Create your Mayfair account
We use Auth0 as our authentication service and two-factor authentication (2FA) is required. You will have two options when creating your account. You can either use Google single sign-on (SSO) or create an account with your email and password.
Configure your Mayfair account
After creating your Mayfair account, you will be directed to our onboarding screen. If you don’t complete onboarding in one session, your progress will be saved and you can come back at any time. There are two steps to completing the application.
Step 1: Create your Mayfair account
Mayfair requires businesses to submit both entity and applicant information to create an account.
Entity information
Entity legal name
Federal employer identification number (EIN)
Address of the corporation
IRS form SS-4 or IRS letter 147C
Applicant information
For the creator of the account, as well as all senior officers, control persons, and shareholders with a 25%+ fully-diluted ownership stake, we require the submission of the following information:
Ownership percentage
Legal name
Home address
Phone number
SSN
A photo of a government-issued ID
A photo of yourself holding the government-issued ID
Tips and resources:
The legal corporate name, EIN, and entity address should all match what the IRS has on file
If one of the owners is not a United States citizen, here's what you should know
Finally, you'll add a connected account, from which you'll later fund your Mayfair account. No funds will be withdrawn from your account at this time, or ever, without your permission. Instead, this allows us to further verify your identity and maximize the initial security of your Mayfair account.
💡 The primary user of Mayfair should also have admin permissions for any bank to which you wish to connect.
Once complete, your application will be reviewed by our KYC/KYB team. They may reach out to you directly if they have any questions, or need additional documentation, to approve your account.
Step 2: Fund your account
Once approved, you'll receive an invite from our team inviting you to move funds onto our platform and start earning yield.
The initial funding of your account is required to be processed via wire transfer, which you can initiate from your primary business bank.
An introduction to your Mayfair dashboard
The Mayfair dashboard will be the primary area to interact with your account. It will display your current balance, your lifetime accrued yield, and all transactions. From the dashboard, two primary actions are available.
One-time transfers
In order to process one-time transfers, you can click on Transfers above your cash account's information. You may initiate both incoming and outgoing transfers from this menu.
For outgoing transfers to your connected account, you may elect to transfer funds via ACH (unlimited, fee free) or wire transfers ($10 per wire transfer). Outgoing ACH transfers will usually take 1-2 business days and wire transfers will take 0-1 business days.
💡 Banks occasionally will have multiple routing numbers for wires and ACH. In these cases you will get an error notification when trying to process a wire. Please contact us at [email protected] and we'll help you resolve the issue.
Automated transfers
Requirements
In order to use automated transfer rules, you must first have a bank that allows Stripe to fetch your bank account’s daily balance. For most banks this is not an issue; however, for some legacy banking institutions, this feature will not work. We're rapidly expanding the list of eligible banks.
Setting up auto transfer rules
You are able to create both inbound and outbound automated transfer rules, and can toggle the rules on or off at any time. You may access this by clicking the edit transfer rules icon from the dashboard, or navigating to Account information, then Transfers
Automated inbound transfers establish rules for sweeping funds from your bank account into your Mayfair cash account, when your bank balance exceeds a specified amount
Automated outbound transfers establish rules for sweeping funds from your Mayfair cash account back into your bank account, when your bank balance dips below a specified amount. For automated outbound transfers there are two mandatory inputs, the “trigger” balance and the “top up to” balance
Trigger balance: if your bank balance dips below this balance, it will trigger the automation based on the top up balance below
Top up to balance: once the trigger balance is reached, we will transfer funds from your Mayfair cash account to your connected account, so that your connected account is at the “top up” balance
As an example, if your trigger balance is $100,000 and your top up balance is $250,000, whenever the connected account drops below $100,000 we will "top it up" to $250,000
💡 Most users have a cushion between their “trigger” and “top up to” balance to avoid cluttering connected accounts with daily transfers. This will significantly ease your accountant’s bookkeeping burden.