A frequent source of confusion in files, because the merchant thinks of themselves by the trading name while the bank account, the UCC filings and the funding agreement all attach to the legal entity.
Related terms
Merchant application
The signed form capturing the merchant’s business details, requested amount and authorisation to pull information.
EIN
The federal tax identifier assigned to a business entity.
UCC-1 financing statement
A public notice filed with the secretary of state recording a secured party’s claim against a business’s assets.