Room Choice Merchant Account and Compliance
Room Choice Merchant Account and Compliance
All student transactions are processed via your property or company merchant account. Maintaining a merchant account is very similar to maintaining a bank account and is a required component of the Room Choice platform. When you open your Room Choice account you authorize Room Choice to simultaneously open a merchant account in your name. Through this merchant account rent, deposit, fees, and other online payments are processed.
What does this mean? For starters, it means that payments are processed in your account and we help manage the compliance and flow of those funds. Your students will see your property or company name on their credit card and bank statements and it's your responsibility to comply with the request of this merchant provider.
Don't worry, this gives you more control and safety.
As your processing volume increases, we'll be asked to provide more detail on your business. This starts with your profile being verified and approved.
Information that may be requested:
- Account Name
- Legal Entity Address
- Legal Entity Business Name
- Legal Entity Business Tax Id
- Legal Entity Type
- First Name
- Last Name
- Date of Birth
- Social Security Number
- Color Copy of Driver's Licence or Passport (front and back)
- Acceptance of Stripe TOS
- With failed verification or higher volumes, additional steps may be required.
Task: Verify Your Profile
Go to your settings (the cog in the bottom left) and select "Verify Profile". If this is not completed both your Merchant Account and Room Choice account may be suspended.
Steps:
- Log in to your Room Choice Account
- Go to Settings
- Merchant Bank Account
- Complete all request fields. Based on usage this compliance and the requested information will change with time.
- Submit
Here's a link to why we're asked to do this: https://stripe.com/docs/connect/identity-verification
Unverified Accounts:
Unverified accounts are limited use. Think of them like a credit card without credit. They’re active but we are unable to fund them. When this happens funds will be delayed until the requested verification is complete. To receive funds your account must be verified and you must have an active deposit account associated where funds are transferred.
Let us know if you have any questions. support@myroomchoice.com