When applying for Keap Pay, we ask for information that is essential to the onboarding and underwriting process. Some of this information is for legally-required “Know Your Customer” (KYC) or “Know Your Business” (KYB) processes to identify and verify the identity of customers in order to prevent financial crimes such as money laundering and terrorism financing.
Throughout this article, each step of the application will be broken down to provide further details on what exactly is needed and why it is required.
Current Prerequisites
Currently, there are a couple of prerequisites that you will need to have completed in order to begin your application with Keap Pay, please see below,
Active business filing with both the required federal and state agencies
Valid and Active EIN (disregard if Sole Proprietor)
Personal Identifiable Information for every beneficiary owner
Active Bank account owned by the business or one of the beneficiary owner(s)
For more information on why this is required, you can visit the FinCEN website using www.fincen.gov and https://www.fdic.gov/news/financial-institution-letters/2021/fil21012b.pdf.
When you’re ready to apply for Keap Pay, please go to your payment processing settings and click the “Set up Keap Pay” Button to get started, or click one of the links below,
*Note: If you’re currently in the Keap Max Classic Interface, you will need to toggle to Keap Ultimate in order to begin your application.*
Representative information and Organization Type
The first step in the application process asks for basic contact information for the primary contact for your Keap Pay account. Whoevers contact information is entered will be the main point of contact for any outreach from the Payments team after your Keap Pay account has been approved.
The organization type is a dropdown asking if your business is filed as an LLC, Corporation, Sole Proprietorship, etc. Please select the option that matches the legal filing of your business.
Legal Business Details and Payment Volumes
Next, you will need to provide your legal business details, specifically the,
Business Legal Name
Business DBA Name
Tax ID/ EIN (n/a if Sole Proprietorship)
Merchant Category Code (MCC)
When entering your legal information, such as your business legal name, be sure to enter it exactly as it shows on your legal documents.
The second part of this step asks for more information on your payment volumes. These volumes are what’s used to monitor the transactions that you will be processing through Keap Pay. As a financially responsible service, Keap Pay is subjected to monitoring transactions in order to stay in compliance with AML and CTF laws (Anti-Money Laundering & Counter-Terrorism Financing).
Payment Volumes
Average Payment AmountThe average amount of money charged per transaction. In other words, the cost of your most popular product/ service.
Maximum Payment Amount
The highest amount of money charged in a single transaction. In other words, the cost of your most expensive product/ service.
Total Monthly Payments Amount
The total amount of money transacted per month. In other words, the average amount you expect your business to transact with Keap Pay per month.
*Note: for more information on payment volumes, please refer to the help center article linked here*
Business Address Information
Step 3 will then ask for the legal address information for your business. The address must be a physical address, meaning that P.O box addresses are not allowed.
Beneficiary Owners Details
When an individual opens any financial account, including a payment processing account with Keap Pay, they are required to provide personal information. This is because financial institutions and their partners are required by law to identify and verify the identity of their customers in order to prevent financial crimes such as money laundering and terrorism financing.
The personal identity of every beneficiary owner needs to be verified, The U.S. government defines a beneficial owner as any individual (1) who directly or indirectly owns or controls 25% or more of the company, and (2) who directly or indirectly exercises “substantial control” over the reporting company.
*Note: for more information on beneficial ownership, please refer to the help center article linked here*
Bank Account Connection
With Step 6, you will be required to connect the bank account that you would like your payments to be deposited into. For connection, there are two different options
Connect with bank login - through Plaid
Add bank manually - manually enter your bank account details
Connecting your bank account with Plaid
Click “Connect with bank login” then either login with the phone number registered with Plaid, or click “continue as guest”
Next, search for the bank that holds the account you wish to connect
Once you find your bank, click “continue to login” then login using your bank account username and password.
*For example; if you have a bank account with Chase, you would search for Chase, click login, then login with your Chase account login*
Connecting your bank account manually
To add your bank account manually, click “Add bank manually” then enter the bank account details into the popup. Once finished, click Add Bank Account.
Application Reviewal
Now that the required information has been entered fully, it’s time to review your application. Please read through each section carefully to ensure the data is completely accurate.
Any boxes or fields highlighted in red contain missing information - please click the “Edit” link and fill in the required information.
Once you have finished reviewing, continue on to the next steps.
Terms of Service Agreement and Submission
Now that you have completed reviewing your information, the last step is to agree to the Terms of Service then submit your Keap Pay application.
You can find more information on the Terms of Services in the legal policies on the Keap website, or click here.
Once your application has been submitted, you’ll be redirected to your payment processor settings, you’ll see that the Keap Pay “Account Status” will now read as “Pending”
Acceptance can take up to 3 business days. You will see your Keap Pay status switch from pending then to Active once your application is approved.
Please note the following,
You may receive an email from [email protected] after you sign up looking for more information to get you activated.
If it has been over 3 business days and you have not seen a change in your status nor received any update from the Payments team please contact support.
FAQ’s
Q - Are there any businesses that are prohibited from using Keap Pay?
A - Yes we do have some business types that we prohibit from using Keap Pay. Many of these business types are also against our AUP. Here is a comprehensive list of our prohibited businesses for Keap Pay. If you see your business type on this list but you are allowed to send email via Keap please contact support to see if we can make an exception.
Q - I want to use Keap Pay but I’m looking for a lower rate than what's posted?
A - With Keap Pay we may have some flexibility in our pricing depending on a few factors. If you would like to review, please contact your CSM or the payments team using [email protected].
Q - I filled out my Onboarding Form but I’m still not active yet and heard nothing.
A - It can take up to 3 business days for onboarding to complete. Your application may require additional documents or information required for verification, please check your email to see if you received communication from the Payments team using [email protected]. If 3 business days have passed and you have not received an email, please contact support.
Q - What does the transaction read on my clients bank statements?
A - When you apply for Keap Pay you are required to provide a DBA (Doing Business As). When a client makes a transaction through Keap Pay, their bank account will read RF*DBAName.