At Dime, we understand the importance of building strong financial partnerships based on trust and security. That's why we take our Anti-Money Laundering (AML) and merchant onboarding policies very seriously. These policies ensure we comply with the highest regulatory standards and create a safe and secure environment for all our users. This guide will walk you through the process of creating and setting up your Dime business (merchant) account, which includes our commitment to AML compliance.
What You'll Need:
Before we begin, gather the following information to ensure a smooth signup experience and meet our AML requirements:
Business Information: Your business name, legal structure (e.g., sole proprietorship, LLC), and nature of business (e.g., retail, restaurant, professional services).
Contact Details: Your business address, phone number, and email address for the primary account holder (Business Representative).
Business Representative Verification: In addition to contact details, be prepared to provide a government-issued ID (eKYC) and proof of address for the primary business representative.
Acceptable Forms of ID: Driver's license, passport, government-issued ID card, or National ID.
Proof of Address (required unless National ID is used):
Utility bill, bank statement, or letter signed and stamped by a Justice of the Peace verifying your business address (dated within the last 6 months).
Beneficial Owner Verification: For each beneficial owner of your business, you'll need to provide:
Government-issued ID (eKYC): Driver's license, passport, government-issued ID card, or National ID.
Proof of Address (required unless National ID is used):
Utility bill, bank statement, or letter signed and stamped by a Justice of the Peace verifying their residential address (dated within the last 6 months).
Tax Information (Optional): Your business Tax Compliance Certificate (TCC) number.
Settlement Details: Specify where you want funds received through your Dime business account to be deposited (e.g., existing bank account details).
Ownership and Control: Be prepared to provide details about your business ownership structure, including all beneficial owners and any individuals with significant control. This is crucial for our AML compliance efforts.
Sign Up Securely:
Head to the Dime Website: Visit the Dime website and navigate to the business account signup page. You can find this by searching for "Dime business account" or clicking the "Get Started" button.
Complete the Application: Carefully fill out the online application form with your business information, contact details, TCC (optional), settlement details, and ownership structure. Upload the required documents for business representative verification (ID and chosen proof of address, if National ID not used). For each beneficial owner, collect their government-issued ID (eKYC) and chosen proof of address (dated within the last 6 months, if National ID not used) and upload them during the application process. Providing accurate and complete information is essential for a smooth onboarding process.
Verification Steps: As part of our AML compliance, Dime may request additional verification documents such as business registration documents and proof of ownership for your settlement bank account. We appreciate your cooperation in providing this necessary documentation.
Review and Submit: Thoroughly review all the information you've entered to ensure accuracy. Once satisfied, submit your application.
Building Trust Through eKYC/eKYB:
Dime utilizes a secure and efficient eKYC/eKYB process to verify your business identity and ownership structure. This process helps us comply with the highest regulatory standards and mitigates potential risks. Here's what you can expect:
Standard Due Diligence:
Beneficial Owner Verification: As a beneficial owner, you may receive an email with a link to our secure platform where you can upload a government-issued ID (e.g., driver's license, passport) and complete a quick 3D liveness detection process to confirm legitimacy.
Simplified Verification for Schools and Government Entities:
For schools and government organizations, the verification process is designed for efficiency:
The designated account representative will need to submit a government-issued ID (eKYC), proof of business address (dated within the last 6 months), email address, contact number, and a letter signed by the appropriate authority indicating they are the authorized representative and have approval to use Dime services.
Important Notes:
The link provided for beneficial owner verification is unique and should not be shared. Disclosing this link could compromise the security of the verification process.
We recommend using a desktop or laptop computer with a webcam for the liveness detection process. However, you can also use a mobile phone or tablet with a front-facing camera for your convenience.
Once you've submitted your application and uploaded the required documents, our team will review everything carefully. We may reach out to you if we require any further information.
Processing times may vary depending on the complexity of your application. We appreciate your patience during this time.
Congratulations!
Upon successful verification and approval, you'll receive a welcome email with your secure login credentials for your Dime business account. Now you're ready to explore the features and benefits designed to empower your business!
Setting Up Your Account for Success:
Dime offers a comprehensive suite of features designed to streamline your business finances, providing you with the tools you need to manage your cash flow, accept payments, and simplify your financial operations. Here's a quick overview to get you started:
Manage Your Account with Ease:
Intuitive Dashboard: Navigate your business finances effortlessly with our user-friendly dashboard. View account activity, transaction history, and key financial metrics in one centralized location.
Seamless Security: Dime prioritizes the security of your business funds. Enjoy industry-leading fraud prevention measures and secure login protocols for peace of mind.
Simplified Recordkeeping: Download and export detailed transaction records for seamless accounting and tax preparation.
Effortless Payment Processing:
Accept Multiple Payment Methods: Give your customers the flexibility to pay the way they want, whether it's credit cards, debit cards, ACH bank transfers, or Digital Wallets.
Fast and Secure Transactions: Experience lightning-fast settlement times and robust security features to ensure every transaction is smooth and reliable.
Recurring Billing Made Easy: Set up automated recurring billing for subscription services or memberships, streamlining your revenue collection process.
Expand Your Reach with Flexible Payment Solutions:
Send Invoices Electronically: Create and send professional invoices directly through your Dime account, complete with customizable templates and online payment options for faster collections.
Accept Secure Payments Online: Generate unique Pay by Link options for one-time payments or quotes, allowing customers to pay securely without needing a Dime account.
Unlock Additional Tools to Empower Your Business:
Automated Features: Schedule automatic bill payments or transfers to save time and ensure financial tasks are completed on time.
Team Management: Grant access and permissions to additional team members, allowing them to manage specific aspects of your Dime business account.
Custom Integrations: Explore our open API for custom integrations with popular accounting software, business management tools, and other applications to create a holistic financial ecosystem tailored to your specific needs.
We're Here to Help!
Dime provides a wealth of resources to ensure you get the most out of your business (merchant) account. Visit our comprehensive online resource center or contact our dedicated business support team for personalized assistance.
We're committed to your success! Welcome to Dime, and let's unlock a world of secure and convenient business banking solutions tailored to meet your needs.