Bank accounts that are real
Before the first payment in or out, we check the account is open and in the right name. A payee who suddenly switches banks is checked again before any money moves.
Porchlight Market checks a new seller, Juniper Candle Co. The business's EIN matches the IRS and it's an active Oregon LLC, registered in 2021. Its owner, Nadia Brooks, passes an ID and selfie match, and the business and owner are clear of watchlists. Its checking account ending 2210 is open and in the business's name, has $8,420.00 available, shows 90 days of steady sales, and has a low risk of returned payments. The seller is approved, with payouts on.
Know who you're dealing with, before money moves.
Verify the people and businesses you work with, confirm their bank accounts are real and in their name, and check balances and transactions before you pay or pull a payment.
Every check, before money moves.
Whether you're paying someone or pulling a payment from them, know it'll land.
Balance before you pull
Check there's enough in the account, and how likely a payment is to come back, before you debit it. Fewer returned payments, fewer fees.
Transactions, with permission
With the account holder's permission, see months of their transactions, sorted into categories, to set limits, terms or payout timing.
People, verified
Check a photo ID is real, that the person holding it matches, and that their details agree with official records and are clear of watchlists.
The same checks we run on every business that joins Cedar.
Know the businesses you work with the way we know ours: who they are, where they're registered, who owns them, and that none of them is on a watchlist.
- Every kind of business
- LLCs, corporations, partnerships, sole proprietors and nonprofits.
- Owners, not just the company
- Everyone who owns 25% or more is verified like a person, with ID, selfie and watchlists.
- Checked again when things change
- Watchlists are rechecked every day, and a new owner or bank account is verified before it counts.
It's all part of the bigger build.
Start with KYC and KYB, then add the blocks around it as you grow. Every block reads from and writes to one system of record, so every check stays with the person or business it's about.
Payouts
Every payee's bank account is checked before their first payout.
Payments
Balance and return risk checked before you pull an ACH payment.
Compliance
Verified tax IDs flow into W-9s, 1099s and 1042-S forms.
CRM
Every result sits on the person's or business's record.
Questions about KYC and KYB.
Anything else? Book a call with us.
Who can we check?
Anyone you do business with: sellers on your platform, customers, vendors, contractors and grantees, and the people who own them.
Do people have to log in to their bank?
Only for balances and transactions, and for some owner checks. Account validation and return risk work from the account and routing numbers alone.
Is this a credit check?
No. Nothing here affects anyone's credit score.
Which banks does it cover?
Nearly every bank and credit union in the US.
What happens when a check fails?
You decide: hold their payouts, ask for another document, or look at it yourself. Every failed check says why it failed.
What do we keep?
The result of every check, on the person's or business's record in CRM. You never handle ID images or bank logins.
Are these the same checks Cedar runs on us?
The same kind. Every business that joins Cedar is verified the same way: its tax ID, its registration, its owners and the watchlists.
Start building.
Book a call and we'll set up the checks your business needs with you.
Prefer email? Write to hello@usecedar.co.