Use Case: Update your Merchant's Existing Bank Account
- Miles Graves
You can update bank account information for any of your Merchants at any time. This flexibility allows you to provide a whitelabeled submission form or API request that does not utilize the Portal to capture the bank account information. This use case guide will walk you through the steps for updating bank account information for your Merchant’s Portal account.
Objective
Update your Merchant’s bank 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.
Bank account information, including the account and routing numbers.
A supporting document 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.
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 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 may 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
Tips will provide suggestions to streamline or better prepare you to apply this use case tutorial.
Additional Resources
Read Update a Bank Account for more information about updating your entity’s existing bank account.
Read Managing Bank Account Change Requests to learn more about the timeline and process for approving accounts manually added to their entity.
Update the Merchant’s Bank Account
1. Open the Merchant Profile
Step 1: Click MERCHANTS in the left-hand navigation panel to open the Merchants page.
Step 2: Locate the Merchant in the table and click on any information in the table row to open the Merchant Profile page.
2. Update your Merchant’s bank account info
Step 1: Click BANKING in the left-hand panel to open the Banking Tab.
Step 2: Click the EDIT ACCOUNT button on the right-hand side of the Bank Accounts table to open the Edit Account lightbox on the page.
Step 3: Click the EDIT ACCOUNT MANUALLY button 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 4: Click ENTER ACCOUNT MANUALLY to open the Add Bank Account lightbox.
Step 5: Enter the information in the required fields.
Step 6: Click SAVE to complete the editing, or click CANCEL to discard the changes and return to the previous page.
Result: Their account information will be verified and linked with Plaid, or manually reviewed and approved by a Payrix (or Facilitator-level) risk analyst (shown in the Pending Change Requests section of the page) before being approved for use by their entity on the platform.
Next Steps
Once the Merchant’s bank account is verified and approved, review the following guides:
Respond to a Bank Account Change Request: At a Facilitator level, respond to manually initiated bank account change requests from Merchants using the Respond to a Bank Account Change Request use case.
Add a New Bank Account for Your Business: Add a new bank account to your entity using the Add a New Bank Account for Your Business use case.
Update your Existing Bank Account: Update bank account information for your entity using the Update your Existing Bank Account use case.
Conclusion
Once the Merchant’s bank account verification is completed, their new account information 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:
Merchants page (Referrer)(Facilitator)
Merchant Profile page (Referrer)(Facilitator)