In qoda.ly, a Beneficiary represents the legal entity (usually a registered business) that ultimately receives the funds from payments processed through your account.

Due to financial regulations and security protocols, qoda.ly must collect detailed information about each Beneficiary during setup. This includes business registration details, information on key owners and directors (for KYC compliance), and secure bank account information to enable payouts.

Each Beneficiary within your qoda.ly account can be linked to one or more locations. This association determines which location’s sales proceeds are directed to that specific Beneficiary. The ability to have multiple Beneficiaries within a single qoda.ly account offers flexibility in the financial management of businesses with complex structures.

Why Beneficiary information matters

• Compliance: qoda.ly is committed to adhering to financial regulations, including those designed to prevent fraud. Collecting thorough Beneficiary information is a crucial part of this compliance process.
• Secure payouts: accurate Beneficiary details ensure that your hard-earned sales proceeds are paid out promptly and to the correct account.
• Flexibility: the Beneficiary structure in qoda.ly allows for streamlined financial management across multiple locations and may offer potential tax advantages. It’s important to consult a tax professional to fully understand the implications for your specific business.

Best practices

• Accuracy from the Start: To avoid payout delays, provide complete and up-to-date information when setting up a Beneficiary.
• Stay current: If there are changes to your Beneficiary’s ownership, business details, or bank information, update those details promptly within qoda.ly.

Need help? Contact qoda.ly Support for personalized assistance.