How To Activate Shopify Payments With LLC (Full Guide) — Transcript

Full transcript

1. 0:00In this video, I'm going to show you how
2. 0:02to activate Shopify payments with LLC.
3. 0:05Now, the first thing you have to do is
4. 0:07gather your LLC information. So, before
5. 0:09we begin, you have to ensure that you
6. 0:11have the following details ready. First
7. 0:14thing that you have to get is your
8. 0:15employer identification number. The
9. 0:17second thing is your official IRS
10. 0:20documentations. It can be your SS-4
11. 0:23confirmation letter or C5575
12. 0:26notice or the 147C letter. And the legal
13. 0:30name on the Shopify must match the name
14. 0:33on the document down to the exact
15. 0:35capitalization and the punctuation. The
16. 0:38next thing you need is a active checking
17. 0:41account located in the same country
18. 0:43where the LLC is registered. So, like
19. 0:46USA bank account for a USA LLC. And the
20. 0:49next thing is your personal
21. 0:51identification. It can be your SSN
22. 0:54or ITIN number of the business
23. 0:56representative. But, if you are a
24. 0:58non-USA resident operating a USA LLC,
25. 1:02you will need a valid government
26. 1:03passport. Once you have all the
27. 1:05documentation and all the things ready
28. 1:07with you, we can start the process of
29. 1:09activating the Shopify payment. So, what
30. 1:11you have to do is open up your Shopify
31. 1:13dashboard. And from the left side bar,
32. 1:16click on settings. From here, click on
33. 1:18payments. And at the top, you will see
34. 1:19this section, Shopify payment. Now, to
35. 1:22set up the Shopify payment, click on
36. 1:23this setup button right next to it.
37. 1:25After that, you have to enter your
38. 1:27business and personal details. So, first
39. 1:29you have to select if you are an
40. 1:30individual or a registered business or a
41. 1:33non- profit organization. From here, you
42. 1:36have to select the a registered business
43. 1:38option. Then, you have to select your
44. 1:40business type. So, select your specific
45. 1:42entity structure depending on how your
46. 1:45LLC is taxed. You can select the sole
47. 1:48proprietorship or the private private
48. 1:51multi-member LLC from here. So, as
49. 1:53example, I will select the private
50. 1:55single-member LLC. Then, click on next.
51. 1:58Then we have to enter our business
52. 2:00information. We have to enter our LLC
53. 2:02registered legal name, business address,
54. 2:05and all these things. Then if you want,
55. 2:07you can click on this checkbox use EIN
56. 2:10for the tax filing. Then after entering
57. 2:13all these things, click on this next
58. 2:15button. Then you have to select your
59. 2:16industry type and your category. If you
60. 2:19want, you can also use the AI
61. 2:21to help you enter a description of your
62. 2:24industry or the product or services that
63. 2:26you sell. Like I can type I sell digital
64. 2:30products related to make money online.
65. 2:32And then you can just simply click on
66. 2:34this arrow. And this AI is now going to
67. 2:37generate a description for our store
68. 2:40that we can use, and it will
69. 2:42automatically select the category for
70. 2:44us.
71. 2:45Then you have to enter the store phone
72. 2:48number here. And then click on this next
73. 2:50button. Then you have to enter the
74. 2:52personal details of the primary LLC
75. 2:55owner, your first name, last name, and
76. 2:57if this person owns a 25% or more equity
77. 3:00in the business, and then enter date of
78. 3:02birth and the job role, all these
79. 3:04things, and then also click on this next
80. 3:07button. And then it might ask you to
81. 3:09verify your account to confirm this
82. 3:11action. So it will send a six-digit code
83. 3:13to your email address registered with
84. 3:15your Shopify account. Copy this code and
85. 3:17then go back to the Shopify and paste
86. 3:19that code here. And then on the screen,
87. 3:21you have to click on this next button.
88. 3:24Or if you want, you can also add the
89. 3:26remaining equity here. So you have to
90. 3:28provide all the details of your equity
91. 3:31remaining equity. So you can click on
92. 3:34this button add another equity owner,
93. 3:36and then you can add the other owner's
94. 3:38details, but I will click on this next
95. 3:40button. Then it will show you all the
96. 3:42details that you have entered, and it
97. 3:44will ask you to double-check all the
98. 3:46things. And if you want to change
99. 3:48anything, you can do it right here. And
100. 3:50in the verification section, you can
101. 3:52upload your business document and the
102. 3:54business address document. So, click on
103. 3:56this upload button and select which
104. 3:59documents you want to upload. It can be
105. 4:01your IRS letter 147C or SS-4
106. 4:05confirmation letter and then click on
107. 4:07add files and select from your desktop
108. 4:10and then click on done. And your
109. 4:11document will be added here and you will
110. 4:14also need to upload your identity
111. 4:16document. So, you can add your driving
112. 4:18license, passport or state-issued ID.
113. 4:21So, it is mandatory to upload all these
114. 4:24documents before we use the Shopify
115. 4:26payment. And after adding all the
116. 4:28things, just simply click on this button
117. 4:30submit for verification. Once you have
118. 4:32submitted and your account is
119. 4:34successfully verified, you can then
120. 4:36begin accepting the payments. But,
121. 4:38Shopify will typically initiate a
122. 4:40standard KYC review. So, you have to
123. 4:43keep an eye on your Shopify admin
124. 4:45dashboard for the red or yellow banners.
125. 4:48Shopify is frequently request you to
126. 4:51upload the supporting documents for the
127. 4:54verification. It can be your IRS EIN
128. 4:57assignment letter to prove your LLC
129. 5:00matches the EIN or a utility bill or a
130. 5:02bank statement to prove your business or
131. 5:05residential address. And after doing
132. 5:07that KYC, your Shopify account is now
133. 5:10completely ready to use the Shopify
134. 5:12payment. So, that is how you can add or
135. 5:15activate the Shopify payments with the
136. 5:18LLC. If you found this video helpful,
137. 5:20please like this video and subscribe to
138. 5:22my channel.