We use Stripe.com as our payment processor. Stripe requires bank verification to be completed by one administrator on the PayHOA portal. Please be sure to click on the big KYC 'Verify' pop-up when you sign into your PayHOA admin account. Also, attached.
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All payment processors are required to collect information about the people processing payments on their system. Those requirements are known as KYC (know your customer) and are created to prevent money laundering, fraudulent payments, etc. The requirements are set by banks and regulators.
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Once the KYC portal is completed and the information is accepted, you will be able to process payments using PayHOA and receive your deposits.
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Please let us know if you have any further questions!