U.S. merchant onboarding guide

Before using Genstore Payments in the United States, you must provide personal and business information to meet regulatory requirements and prevent financial crimes. This guide will help you:

1. Choose the right entity type
2. Understand the differences between entity types
3. Prepare the required documents for onboarding

Entity types

Depending on applicable laws and regulations, you need to provide information about yourself and your business. This helps Genstore (hereafter “we”) verify your store’s identity, confirm beneficial owners, and ensure compliance with anti-money laundering (AML), counter-terrorism financing (CTF), and other financial crime prevention rules. As regulations evolve, Genstore and our partners may request additional information.

In the U.S., merchants can register for Genstore Payments under the following entity types:

Type	Sole Proprietorship	Company (LLC / Corporation)	Partnership
Legal status	Not a separate legal entity; owner and business are the same	Separate legal entity; company is distinct from shareholders/members	Not a separate legal entity; partners share responsibility
Liability	Unlimited liability of owner	Limited liability of shareholders/members (up to investment)	General partners: unlimited liability; limited partners: liability limited to contribution
IRS taxation	- Form 1040 + Schedule C - No separate business tax	- LLC (single-member): Schedule C - LLC (multi-member): Form 1065 + K-1 - C-Corp: Form 1120 (double taxation) - S-Corp: Form 1120-S + K-1	- Form 1065 - Profit/loss allocated to partners’ personal tax returns (Schedule K-1)
Name examples	- John Smith (personal name) - DBA: John’s Coffee	- Emily Johnson LLC (single-member) - Emily Johnson LLC, Sole Mbr (IRS/bank usage) - Emily Johnson Sole Mbr (bank/credit report usage) - TechVision LLC (multi-member) - Global Trade Inc. - Bright Future Corp.	- Smith & Lee Partnership
IRS key identifiers	- File taxes with SSN or EIN - Income reported directly on personal return	- Must apply for EIN - Tax treatment depends on LLC / C-Corp / S-Corp structure	- Must apply for EIN - IRS requires Form 1065 filing

Common requirements

Minimum age

• Users must be at least 18 years old to use Genstore Payments, ensuring legal capacity to sign contracts and manage business transactions.

Bank account

• Must be a U.S. checking account in USD.
• The account name must exactly match the registered entity:
  • Sole proprietorship → bank account name = individual’s name
  • Company/Partnership → bank account name = registered legal name
• The account must be eligible for ACH (Automated Clearing House) settlement.

Ultimate Beneficial Owners (UBOs)

During onboarding, Genstore will verify the natural persons linked to the entity, including owners, controllers, and signatories.

Object	Standard	Number required
UBOs through ownership	Individuals who directly or indirectly own 25% or more of shares, voting rights, or other equity.	0–4 people. All qualifying individuals must be provided.
UBOs through control	Individuals who exercise ultimate effective control. If none, a senior management member must be identified.	At least 1 person (required if no ownership UBO exists, or if operating in the U.S.).
Signatories	Legal representatives or authorized signatories who can enter binding agreements with Genstore on behalf of entity.	At least 1 person.

Required documents by entity type

The required documents vary by entity type. Below are the detailed onboarding requirements for the three entity types:

Sole Proprietorship

• Business documents:
  • Schedule C (attached to Form 1040)
  • SS-4 confirmation letter / CP575 (only if EIN was applied)
  • Proof of address (optional)
• Personal documents:
  • Identity document (U.S. nationals: SSN; non-U.S. nationals: passport, driver’s license, or national ID)
  • Proof of residential address (optional)
• Bank documents:
  • Deposit slip, bank statement screenshot, official bank letter, or check

If Genstore cannot automatically verify, additional documents such as a DBA filing (trade name registration) or recent tax return may be required.

Company (LLC / Corporation)

• Company documents:
  • Articles of Organization (LLC) / Articles of Incorporation (Corporation)
  • SS-4 confirmation letter (EIN)
  • Operating Agreement (LLC) / Bylaws (Corporation)
• Personal documents:
  • ID and residential proof of directors/shareholders
  • Proof of ownership (e.g., shareholder register)
• Bank documents:
  • Deposit slip, bank statement screenshot, official bank letter, or check

If ownership cannot be confirmed through documents, an ownership and control chart (signed, with role and date, within 6 months) may be required.

Partnership

• Business documents:
  • Partnership Agreement
  • SS-4 confirmation letter (EIN)
• Personal documents:
  • IDs and residential proof of all partners
  • Proof of ownership or partnership interest
• Bank documents:
  • Deposit slip, bank statement screenshot, official bank letter, or check