Versions Compared

Version Old Version 1 New Version 2
Changes made by

Miles Graves

Ada Li

Saved on

Key

  • This line was added.
  • This line was removed.
  • Formatting was changed.

You can add additional bank accounts to your entity at any time after adding your first required bank account with signup. Adding a bank account can give you flexibility in how you accept payouts, pay fees, and manage other aspects of your account related to reserves, billing, and disbursements. This tutorial will walk walks you through the steps for adding a new bank account to your Portal portal account.

Objective

Add a new bank account to your account using Plaid or by manually entering account information.

Audience

  • Facilitators

  • Referrers

  • Merchants

Environment

  • Portal (Sandbox)

  • Portal (Production)

Prerequisites

Info

Prerequisites: You must have

a

the following:

  • A fully boarded Payrix account to perform any of the actions described in the use case guides.

  • Bank account information, including the account and routing numbers.

  • A file containing an image of a voided check, bank statement, or bank letter.

Warnings

Warnings

will provide insight or advice to avoid risk, visibility, and product performance issues during this use case.

Note

Warning: Plaid - Tokenized Account Numbers (TANs)

Some banking institutions, such as Chase Bank, utilize a tokenized account number (TAN) for each individual third-party integration of a user's bank account to protect the original account and routing numbers, never allowing them to be seen by any third-party integration.

  • This means that if your TAN is ever compromised, a new one can be generated after contacting Chase Bank as opposed to the more time-consuming process of closing and re-opening a new account.

  • As a result, you may might notice upon completing an integration with Chase Bank that the account and routing number shown in the Portal portal will not match your original account and routing number. This is expected.

  • Visit Chase Bank’s Developer developer article regarding TANs or contact Chase Bank if you have further questions or concerns.

Note

Warning: Adding a New Account Manually

If you are adding an account manually, it will take up to 5 business days to verify the new account information.

Note: You can cancel or view the status of your pending manual review by viewing the Pending Change Requests section of the Banking tab on your entity’s Profile page.

Tips

Tips will provide suggestions to streamline or better prepare you to apply this use case tutorial.

Tip

Tip: Add with Plaid - Have your bank login ready!

If you are adding an account linked with Plaid, ensure that you have your banking institution’s online account login credentials accessible.

Tip

Tip: Change Requests

Adding a bank account initiates a “Change Request”Change Request, because the additional account may might require manual review from a Payrix or Facilitator-level risk analyst. You may might also be required to submit documentation to support the validity of the new account.

Change Request submissions made to add a bank account have been compiled into a set of easy-to-use Portal portal pages for each level of user, and are available on in the Managing Bank Account Change Requests implementation guide.

Additional Resources

Add a New Bank Account

1. Access your User Profile page.

Click the PROFILEbutton, located in the top upper-right -hand corner of the page, to open your user profile page.

Note: You must use the entity owner’s profile to add an entity’s bank account. This is the first user login provided to (or created for) the entity upon first being boarded to the platform.

  • You can also access your profile by clicking SETTINGS. Scroll down to the User Settings Section section and locate the subsection titled User Account Information subsection. Click the USER ACCOUNT INFORMATION link to open your profile page.

2. Add your bank account info.

Step 1: Click BANKING in the left -hand panel to open the Banking Tabtab.

Step 2: Click the ADD NEW ACCOUNT button in the upper-right -hand corner of the Banking tab to open the Add Account lightbox on the page.

Note: You can use the NEXT and PREV buttons to move between the form sections, or click CANCEL to return to the previous screen.

Step 3: Add your bank account info information manually or link it with Plaid.:

Expand
titleLink Account - : Link the account information from the Plaid-supported bank account.
Step 1:

  1. Click

the

  1. LINK ACCOUNT

button

  1. in the lightbox.

Step 2:

  1. Choose the usage type for the new account from the drop-down. Select from

:

  1. All, Deposits, or Billing.

Step 3:

  1. Click LINK NEW BANK ACCOUNT to open the Plaid Integration lightbox on the page.

Step 4:

  1. Follow the prompts by Plaid to finish adding and verifying the new account.

Expand
titleAdd Account Manually - : Add the bank account by manually entering the account information.
Step 1:

  1. Click

the

  1. ADD ACCOUNT MANUALLY

button

  1. in the lightbox. Read the information in the Warning box that appears on the screen, and click CONTINUE to confirm that you agree, or click CANCEL to return to the previous screen.

Step 2:

  1. Click ENTER ACCOUNT MANUALLY to open the Add Bank Account lightbox.

Step 3:

  1. Enter the information in the required fields and upload a file that contains an image of a voided check, bank statement, or bank letter.

Step 4

  1. (Optional)

:

  1. Click ADVANCED in the lightbox to enter an optional account name or description.

Step 5:

  1. Click ADD to complete submitting the bank account information for risk review, or click CANCEL to discard your information and return to the previous page.

Result: Your account information will be verified and linked with Plaid, or manually reviewed and approved by a Payrix (or Facilitator-level) risk analyst before being approved for use by your entity on the platform.

Next Steps

Once After the account is verified and approved, review the following guides for managing accounts and payouts:

Conclusion

Once When the account verification is completedcomplete, the new account will be accessible for use in transactions, payouts, debits, and more.

References

Click the links or items below to access any of the following pages: