Every customer must complete a Zūm Rails application. This allows our teams to capture all the relevant information to help us set up your platform. The more accurate your information, the faster the onboarding process.
Below is a guide to help accurately fill in all the sections of the application.
3.0 Politically Exposed Persons Determination
5.0 Transaction Requirements and Payments Needs
Completing Part A
Unless indicated, every section in part A of the application must be filled out.
Products and Services
The first step you will see on the application is a checklist for products and services. Check all those you want to apply for as this will impact offered pricing and underwriting.
You must select at least 1 product or service. If you select 1 or more payment methods, you will need to fill in the corresponding fields in Section 5
If you are unsure, you can always add more products and payment methods once you have finished your onboarding process. If you decide to add additional products or payment methods during your onboarding process, this will extend the overall time to finalize your Zūm Rails integration.
1.0 General Information
In this section, all fields must be filled in except for the following:
- MCC Code
- MCC Description
- Fax Number
What is the difference between a business registration number and a business number?
A business registration number (also known as a business identification number or BIN) is a 9-digit number that is the standard identifier for your business or legal entity.
A registration number is the number on your articles of incorporation.
Neither of these numbers is the numerical name of your business (i.e. 96583010 Canada Inc.)
2.0 Corporate Personnel
This section is specifically about the owners, shareholders, directors, etc. of your business. Depending on your structure you may need to fill out some or all fields.
Beneficial Owners
Beneficial owners are individuals, corporations, or other entities who own 25% or more of your business. If you have any beneficial owners who own 25% or more of your business you will need to list all of them here:
Requirements based on ownership type
- A business owns 25% or more: The owner of that business must provide the required information
- Investor(s) owns 25% or more: Each investor must provide the required information
If you are unsure how to proceed due to the structure of your company please contact salessupport@zumrails.com
Directors and Officers
Make sure to fill in a line for each current director and officer working in your company. Note that there may be a cross-over. If so, please include the relevant information for both.
3.0 Politically Exposed Persons Determination
In this section, you must identify all individuals working in or around your organization that have political affiliations.
If there are none, check No.
4.0 Banking Information
In this section, enter the information of the account you want to connect to the Zūm Portal. Not that the PAD and the application must be the same account, if not this will cause delays in your overall integration.
5.0 Transaction Requirements and Payment Needs
In this section only fill out the sections you indicated at the beginning of your application (e.g. if you checked EFT fill out section 5.1). Zūm Rails requires that you fill out every field for both send and receive.
Once you have submitted your application you will not be allowed to change your limits for the first 90 days of your processing. This does not include time to integrate. Please make sure all your numbers are accurate.
Once you have finished filling out part A of the application make sure to review your information to ensure its accuracy.
Completing Part B
Part B is the overall agreement you are entering into with Zūm Rails. Please make sure to read through each section before signing. Once you have read through the agreement and reviewed all your information, sign under the section called company.
Checklist
In addition to the application form, you will receive a requirements checklist of all the documentation you will need to submit in PDF format for your underwriting process.
Here is a list of the current documents you must submit for underwriting:
Required Documents
- Zūm Rails completed the Merchant Account Application
- Copy of Business Registration or Articles of Incorporation
- One utility bill within the last 90 days
- Funding source void cheque or PAD agreement
- Funding source 2 months of bank statements
- Proof of ownership (one of the following documents)
- Stock certificate
- Shareholder register
- Shareholders' agreement
- Certificate of incumbency
- CPA business owner verification document
- Current T2 Schedule 50
- Or, if a Non-Profit Organization:
- Copy of certificate of registration
- List of all board members
- Certified document confirming the names of all directors
Your void cheque or PAD agreement must show both the company name and the account number. This must be submitted in a PDF format. Laptop screenshots, mobile screenshots, or any other type of submission will not be accepted.
Your Bank statements must show both the company name and the account number. This must be submitted in a PDF format. Laptop screenshots, mobile screenshots, or any other type of submission will not be accepted.
If your proof of ownership shows a parent company, you will be required to provide additional documentation to verify ownership.
Name Changes
If your company has undergone any name changes you will need to submit additional documentation to verify those changes.
Once you have collected all your documents in PDF format and have finished your application please submit the package back to our Zūm Rails team to begin the underwriting process.