Payments regulations aim to create a safer, more secure financial ecosystem by helping prevent crimes like money laundering, fraud, and tax evasion. Financial regulators around the world enforce Know Your Customer (KYC) requirements to ensure that identity information is collected and verified from certain types of businesses and their company personnel. These information collection requirements are frequently updated by financial service regulators, card networks, and other financial institutions. Recently, required verification information in the United States has been updated, and our payment facilitator Stripe is requiring all accounts to be up to date.
Because of new regulations and recent updates, all OrderMyGear accounts are required to update or verify the information by January 12th, 2022 in order for your account to remain active.
Updating your account is simple and should only take a few minutes.
Step 1: Navigate to your OMG dashboard. A red warning message will appear until you have completed the update of your account. Click the account update link in the message. A Verify Account button will also appear on your OrderMyGear Payments Page until you have completed the updates.
Step 2: This link will take you to our hosted payment processor, Stripe, where you will Edit and/or add the new required information.
Step 3: 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 will happen if I don’t update my account before the January 12, 2022 deadline?
Your account will no longer be able to accept payments on any of your online stores until the required information is completed. You can update your accounts after the January 12 deadline, but we highly suggest updating 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).
What additional information might be required?
- New address requirements - US company account types as well as their representatives and owners, must provide valid physical addresses. In particular, P.O. boxes cannot be accepted as valid addresses. For company representatives and business owners, it is not required that their addresses be located in the US.
- New personal verification - For US individual account types, we must have a full SSN/ITIN on file. If an individual account representative does not have an SSN/ITIN, the appropriate legal entity type and structure should be selected so they can provide the entity’s TIN and name.
- TIN verification - For US individual account types, the full SSN/ITIN on file must be verified with IRS records. As before, a US company account type’s EIN must be verified with IRS records.
- Representatives and beneficial owners of US companies must provide either a full SSN/ITIN or an identity document.
Learn more about Stripe’s security here.
Why do I need to provide this information if I updated my account in March 2020?
In March 2020, Stripe made updates to its product in order to comply with FinCEN regulations and requirements. Recently, there have been new updated requirements from financial regulators which were not collected by Stripe in the past.