Why Bolster Helps You Get Paid Faster (and Keeps Your Business Safe in the Process)

TLDR

Bolster Payments helps contractors get paid faster by keeping invoicing and collections inside the job, offering easy online payment options, and reducing delays with quicker settlement. KYB and KYC verification is a one-time step that confirms your business and identity to prevent fraud, meet regulations, build homeowner trust, and avoid payment holds. Just have your business docs, ID, and a recent bank statement ready.

Get Paid Faster Without the Risk

If you've ever finished a big project only to spend the next two weeks chasing a check, then you'll know the real pain point isn't even the work itself. It's the annoying wait between "job done" and "money in the bank" that really gets to you.

That's why Bolster built payments directly into the platform. It's all about making it easier for homeowners to pay and easier for contractors to get paid, without all the extra admin, awkward follow-ups, and mysterious delays that come with it. Our payments experience is all about faster settlement, fewer manual steps, and billing and collections that are just part of the job as usual. Learn more about Bolster Payments.

But there is a step that catches some people off guard the first time they set it up: verification.

You'll see it as KYB and KYC, and it's not just a bunch of paperwork for the sake of paperwork. It's the foundation that makes online payments safer, more trustworthy, and just plain smoother for everyone involved.

What on earth is KYB and KYC, anyway?

To accept payments online, platforms like Bolster need to confirm two pretty simple things:

KYB (Know Your Business) is like checking to make sure your company is a real, registered business, with details like what kind of business you are (LLC, Inc., Sole Proprietor, etc.), who owns it, and all that jazz.

KYC (Know Your Customer) is more like confirming who the person is that's setting up and using the account. This usually includes personal stuff like name, address, and date of birth, plus a government ID and a selfie to make sure it's really you.

Together, these checks confirm who you are and that your business is on the up-and-up, so you can start receiving payments online from homeowners safely and securely.

“Okay, but why do I have to do all this?”

Well, when it comes to moving money online, trust is a big deal, and the stakes can be pretty high. Bolster's verification process is in place for four good reasons:

1. It keeps the scammers out: Only verified people and businesses can accept payments, which helps protect contractors and homeowners from fraud.
2. It keeps us in line with the law: Verification is just a requirement - there are laws and financial regulations in place that say we have to verify businesses before we can process payments.
3. It builds trust with your customers: Homeowners feel way more comfortable paying a verified contractor online, especially when the stakes are high (like with deposits, milestone payments, or final invoices).
4. It helps you get paid faster: Once you're verified, payments can flow through with way fewer holds or delays that come with incomplete verification.

And the cherry on top is that verification is just a one-time thing that makes the rest of the experience way smoother. After that, you can just focus on getting the job done and collecting payments quickly and easily.

What "getting paid faster" can actually look like with Bolster

Bolster's payments experience is designed to remove all those little frictions that slow you down:

• Quicker settlement so you don't have to wait around for funds to show up.
• Less manual work with invoicing and collections living right where the job details are.
• Convenient payment options for homeowners so they can pay from wherever they are, on whatever device they like, without that "can you mail it?" bottleneck.
• Integrated billing and collections so your payment workflow stays nice and connected to your project workflow.

In other words, payments are just part of how you run the job - not an extra process you have to dread at the end.

What you'll need to complete verification (so you don't trip up mid-setup)

Most verification delays happen because someone didn't have a document handy or because the document they uploaded was too old or didn't match their registration details.

Bolster's guidance is pretty straightforward, though.

For the United States, have the following ready:

• Certificate and Articles of Incorporation
• EIN confirmation letter (from the IRS)
• A government-issued ID
• A recent business bank statement (no older than 3 months)

For Canada, have the following ready:

• Certificate and Articles of Incorporation
• BN issued by the CRA
• A government-issued ID
• A recent business bank statement (no older than 3 months)

That's it - no 30-item scavenger hunt here.

Some practical tips to make verification go a lot smoother

Here are the habits that'll make KYB and KYC go faster and help you avoid the most common re-upload requests:

• Match names exactly: If your bank statement says "ABC Construction LLC" but you type "ABC Construction," it can trigger a review. Just use the exact name your bank uses.
• Use clear photos: Good lighting, no glare, and make sure all four corners of the document are visible.
• Stay up to Date: If the bank statement is older than three months, it's a good idea to grab a more recent one before you start the process - saves any potential issues down the line
• Get Snap Happy but not Multitasking: Taking a selfie and ID is a pretty straightforward process, but be warned - the system doesn't play nicely with blurry images, so take your time and get it done properly in 30 seconds

Small stuff can make a big difference in the long run.

We’re Here to Help

If you're stuck or just not sure where to go, you don't have to guess – hitting a roadblock can slow down the whole process. Sometimes it's easier to have someone double-check that your business type, paperwork – even your setup - is all good so you can get verified & go from there.

If you're having trouble, head over to the Contact Us page to reach out to the team, or if you'd like a guided walkthrough of the platform, Book a demo and let us show you around.

The Bottom Line

Know Your Business (KYB) and Know Your Customer (KYC) are there to keep payments flowing smoothly – they're a safety net that protects you and your customers - they're not meant to slow you down.

Once you're all set and verified, you're free to focus on what really matters: making payments that are fast, secure, and a lot less painful than chasing after checks.