With LASSO Payments, you can send payment requests to your customers, track finances, and get paid faster than before. This article outlines the onboarding process to get started!
You'll see a video walkthrough on the Payments Onboarding process below. Below that, you'll find a helpful one-pager & a step-by-step guide w/ screenshots.
Click Here to View or Download the LASSO Payments One Pager
The first step is to navigate to your Company Settings page under the Admin tab.
Next, you'll choose Payments from the tabs in Company Settings.
You'll see a prompt to get started here and will follow the set up prompts to completion! Once this is done, you can sit back and wait to hear from the JustiFi team when you are approved (this should take up to 2 business days).
Below are some FAQs from the onboarding process!
Frequently Asked Questions:
What is a Financial Representative?
Typically this is the owner(s) of a for profit business. For non-profit organizations, this is typically a board member such as a president, secretary, treasurer, etc. who is responsible for or oversees the finances of the organization.
Why can’t a PO Box be used for the address?
We need a physical address to ensure the organization/business is located and performing business within the United States.
Why does the Financial Representative need to provide a full SSN and date of birth?
This information is required for a federal OFAC check. The Office of Foreign Assets Control (OFAC) maintains watch lists to prevent money laundering, fraud, and terrorist financing. If the financial representative appears on one of these lists, underwriting will fail, and payments cannot be processed. Providing this information helps mitigate the risk of fraudulent activity and ensures compliance with federal regulations.
Do you perform a credit check with the SSN?
No, it is only used for the OFAC background checks.
Can personal information be safely provided and stored with LASSO Payments?
Yes, our embedded finance partner JustiFi, is PCI-DSS and SOC 2 compliant. This means that they follow the highest standards for the payment card industry for keeping card data safe and cyber security compliance to ensure all of your data is stored securely.
How long does it take to process my onboarding application?
Onboarding typically takes 1-2 business days if all required documents are submitted correctly. If additional information is needed, the timeline will depend on how quickly you provide the requested documentation.
How will I know if Onboarding for payments is complete?
The Payment Settings page will display a message that says "You're all set!". You can start requesting payments from your clients at this point.