Why Keap Pay Asks for Personal and Business Information

When you apply for Keap Pay, you are required to provide personal and business information as part of a legally mandated identity verification process. Financial institutions and their partners — including Keap Pay — are required by law to identify and verify the identity of their customers through Know Your Customer (KYC) and Know Your Business (KYB) processes. These requirements exist to prevent financial crimes such as money laundering and terrorism financing.

If your application requires additional documents or clarification to complete verification, you will receive an email from the Keap Payments team at payments@keap.com. This article explains the four most common reasons an application may require follow-up.

Information That May Need to Be Updated

Owner Legal Name and Social Security Number (SSN)

When an individual opens a financial account — including a payment processing account like Keap Pay — they are required by law to provide personal identification information. The Financial Crimes Enforcement Network (FinCEN) enforces the Bank Secrecy Act (BSA), which requires financial institutions and their partners to establish a Customer Identification Program (CIP). The CIP requires verifying the identity of the beneficial owners and controlling members of every merchant that applies for a payment processing account.

If the identity of the beneficial owner cannot be verified using the name and SSN provided in the application, the Payments team will contact you to review and update the information. Providing your legal name exactly as it appears on government-issued identification helps ensure verification succeeds on the first submission.

For more information on FinCEN and the Bank Secrecy Act, see the FinCEN website at fincen.gov and the FDIC guidance on customer identification requirements.

Legal Business Name and Tax Identification Number (TIN)

Verification of your business identity is also legally required under KYC and KYB processes. The Keap Pay underwriting team verifies all businesses that apply for a merchant account — a type of bank account that allows you to accept debit and credit card payments — by cross-referencing the legal business name and Tax Identification Number (TIN) submitted in the application against IRS records.

If the legal business name and TIN cannot be verified against IRS records, the Payments team will contact you to review and update the information. Make sure the business name entered in the application matches exactly the name registered with the IRS, and that the TIN is the correct number for that registered business entity.

Information That May Require Clarification

Goods and Services Description Is Unclear

During the application review, the Keap Pay underwriting team attempts to understand the goods and services your business provides by reviewing the website URL submitted in the application. If your business does not have a public website, or if your products and services are not publicly listed on your website, the underwriting team may not be able to confirm what your business sells.

If the underwriting team cannot get a clear understanding of your goods and services from the website review alone, the Payments team will contact you to provide additional information about what your business sells. Being prepared to describe your products and services clearly — including how they are delivered and who your typical customers are — will help resolve this quickly.

Refund Policy and Terms of Service

Depending on your business type or the volume of payments your business processes, the Keap Pay financial partners may request a copy of your refund policy and terms of service. Refund policies and terms of service help financial partners assess the financial risk associated with your business.

Financial risk in payment processing includes the potential for fraud — unauthorized or deceptive transactions — and chargebacks, which occur when a client disputes a charge. A clearly documented refund policy and terms of service demonstrate to financial partners how your business manages these risks, which is a factor in the underwriting decision.

If the Payments team requests your refund policy or terms of service, provide a copy of the current policy as it applies to the goods and services you process payments for. If your policy is published on your website, providing the direct URL to the policy page is sufficient.