All Merchants or Referrers processing on the Platform are required to have at least one U.S. or Canada-based bank account on file. Therefore, new Merchants or Referrers are prompted to enter their bank account during the onboarding process. This document will guide you through the process of adding additional bank accounts for Merchants or Referrers that are already boarded or integrating new bank accounts in the future.
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Bank Account Types and Requirements
All Merchants or Referrers boarded to the Platform are required to have an active U.S.-based bank account on file. A bank account serves two purposes for a Merchantan entity:
Account for Deposits - Arequired bank account on file to receive deposits from Available Balance funds.
Account for Debits - A required bank account on file to be debited to cover Negative Balances owed.
Merchants or Referrers can use one bank account on file for both payouts and debits, individual bank accounts for deposits and debits, or multiple bank accounts with unique, individual purposes.
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Bank Account Validation
As a Payment Facilitator, the Platform validates any bank account submitted by a Merchantan entity. This validation includes active status, type of account, & ownership and prevents funds from being sent to an incorrect bank account as the result of a typo or invalid information.
To perform the validation, the Platform uses Plaid to allow Merchants or Referrers to linktheir bank account(s) for instant validation using a Portal lightbox to securely log in to their bank for integration.
For instances where a Merchant an entity attempts to manually add new bank information or change existing bank information, follow the Manual Account Validation process below:
Manual
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Bank Account Validation
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If a Merchant an entity manually submits their bank account, they are required to submit documentation to Platform Risk for account validation.
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With Plaid enabled Merchants or Referrers will be prompted to go through the bank account linking process as they sign up.
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Step 1: Navigate to the Merchants page or Referrers page within the Management category. Step 2: Click on the desired Merchant to bring up their Merchant Profile or Referrer Profile. Step 3: Click the Banking tab on the left. Step 4: Click the ADD NEW ACCOUNT button in the upper right-hand corner. Step 5: Click the LINK ACCOUNT button in the lightbox and select the type of usage: Billing, Deposits, or All. Step 6: Click the LINK NEW ACCOUNT button in the lightbox to reveal the Plaid integration lightbox. Step 7: Complete each Plaid prompt:
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How to Manually Add a New Bank Account
If a Merchant’s an entity’s bank is not eligible for use with Plaid, or if they wish to skip the Plaid process, they can also manually add a new bank account.
There are two methods available to manually add a new bank account:
Using Use the Portal to enter bank account information and upload documentation in the Merchant Profile.
Using Use the API to enter the information using the
/accountsendpoint and submit documentation separately.
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Manually
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Add a New Bank Account in the Portal
The Portal uses the Banking tab within the Merchant Profile to update or add new bank account information to a specific Merchant. In instances where a Merchant’s an entity’s banking institution does not currently integrate with Plaid, or the Merchant would like to manually add the account, this option is useful.
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“Add “Adding a New Bank Account” fields & descriptions
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Manually
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Add a New Bank Account using the API
Bank accounts can also be manually submitted using the API by sending a POST request to the /accounts endpoint. In the body of the request, you will include the Entity ID of the Merchant, as well as the data for the below fields.
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