What business/industiry classification should I use when creating a Business Verified Customer that is a Trust? I know to use soleProprietorship for the businesss type.
Hi @gfb107, According to our team, trusts are not industry specific; they can be formed for any industry so the user would need to select the corresponding industry classification ID that most relates to them for the proper classification.
That’s makes no sense to me. Trusts aren’t anything like a company, they don’t provide services or produce goods
@gfb107, We allow sole prop accounts to be titled as trust accounts, but for Dwolla’s purposes they are accounts that belong to a single natural person, specifically the trustee. That natural person needs to be the one creating the account. If they want to label an account with trust they will likely need to provide a trust document showing it exists. We usually see these in the context of investment activities. The business classification is less important in the context of trusts, as they belong to a single natural person and not necessarily a business entity.
This is in the context of investment activities.
A trustee registers to use our system, and we go through a process to verify they are who they claim to be. We need to create a verified customer for that trust in Dwolla so bank accounts can be connected and transfers can flow. For a trust, the API requires that we create a Business Verified Customer with a businessType of soleProprietorship, and the trustee as owner, and requires a businessClassification. Although you say ‘The business classification is less important in the context of trusts’, I still need to provide a value in the API call, and there’s nothing else in the API call that would indicate to you that this is a trust. Asking the trustee to pick a business and industry classification is unreasonable, so I want to know what value I can use in the API to successfully create the Business Verified Customer. If additional documentation is required for verification, and that requirement is communicated via the webhook we have support for that.
At this point I’m going to arbitrarily use the first industry classification for the first business classification returned by the API.
Apologies for the late reply to your message! Upon consulting with our team, we found that choosing the Business Classification depends on what this Customer does and what the trust is using Dwolla for? What the best classification might be for them?
If allowing your users to choose the classification isn’t an option, you may be able to choose one for them based on the types of Trustee you will be onboarding.