Dockwa partners with Stripe for secure financial services and payment processing. The Payout Suspension Banner will show on the top of your Dockwa page if there is missing information that Stripe needs to keep your account in compliance. If the required information is not updated, it will result in suspension of payouts to your marina.
Common information that needs to be updated and/or verified includes the following:
Registered business address
Personal information for the authorized representative
Business contact information
Included below is more information regarding the need for this update, which is due to increased FinCEN (Financial Crimes Enforcement Network) requirements by the U.S. Federal Government.
To view and update the information requirements for your account click the link available in the red banner. The action to view and update can only be done by an Admin or Finance level user of your Dockwa profile.
Following the link in the banner will bring you to the Stripe account update portal. Once here, you will see a red or orange "Information Needed" badge next to the sections with information requirements missing. Click the "edit" link next to the red badge, provide the missing information, and
save.
If you are not sure what information is being asked, please reach out to Dockwa Support via [email protected], or connect with us via Chat.
FAQs
Why is it asking for me to provide my full Social Security Number (SSN)?
Social Security Number is a requirement to verify the identity of the “Authorized Representative” that was selected to represent your business. This identity verification is a necessary requirement in order to adhere to all Know Your Customer guidelines and to stay in compliance with the U.S. Treasury Department's FinCEN Customer Due Diligence Rule. This ruling by the U.S. Federal Government is intended to prevent individuals from using complex schemes to fund terrorist financing, money laundering, tax evasion, and other financial crimes.
The full 9-digit SSN is required if your marinas has processed more than $500,000 through Dockwa all time.
There is not alternative to the SSN requirement. If you are not able to fulfill this requirement then the ability to process payments via Dockwa will be disabled for your account by Stripe.
Who should my marina list as their Authorized Representative?
A Representative (Rep) is defined as a person with significant responsibility to control, manage, or direct the organization; and is authorized by the organization to agree to Stripe’s terms.
Is there a deadline for these requirements to be met?
Yes, all requirements must be met by 04/16/2024. Failure to meet all requirements will result in Stripe disabling the ability for Dockwa to process payment and transfer bank deposit on your Dockwa account.