IMPORTANT NOTICE: As of April 16, 2024, Wethos is no longer accepting new applications for the Wethos Payments Account. On May 14th, 2024 all Wethos Payments Accounts will be closed as we are transitioning to a new form of payment acceptance for your invoices. Once closed features such as debit cards, account statements, account transfers, and account and routing numbers will no longer be available. On May 14th, the Payments Tab will also no longer be available. Please download your account statements or CSVs before this date and make any withdrawals of the funds in your account. If there are any funds left in the account, they will be mailed to you within 30-60 days of account closure. You can learn more about this in our featured Help Center article HERE.
This article includes the following sections:
General Information
1. What do I need on hand before I start?
You can open your payments account in under 5 minutes.
We'll need some information to verify you and your business. To open a Wethos Payments Account we’ll ask you for some information to verify you for your new account:
Name
Date of Birth
Address
Social Security Number
Phone number
Email address
Occupation
The following will be important to have on hand when you open your account:
Your ID
Your SSN
Your EIN (if applicable)
Your date of incorporation (if applicable)
Your business address (if applicable)
2. Why do you need my social security number?
The U.S. Federal Government requires all financial institutions to obtain, verify, and record information identifying each person who opens an account. This means that when you open an Account, we will ask for information that allows us to identify you. We may also ask for follow-up documents like a driver’s license or other identifying documents for your business, Authorized Users, account owners, and your officers, directors, beneficial owners, controlling shareholders, and others.
Please read our Business Deposit Agreement for more information.
3. Why do you need my personal address?
We use your personal address to verify your identity to ensure you are you when opening an account.
4. What’s the difference between sole proprietorship and an LLC?
An LLC is a registered business entity whose owners are shielded from personal liability for business debts. Within the application process, you will choose this option if your business currently falls under an LLC, corporation, or partnership. The application requires that you provide a business address for verification purposes.
A sole proprietorship offers no legal separation between the business and the owner. Within the application process, you will choose this option if your business currently reflects a sole proprietorship. The application requires that you provide a personal or home address for verification purposes.
5. What’s included in my payments account?
Other than a huge sigh of relief that your business transactions and expenses are organized, your payments account includes:
One business checking account (FDIC-insured, with zero maintenance fees. Woohoo!)
One sleek virtual Wethos Visa debit card, and the option to get a physical debit card
Free ACH transfer deposits and withdrawals from linked bank accounts
No fees from Wethos for ATM withdrawals or from any eligible, US-based Allpoint ATM location.
Monthly bank statements and CSV exports
An integration with Stripe for ability to opt in to credit/debit card payments, US or International, for invoices.
6. Is there a balance requirement for my account?
There is no minimum deposit required to open an account and no minimum balance you need to maintain in your account.
Application Process
1. Will applying for a Wethos Payments Account affect my credit score?
Nope! Our banking and payments partners, Unit, Blue Ridge Bank N.A., and Stripe will screen your information to verify your identity. This identity verification will not impact your credit score.
2. What happens after my application is submitted?
Most often your Wethos the Payments account is approved within minutes. Occasionally our banking partner, Blue Ridge Bank N.A., might require some additional information or documentation, and if so we will reach out to you to confirm.
In the meantime, you can encourage any of your routine teammates to apply for a payments account with Wethos to quickly pay them out when you’re ready.
3. What happens if I get denied?
On very rare occasions our banking partner, Blue Ridge Bank N.A., will decline to create an account, mainly if they see missing or incorrect information or evidence of fraud. If any of this happens, we’ll let you know right away..
4. Is this application encrypted?
Yes - we take security seriously on our platform. All communications are encrypted using SSL (which is a Secure Socket Layer that can't be intercepted). Additionally, we encrypt any sensitive data (such as SSN) that may be stored in our system.
5. Who can I contact for help?
Please reach out to [email protected] via email or open a live chat on our website at teams.wethos.co to speak with a member of our team.
LLC/Corporation/Partnership
1. Why do you need my personal address vs. business address?
The address you enter for your business should be the address that is legally associated with your business. If your legal business address is also your personal address, no problem! We ask for this information so that our banking and payment partners, Blue Ridge Bank N.A., Unit, and Stripe can verify your information as part of a federal compliance requirement. So, please ensure that the address you provide is actually associated with your business, not a PO box, not your great aunt Edna’s casita, etc.
2. What's the difference between the beneficial owner, officer profile, and main company contact?
A beneficial owner is an individual who ultimately owns or controls more than 25% of a company’s shares or voting rights, or who otherwise exercises control over the company or its management.
An officer is someone who has fiduciary control of and responsibility for your business. So think of a C-level executive who can sign checks and contracts. If you have an Officer that meets that criteria but don't hold any of these titles - a CEO, COO, CFO, or President - we recommend picking the closest title in the form.
The main company contact is the person to whom to address all company correspondence to.
3. Why are there title limitations for the “Officer Profile”?
If you're applying for a business account, one of the steps is to provide information about the 'Officers' of your business. An Officer is someone who has fiduciary control of and responsibility for your business. So think of a C-level executive who can sign checks and contracts. If you have an Officer that meets that criteria but don't hold any of those titles - a CEO, COO, CFO, or President - we recommend picking the closest title.
International Applicants
Can I open an account if I’m not in the US?
You can open a payments account with Wethos if you’re outside of the US as long as you have a permanent US-based personal or business address. If you do have a US-based address to apply for an account and get approved for a debit card, we can ship your card to your international address. Reach out to [email protected] with your international address for us to ship the physical card to you.
We look forward to rolling out more features for our international users soon!
How does Wethos compare to others?
Still have questions? We're happy to help!
Contact us at [email protected].