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Creating & Managing a Business Account

Konnectclub platform now supports onboarding of Canadian accounts. If you are a Canadian citizen or a resident and have a USD currency bank account in Canada, you will now be able to register your business account, sell tickets and receive direct deposits into your bank account. Both company and individual account types are supported in Canada.

Sign Up

You must be an authorized representative of the business to create an account on Konnectclub

Go to www.konnectclub.com/business.

Click the button at the center of the screen. The button will show as 1 if you haven’t already logged in with a Konnectclub user account credential. If you do not have a user account, you can sign up for one in the process.

Each user has their own account credential. DO NOT share account credentials between multiple people. After you have created the business account, you can add additional users with appropriate roles.

After you log in, you will see the button will change to look like the 2 below.

Click on the Register Your Business button and provide some basic details about your business:

  • Business Type – if a business is registered with their state as well as if you have an Employer Identification Number (EIN) in US or a Business Number (BN) in Canada, you should use company, otherwise, use individual.
  • Legal business name must be the name the business has been originally registered with their state. If you have a different name (e.g. DBA or Doing Business As) that you use publicly for your business you’ll be able to enter that for your business profile page later.
  • Business contact e-mail is where all your important account related communication will be sent, please make sure this is a well monitored address.

Register Additional Account

If you already have a business account, you can register a new one by clicking on the drop down arrow on the right hand corner of the homepage. From there you can click on switch business will allow you register a new business.

Provide Additional Business Information

While your business account has been created in the registration step, it is not yet ready to receive online payments until you fill in additional required account information. To access your business account settings, click Your Account from the the main menu.

We recommend only editing the sections that are marked as Info Needed to save time. As you provide information and start saving the form, the system validates them against the compliance requirements set by authorities. New sections may become required (showing “Info Needed”) subsequently to complete the compliance verification process.

Address & Contact Info

You must provide a valid address (will be displayed on your customer’s credit card statement), and any additional contact information for your business, such as, your website and phone. Make sure to provide accurate up-to-date information to avoid any delay in receiving account approval.

Statement Descriptor

This is a short text (2 – 10 characters only) for your business that will appear on your customer’s card statement for any payment charge. Make sure to provide a unique and easily recognizable statement descriptor.

Unrecognized or a cryptic descriptor on card statements is the primary reason behind most payment disputes filed by customers. Too many payment disputes can negatively affect the reputation of your payment receiving account. Please take a moment to come up with an appropriate statement descriptor for your business.

Bank Account Details

You will need to provide the details of your bank account where you want to receive pay-out from ticket sales. This must be an active US or Canadian (in USD currency) bank account matching the name of the business or individual.

For US accounts, you will be required to provide the Routing Number and the Account Number, both of which you can find on a check leaf of your account.

For Canadian accounts, you will be required to provide Transit Number, Institution Code and your Account Number.

All your information is collected and stored securely. Once submitted, only the last 4 digits of your bank account will be visible subsequently.

Verifying Representative

When you are registering a business account, one individual person needs to be recorded as the verifying representative of the account. Start editing this section only if you want to register yourself as the verifying representative. You can invite someone else to join the account and do this as well.

Due to sensitive personal information required, this section must be filled out by the representative themselves. Do not ask for this info from someone else and enter on their behalf.

  • For identity verification purpose, your name, address, date-of-birth, phone number and last 4 digits of your SSN (US accounts only) must be provided.
  • If the system will be unable to verify your identity using this information, additional details such as your full SSN (US accounts only) and/or a scanned copy of an Identification document may be required subsequently.
  • All your personal information is collected and processed securely. Your SSN (either last-4 digits or the full) will not be visible to anyone else once submitted. 
  • For Company account, you will also need to provide your role in the company as a representative (you need to be either an Owner or a Director) and optionally your financial ownership of the company.

Beneficial Owners

This is only required for Company account type

If registering as a company (LLC, Partnerships, Corp), all individuals with 25% or more ownership of the company must be declared. For each owner, an ownership interest % must be declared as well.

If the Verifying Representative is also the owner or one of the owners, they don’t need to be listed again in this section.

Once all owners have been listed, please the ‘All Added’ switch to on to indicate completion.

Business Tax ID

This is only required for Company account type

Also known as an Employer Identification Number (EIN) in US and Business Number (BN) in Canada, is a unique nine-digit number used to identify the tax account of a business entity. 

Your information is protected. Any sensitive information that you enter on the account form is processed, encrypted and stored inside a secure software infrastructure with industry standard privacy and security compliance.

Payout Schedule

Konnectclub provides rolling payout of funds to your registered bank account after a holding period which is specified below by the chosen number of business days for each category of transactions. Lowering this holding period may limit your ability to process a refund if you do not have sufficient holding balance.

Event Transactions (e.g ticket sales, tips) are aggregated into lump sum payouts which are disbursed after specified number of days following each event.

Sometimes your events may have additional revenue coming in after one or more disbursements have already happened. For example, you might be selling Video-On-Demand access for 30 (up to 365) days. In these cases, any additional revenue will be paid out on a daily rolling basis after a minimum number of holding period required per country (typically 2 days, but could be longer).

All other non-event transactions (e.g. a subscription payment) are paid out in daily aggregates after the specified number of days following their transaction date.

Dates in your schedules are approximate. Actual payout date will vary depending on business days, bank holidays, and fund holding requirements for each country.

If you wish to receive contact email information of each customer, your business must accept the indicated terms and conditions of handling customer data. The person accepting this will be doing so on behalf of the entire organization and for all other users who will have access to the business account.

Maintain Compliance

Once you have provided all required information, your account will be reviewed and verified by the system. This typically takes just a few seconds.

If there is any additional information required, you will see that on the status message on top of the screen. Fields that require additional information will also have an indicator on them, as below.

If everything is in order, the account status will turn all green.

In some rare cases, additional information may become required at a later time. This typically happens if the applicable laws and regulations have changed since the time your account was approved. If your account status changes and it needs further information, you will be notified by an email.

Updated on November 11, 2021

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