secretary of state or similar government body
5. If you have a different entity type than listed please refer here for more information.
Ownership Documentation: Proof of ownership for individuals or entities with 25%+ ownership.

- Ownership Document Requirements
  - You are required to confirm all individual ultimate beneficial owners who own 25% or more of the underlying entity
  - Self-generated documents confirming shareholders should be dated and signed by a Lawyer or third party CPA
  - Detailed capitalization tables clearly produced by well-known equity management companies (e.g. Carta, AngelList, or Securitize) do not require a signature from a Lawyer or third party CPA
  - Please ensure that 100% of ownership can be derived or clearly accounted for in the document
  - If the entity is owned by another entity (or multiple entities), we will require similar documents verifying the subsidiaries’ shareholders
  - Please ensure the document lists the name of the entity it pertains to
  - Generally speaking, if the entity does not have individual beneficial shareholders, we will need to confirm the individuals who significantly control the entity instead, such as its directors and officers

- Acceptable Ownership Documents By Entity Type
  - Sole Proprietorships

- - - - Business License–listing the sole proprietor as the owner
      - Trade Name Registration (DBA)--indicating the owner if the business operates under a different name
      - Tax Filings: Individual tax returns (Schedule C) showing business income and expenses reported by the sole proprietor
  - Partnerships

- - - - General Partnerships (GP)
        
        Partnership Agreement–listing the partners and their respective ownership interests
        
        Certificate of Partnership–if the partnership is registered, listing the partners
        
        Trade Name Registration (DBA)--including information on the multiple partners
      - Limited Partnerships (LP)
        
        Certificate of Limited Partnership–filed with secretary of state or similar government body, naming the general and limited partners
        
        Limited Partnership Agreement–detailing the ownership structure, roles, and contributions of each partner
        
        Schedule of Partners–listing all partners and their ownership percentages
        
        K-1 Forms–issued to partners for tax purposes, showing their share of profits or loss
      - Limited Liability Partnership (LLP)
        
        Registration of Limited Liability Partnership–filed with secretary of state or similar government body, listing the partners
        
        LLP Agreement–listing the partners and their ownership interests
        
        K-1 Forms–for tax filings, indicating the limited partner’s’ share of profits or losses
  - Limited Liability Company (LLC)

- - - - Articles of Organization–filed with the secretary of state or similar government body, sometimes listing the members (owners)
      - Operating Agreement–detailing the ownership structure, members' contributions, and percentages of ownership interest
      - Membership Certificates–issued to members to represent their ownership interest in the LLC
      - Membership Ledger–internal document tracking all members and their ownership interests
      - K-1 Forms–provided to members, showing their share of the LLC's profit or loss
      - IRS 147(c) EIN Letters–for sole-member LLC
- If you have an entity type not listed please visit here for more information.

3. Statement of Funds

- Bank Statement
- Financial Documents related to your business

If you need clarification on any questions asked during the process or documents needed for upload please reach out to support@bitwage.com

Important Information for entities with multiple owners or owner is different than Bitwage Admin

During the KYB onboarding Bridge will ask for contact info for all beneficial owners and send an email to each with a form to fill out. Please note this email will come from Bridge, not Bitwage.

The application will not be complete till each owner has completed the forms. You will need to ensure your owner(s) are aware of the email and fill out the forms in order for Bridge to review the application.

Is Bitwage giving me a bank account to store funds?

No, it's just a depository account. It's only for payment processing and you should only share with the employers or clients listed in your Bitwage platform. You cannot use it to receive payments from individuals.

What is this receipt I got over on email and why does it show a USDC Stellar transaction on it?

This vendor requires Bitwage to generate a receipt on the transaction that receives USD via ACH or Wire. Our vendor converts USD to USDC on Stellar Network and then deposits it to another Bitwage partner.

Bitwage ultimately pays out to your provided cryptocurrency wallets and bank accounts through a network of partners.

Are there any new fees or costs associated when I use an ACH or Wire account?

No. There's no extra cost associated to it. You should be subject to your fees that you can find here.