Welcome to Borderless!
Let's complete your Borderless Business Onboarding in four easy steps.
You can click the links in the Overview below to navigate to each step.
Overview: Business Onboarding
Step 1: Legal Entity Details
Once you have created your Borderless profile, you can get started with initiating your company's Business Onboarding.
Navigate to the Legal Entities tab to review and complete your Legal Entity Details. This is also where you will assign the Authorized Representative (more details on the role of the Authorized Representative here).
Watch the video below to learn how to set up your legal entity details and assign the Authorized Representative:
Step 2: KYB (Know Your Business)
A KYB (Know Your Business) process is a procedure Borderless must conduct to verify the identity and legitimacy of its business customers. This process is mandatory to comply with regulatory requirements that prevent fraudulent activities, such as money laundering or terrorism financing.
The Authorized Representative named in Step 1 will complete the KYB verification on the Borderless platform, as well as their own KYC (Know Your Customer) personal identity verification.
As a part of the KYB verification, the Authorized Representative will list all Ultimate Beneficial Owners (those with 25% or more ownership of your legal entity). The Ultimate Beneficial Owners will be sent a link to complete their own KYC personal identity verifications.
For full KYB instructions and more information on KYB, read this article.
Step 3: Payment Method
Once the KYB verification has been approved, your Borderless Virtual Wallet will be created. You will use this Wallet to instantly pay invoices.
To fund your Virtual Wallet, you can directly connect your bank account by adding an ACH Direct Debit payment method.
There are 2 ways to add your ACH Direct Debit Payment Method:
- Instant Connect: Enter your company's online bank account username and password. Your corporate bank account will be instantly linked to Borderless.
- Manual Micro-Deposit: Enter your company's bank account routing and account number. A micro-deposit of $0.01 will be made within 1 business day. A subsequent verification will be required on the Borderless Payment Methods tab.
For full ACH Direct Debit payment method instructions, read this article.
Step 4: Payment Authorization & Virtual Wallet Funding
You can authorize payment for any approved invoice as long as there are sufficient funds in your Virtual Wallet.
If you already added a Payment Method in Step 3, you will not need to worry about funding your Wallet in advance.
However, if you wish to pay for invoices via ACH Push (outside of the Borderless platform), you will need to push funds from your bank account to your Wallet three business days prior to the invoice's due date.
Watch the video below to learn how to authorize payments through ACH push:
And that's it – you're all done!
If you have any questions throughout this process, please reach out to firstname.lastname@example.org.