Use Case: Add a Merchant's New Bank Account

You can add additional bank accounts for your Merchants at any time. This flexibility allows you to provide a whitelabeled submission form or API request that does not use the portal to capture the initial bank account information. This use case guide walks you through the steps for adding a new bank account to your Merchant’s portal account.

Partial view of the Bank Accounts tab in the Merchant Profile Account Overview.

Objective

Add a new bank account to your Merchant’s account by manually entering account information.

Audience

Facilitators
Referrers

Environment

Portal (Sandbox)
Portal (Production)

Prerequisites

Prerequisites:

You must have a fully boarded Payrix account to perform any of the actions described in the use case guides.
The Merchant must have a pre-existing approved bank account linked to their portal account.
You must have the Merchant’s bank account information, including the account and routing numbers.
You must have a supporting document file containing an image of a voided check, bank statement, or bank letter.

Warnings

Warning: Plaid - Tokenized Account Numbers (TANs)

Some banking institutions, such as Chase Bank, use 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 their 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 might notice upon completing an integration with Chase Bank that the account and routing number shown in the portal will not match their original account and routing number. This is expected.
Visit Chase Bank’s developer article regarding TANs or contact Chase Bank if you have further questions or concerns.

Tips

Additional Resources

Read Add a Bank Account for more information about adding a new bank account to the entity.
Read Managing Bank Account Change Requests to learn more about the timeline and process for approving accounts manually added to their entity.

Add the Merchant’s Bank Account

1. Open the Merchant Profile

Click MERCHANTS in the left navigation panel to open the Merchants page.
Locate the Merchant in the table and select any information in the table row to open the Merchant Profile page.

2. Add the Merchant’s bank account info

Click BANKING in the left panel to open the Banking tab.
Click ADD NEW ACCOUNT in the upper-right corner of the Banking tab to open the Add Account lightbox on the page.

Click ADD ACCOUNT MANUALLY 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.
Click ENTER ACCOUNT MANUALLY to open the Add Bank Account lightbox.
Enter the information in the required fields and upload a supporting document file that contains an image of a voided check, bank statement, or bank letter validating the submitted info.
(Optional) Click ADVANCED in the lightbox to enter an optional account name or description.
Click ADD to complete submitting the bank account information for risk review, or click CANCEL to discard their information and return to the previous page.

Result: Your Merchant’s 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

After the Merchant’s bank account is verified and approved, review the following guides for managing accounts and payouts:

Update your Merchant’s Existing Bank Account: Update any information about any accounts added to your portal account.
Respond to a Bank Account Change Request: At a Facilitator level, respond to manually initiated bank account change requests from Merchants.
Add a New Bank Account for Your Business: Add a new bank account to your entity.
Update your Existing Bank Account: Update bank account information for your entity.

Conclusion

When the Merchant’s bank account verification is complete, their new account will be accessible for transactions, payouts, debits, and more.

References

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

Adding a Bank Account Implementation Guide
Update a Bank Account
Managing Bank Account Change Requests
Merchants page (Referrer)(Facilitator)
Merchant Profile page (Referrer)(Facilitator)
Update your Merchant’s Existing Bank Account
Respond to a Bank Account Change Request
Add a New Bank Account for Your Business
Update your Existing Bank Account