There are scenarios in which you may want to update your existing account on the Platform, as opposed to adding a new bank account. This could be the result of fraudulent activity on your account where your bank provides you with a new account and/or routing number.

Follow the instructions below for the two-step update process:

Update the information for the bank account - PUT /accounts/{id}
Upload supporting documentation for the change - POST /noteDocuments

This process and its review period applies to Merchant and Referrer level users.

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 an entity:

Account for Deposits - A required 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.

Bank Account Validation

As a Payment Facilitator, the Platform validates any bank account submitted by an 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 link their bank account(s) for instant validation using a Portal lightbox to securely log in to their bank for integration.

Manual Bank Account Validation - Supporting Documents

If an entity manually submits its bank account information, they are required to submit documentation to Platform Risk for account validation.

Qualifying Bank Account Supporting Documentation is:

A Void Check,
A Bank Letter, or;
A Bank Statement.

When entering information in the Portal for a new bank account manually, like account and routing numbers, a file upload window at the bottom of the form requires a document file to be uploaded before the form can be submitted.

Bank Account Update Approval Period

Note: For existing bank accounts having account or routing numbers updated, manual review of the supporting document(s) is required for approval and can take up to 5 business days.

Payments Interrupted During Approval Period

During the 5 day manual review and approval period, all payments processed will still be funded to your Portal account’s available balance and will be ready for immediate withdrawal to your bank account, once validated.

Enhancements to fund a previously approved account while you wait for a new account to be approved, coming soon.

Minor Updates to Existing Bank Accounts

For existing bank accounts, supporting documents are only required if the routing or account number fields are being updated.

Note: Changes to account types doe not require supporting documentation.

Manually Update with the API

See the two-step process below to update an existing bank account’s information and upload supporting documentation:

Step 1 - Update existing bank account information.

Updating an existing Bank Account - Example Code Snippet

URL

PUT https://api.payrix.com/accounts/{id}

Header

Content-Type:application/json
APIKEY:{{private_api_key}}

Example Request Body

{
    "entity": "{{Entity_ID}}",
    "primary": "0",
    "currency": "USD",
    "name":"Bank Account Non-Primary",
    "account": {
        "method": "10",
        "number": "{{New_Account_Number}}",
        "routing": "{{New_Routing_Number}}"
        }
}

Example Response

{
    "response": {
        "data": [
            {
                "account": {
                    "id": "t1_pmt_64dfc894cc34c311054a9e7",
                    "method": "8",
                    "number": "",
                    "routing": "021000021",
                    "bin": "122000661",
                    "payment": null,
                    "lastChecked": null,
                    "last4": "8025"
                },
                "id": "t1_act_64dfc894d9fe3b3be25990b",
                "created": "2023-08-18 15:37:56.9284",
                "modified": "2023-08-18 15:37:56.9284",
                "creator": "t1_log_5f875c53ed397f57c0afc90",
                "modifier": "t1_log_5f875c53ed397f57c0afc90",
                "entity": "t1_ent_644b872c814508ba0ad1147",
                "token": "ac1234cc5ae67b89101a11213d1a4e15",
                "name": "Bank Account Non-Primary",
                "description": "",
                "primary": "0",
                "status": 0,
                "currency": "USD",
                "inactive": 0,
                "frozen": 0,
                "expiration": null,
                "type": "all",
                "reserved": 0,
                "checkStage": null
            }
        ],
        "details": {
            "requestId": 1
        },
        "errors": []
    }

Step 2 - Submit supporting bank account documentation.

Submit Bank Account Supporting Documents using the API

URL

POST https://api.payrix.com/noteDocuments

Header

Content-Type:application/json
APIKEY:{{private_api_key}}

Request Body

{
  "note": "{{Note_ID}}",
  "type": "PNG",
  "documentType": "voidCheck",
  "description": "Updating Existing Bank Account"
}

Example Response

{
    "response": {
        "data": [
            {
                "id": "{{Document_ID}}",
                "created": "2024-08-18 13:22:51.2252",
                "modified": "2024-08-18 13:22:51.2252",
                "creator": "{{createdByUserId}}",
                "modifier": "{{createdByUserId}}",
                "note": "{{Note_ID}}",
                "custom": null,
                "type": "PNG",
                "documentType": "voidCheck",
                "name": null,
                "description": "Description of File",
                "status": "created",
                "inactive": 0,
                "frozen": 0
            }
        ],
        "details": {
            "requestId": 1
        },
        "errors": []
    }
}

Manually Update in the Portal

The Portal uses the Banking tab within the Merchant or Referrer Profile to update or add new bank account information to a specific Entity. In instances where an entity’s banking institution does not currently integrate with Plaid, or the Entity would like to manually add the account, this option is useful.

Click here to see Portal steps for manually updating a new bank account.

To manually update an existing bank account in the Portal, follow the steps below:

Step 1: Navigate to the Merchants 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 edit icon button in the upper right-hand corner.

Step 5: Click the ADD ACCOUNT MANUALLY button in the lightbox and view the prompt below:

“Adding a new bank account will take up to 5 business to verify, you can continue to use your current bank account until your new account is confirmed

You will be required to upload a void check, bank statement, or bank letter to verify your account, Thank you for helping to keep your account safe.”

Step 6: Click Continue on the prompt, then click the ENTER ACCOUNT MANUALLY button.

Step 7: Enter the Type of bank account, Routing & Account Number, and Usage Options

Click ADVANCED OPTIONS to add an optional bank account name and description.

Step 8: Upload one of the qualifying support documents into the Upload and Attach Files field.

Step 9: Click the ADD button to complete the process.

Note: You will not be able to use this manually added account for up to 5 business days from update or creation.

Updating a Bank Account