Bancoli's business verification process is divided into three main blocks: Business Information & Documents, ID Verification, and Account Security.
This is a step-by-step guide to the information and actions you must take to complete your verification process.
The business verification process is an important step to ensure a secure and compliant experience when using Bancoli services, and it is a crucial process to obtain your USD account – the default currency account in your Global Business Account.
Step 1: Select your account type and create your business profile
In this initial stage of the business verification process, you'll choose your account type, review the Patriot Act, provide business details, and indicate expected account usage. This information helps Bancoli identify and understand your business profile before proceeding to the next step.
In this step of the business verification process, you will be asked to provide information that will help us identify your business profile:
- Select your account type: Select either "Business" or "Solopreneur" to indicate the structure of your business.
- Review the Patriot Act: Take a moment to read the Patriot Act, then click "Continue" to proceed.
- Are you filling out the application for someone else?: If you're completing the application on behalf of another person, check the box and enter the required information.
- Identify your industry: Select the industry that best represents your business or professional activities.
- Select specific activities and describe your business: Briefly explain what your business does, the nature of your commercial activities, and who your customers are.
- Provide information about the expected use of the account: As required by the US Government, provide information about the anticipated use of your Bancoli account. Remember, providing accurate information is essential, as your account file may be requested in special cases.
- Submit: Once you've completed the information in this section, click the "Submit" button to continue to Step 2.
Step 2: Provide essential information and submit the required documents
In this phase of the business verification process, you'll provide essential information about your business and submit required documents, including business information, language confirmation, document uploads, and personal information. This step helps Bancoli better understand and verify your business.
- Complete business information: Provide details such as commencement date of operations, website or proof of business activity, physical address (with proof in PDF, JPG, or PNG format), ID number (SSN, National ID Number), and IRS information for US operations or US persons. If your business does not have a website, you can upload any material to help us understand the products or services you offer.
- Confirm documents language: Indicate whether your documents are in English or Spanish or if they are in a different language.
- Upload required documents: After clicking "Continue," a file will appear for uploading the following documents: Proof of Tax ID, Business License, and Fictitious Name Certificate or Statement (Certificate of Assumed Name). After selecting the files, check the acknowledgment box, and click "Submit" or "Restart Verification" if necessary.
- Provide personal information: Enter your address, ID number (US social security number, Non-US passport number, Non-US personal TAX ID, or personal ID number), and public function notice selection. Then, click the "Submit" to continue to Step 3.
Step 3: ID verification to confirm your identity
During this stage of the business verification process, you'll use Passbase to verify your identity with Bancoli. This step involves starting the verification, selecting your country, preparing for verification, entering your email address, taking a selfie, confirming data transfer, and submitting the verification for processing.
- Start the verification: Click on "Verify your identity now" and then click the "Verify me" or "Skip Passbase step" button.
- Select your country: In the Passbase screen, select your country and click "Start" to begin the verification process.
- Prepare for verification: A second screen will appear with instructions on preparing for the verification (accept terms and conditions, ensure good lighting and positioning, and have your ID ready). Check the box and click "Continue."
- Enter your email address: Enter your email address in the Passbase screen and click "Continue."
- Prepare for a selfie: Follow the instructions to take a selfie, ensuring your face is clear and well-lit. Click "Continue." If unable to capture a successful selfie within a minute, the option to switch to mobile will appear. Scan the QR code or request the Passbase link via email.
- Confirm data transfer: After completing the verification, confirm the secure transfer of your data (email address, national ID card, current location) by clicking "Yes, confirm."
- Verification submitted: A confirmation screen will appear, indicating your verification is being processed. Click "Finish."
Once you've completed the ID verification process, a message will appear informing you that your request has been received for review, and you will be contacted soon.
You can start securing your account and explore Bancoli features like creating and sending invoices and inviting new contacts. Remember that you must secure your account to make deposits and transfers. You can start securing your account and explore Bancoli features such as creating and sending invoices and inviting new contacts. Remember that you need to secure your account to make deposits and transfers.
Frequently asked questions
Q: Is a Tax ID mandatory for verification?
A: Yes, all businesses and solopreneurs must provide a Tax ID.
Q: Can I submit a National ID or Passport number instead of a Social Security number?
A: Yes, you can submit a National ID or Passport number if you do not have a Social Security Number.
Q: Do I need to provide a Business License and Fictitious Name Certificate for verification?
A: Not all businesses and industries require these documents. They are not mandatory for solopreneurs.
Q: Can I explore the Bancoli dashboard without completing the verification process?
A: Yes, you can explore the dashboard, create and manage invoices, and invite new contacts to your Bancoli network without completing the verification process. However, you must complete the verification process to access and manage funds in the Bancoli network.
Q: What should I do if I cannot provide a National ID document for the Passbase verification process?
A: The verification process can only be completed with a valid National ID document. If you cannot provide a National ID document, please get in touch with our support team at service@bancoli.com for further assistance.
Q: What can I do if I do not receive the SMS code during the account security setup?
A: First, you can click the "Resend SMS" button to resend the SMS code. If you still do not receive the code, you can open a service ticket or contact our support team at service@bancoli.com for further assistance.
Q: What documents are accepted as proof of the business's physical address?
A: You can provide a certifying document, a phone bill, or any similar bill verifying your business's physical address. Accepted formats include PDF, JPG, or PNG.
Q: How do I secure my account?
A: First, answer security questions and provide your contact phone number. On the first account security screen, select and enter responses for two security questions, and provide your contact phone number. Click the "Save" button. Securing your account is required before you can manage funds in the Bancoli network.
Second, enter the SMS code. You will see a new screen asking you to enter an SMS code sent to your contact phone number. If you don't receive the SMS code, you can open a service ticket, click the "Go back" button to re-enter your phone number, or click the "Resend SMS" button to resend the SMS message. After entering the received code, click the "Verify" button.
Finally, set up the 2FA authentication. To enable two-factor authentication (2FA):
- Download an authentication app, such as Google Authenticator or Authy.
- Scan the QR code or enter the provided secret key in the app.
- Enter the verification code generated by the app and click the "Confirm" button.