Providing you with a secure platform to grow sales is our top priority. Due to updated FinCEN (or Financial Crimes Enforcement Network) regulations, as well as enhanced security measures from our payment processing partner Stripe, all OrderMyGear accounts will need to be verified or updated prior to March 31, 2020. Accounts not updated by March 31st will be deactivated and you will not be able to accept payments on your online stores. However, updating your account is simple.
Accounts created before May 11, 2018, can confirm and/or update account information through the new Stripe-hosted verification tool. Watch the following video for a walkthrough, or continue reading the article:
Accounts created after May 11, 2018, will be required to enter additional information to verify the account. Watch the following video for a walkthrough, or continue reading the article:
A red warning message on the main dashboard page of your account will appear until you have completed the update of your account.
An Update or Verify Account button will also appear on your OrderMyGear Payments Page until you have completed the updates.
For accounts created after May 11, 2018, you will see the following screen, which won’t contain account information:
For accounts created before May 11, 2018, you will be provided with a summary of account information that you can verify or update:
Once you’ve completed your update, your OMG Payments page will no longer have a Verify Account button, and will show three green checkmarks indicating your account information has been properly verified:
If you have any questions please reach out to your Account Manager or our Support Team, or review the FAQ below!
What is FinCEN?
The Financial Crimes Enforcement Network is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.
How does FinCEN affect my account?
Stripe made updates to their product in order to comply with new FinCEN regulations and requirements. OMG uses Stripe to process payments through the platform, requiring all OMG accounts to update and/or verify account information.
What additional information do I need to provide?
Why do I need to provide this information if I just shared the same information for my 1099?
OMG uses a third-party vendor called Payable to help process our 1099-k information and a third-party vendor called Stripe to process our payments. As of today, we are unable to sync information between the two vendors but are working to be able to do so in the future.
What will happen if I don’t update my account before the March 31, 2020 deadline?
Your account will be disabled and you will no longer be able to accept payments on any of your online stores until the update/verification is completed. You can update your accounts after the March 31 deadline, but we highly suggest updating them as soon as possible.
How will I know I’ve successfully updated my account?
When you successfully update your account, you will see three things:
- The red warning message at the top of the OMG dashboard will disappear.
- The “Update” or “Verify” buttons on the OMG Payments page will disappear.
- There will be 3 green checkmarks on the OMG Payments page (see image below).
Why don’t I see the red warning banner on the dashboard or the “verify account” button on the payments page?
If your account was created after 9/24/19, you will most likely not need to verify or update your OMG account, and will therefore not see the in-app messaging. However, there may be exceptions requiring you to update your account.