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Before you can pay an owner, Yorlet needs enough information about them to meet Know Your Customer (KYC) requirements and to know where to send the money. Until those requirements are met the owner is Restricted, Payouts shows as Disabled on their record, and any payouts created for them cannot be approved. What is required depends on the owner’s account type and business type. You can collect it yourself, or send the owner an onboarding link and let them enter it securely.

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Required information

For landlords and leaseholders, Yorlet also verifies the identity of the individual, or of the company’s representative, using an identity document and a selfie. This is done by the owner through an onboarding link. For companies, Yorlet checks the company number against the companies register and shows an alert if it cannot be matched. If the company’s people are incomplete, the Management and ownership section shows Missing company owner or Missing company director until you add them. The quickest and most secure way to collect this information is to send the owner an onboarding link. The link opens a form hosted by Yorlet that asks only for what is still missing: personal or company details, the people who control a company, a bank account, and identity verification with a document and a selfie. The owner’s sensitive details never pass through your team. To create an onboarding link, follow these steps:
  1. Navigate to the owner.
  2. Use the Actions menu and select Create onboarding link.
  3. Choose the Type. Owner onboarding collects the owner’s details. Unit owner onboarding links the session to a specific unit ownership, for example when onboarding a new landlord for a unit; enter the Unit owner ID.
  4. Optionally enter a Return URL to send the owner to once they finish.
  5. Leave Require identity verification on to have the owner verify their identity as part of the flow.
  6. Turn on Send email to email the link to the owner, or leave it off to copy the link and share it yourself.
  7. Click Create.
Onboarding links expire after seven days. If the owner does not complete it in time, create another. You can also create an onboarding link from a unit ownership: open the ownership, click the overflow menu (•••) and select Create onboarding link.

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Collect information manually

If you already have the owner’s details, enter them yourself:
  1. Navigate to the owner.
  2. Click Edit on the Individual information or Company information section, or use the Actions menu and select Edit information.
  3. Fill in the missing fields. Any field still required is flagged Missing on the owner’s record.
  4. Click Update.

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Add the people behind a company

For company owners, add the people who own or control the company in the Management and ownership section:
  1. Click Add person.
  2. Enter their First name, Last name, Email, Job title, Date of birth, Address and Phone number.
  3. Tick the relationships that apply: whether the person is the primary representative of the account, owns 25% or more of the company (and their Percent ownership), is a member of the board, or is an executive with significant management responsibility.
  4. Click Create.
Every company needs at least a representative. Yorlet flags when an owner or director is also required.

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Identity verification

Identity verification cannot be completed manually. Send the owner an onboarding link with Require identity verification turned on, and they verify themselves with a document and a selfie. The result shows as Identity on an individual owner’s record, and in the Verification field on each person of a company: Unverified, Processing or Verified.

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Add a bank account

Owners need a bank account to be paid out. Under the Bank account section on the owner, click Add and enter the details. The fields depend on the country of the bank. Owners can also add their own bank account through an onboarding link. See Bank accounts.

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When new requirements become due

Regulations change, and Yorlet may need to collect additional information from owners you have already onboarded. When that happens the new requirement is listed as eventually due on the owner. The owner is not restricted straight away, but you should collect the information before it becomes due, either manually or by creating a new onboarding link.