Purpose
The purpose of this document is to outline the required onboarding information for Verifone UX410 credit card readers. Operators must read and understand all included requirements.
Legal Entity Types
Verification requirements vary based on the user's legal entity type. A legal entity can be a person or an entity, such as a public company or a nonprofit organization. Be aware of which type you fall under when going through the onboarding process. Below you will find the 2 types available along with what information is required.
Organization
The entity is an organization registered in the country they are operating in. An organization is further classified into one of the following types:
-
Private Company: the organization is in the private sector and is owned and run by directors.
-
Listed public Company: the organization is listed publicly and run by directors.
-
Nonprofit or Charitable Organization: the organization has an official status as not-for-profit or tax-exempt, sometimes called a non-governmental organization (NGO).
-
Incorporated association: the organization is a registered entity without profit that is organized around a purpose such as recreation, culture, or charity.
-
Incorporated partnership: the organization is formed through an agreement between two or more members.
-
Governmental organization: the organization is owned by the government or state.
In general, to onboard an organization, the following information is needed:
- The legal name of the organization
- The registration number
- The registered address and the principal place of business, if different from their registered address
- The ultimate beneficial owners, controllers, and signatories
- The bank account for payouts
Ultimate beneficial owners, controlling persons, and signatories
As part of the checks for an organization, the onboarding process also verifies the identity of all individuals that are associated with the organization. We refer to these individuals as ultimate beneficial owners (UBOs) through ownership or control, directors, and signatories. The table below describes the criteria for identifying them, and the minimum required number for each.
| Who | Criteria | Required number of individuals |
| UBOs through ownership | Individuals who directly or indirectly own 25% or more of the total shares, voting rights or other equity in the organization. | Between zero to four. 365 requires information about all individuals that fit the criteria. If no one owns 25% or more of the organization, then information must be provided about UBOs through control. |
| UBOs through control | Any individuals who exercise ultimate effective control in making decisions for the whole organization. If such an individual cannot be identified, then members of senior management must be identified as UBOs through control. | At least one. Required if no one fits the criteria of UBO through ownership, or if the organization is operating in the United States. |
| Signatories | Officers or representatives who legally represent the organization towards Adyen and are authorized to enter a binding agreement with Adyen on behalf of their organization. | At least one. |
| Directors | Only applicable if the legal entity of the organization is located in Australia, Canada, Hong Kong, New Zealand, or Singapore. A natural person responsible, individually or collectively as part of a board, for the overall governance and strategic direction of an organization. | Every director of the company. |
Sole Proprietorship
A sole proprietor exclusively owns a business, and their business is registered in the country they are operating in.
In general, to onboard an individual and their sole proprietorship, the following information is required:
- The name of the business
- The registered address, and the principal place of business if different from their registered address
- The country of governing law
- Their VAT number, if the business has a VAT registration
- Their registration number, if available.