There are scenarios in which you might 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 or routing number. You can also update bank account information for your merchants at any time.
This article walks you through the update and validation process required to update the information for an existing bank account.
Note
This process and its review period apply to merchant and partner-level users.
Bank Account Types and Requirements
The following sections describe the requirements for updating a bank account. For more details on the requirements and validation process for bank accounts, see Bank Account Requirements.
Update Bank Accounts for Deposits
All payouts (disbursements) are processed to your primary bank account. If you want to add or update a bank account that’s designated for receiving payouts, then you must update your primary bank account with the new information.
If you previously added your bank account for receiving disbursements as a secondary bank account, then you must:
Disable your secondary bank account by replacing the account number with all zeros.
Update your primary bank account with the correct routing number and account number for processing disbursements.
Bank Account Validation
If you manually update a routing or account number, then you must submit supporting documentation for account validation by the Risk Team. Changes to account types do not require supporting documentation.
Update a Bank Account
The Banking tab within the merchant or partner profile is where you can update or add new bank account information. Complete the steps in the following sections to relink a bank account with Plaid or update the information manually.
Update Details with Plaid
To update your existing bank account through Plaid:
Click Profile in the toolbar.
Important!
You must use your entity owner’s profile to update the bank account. This is the first user login provided to (or created for) the partner entity upon first being onboarded to the platform.
Select Banking in the page side bar.
Click the edit icon in the upper-right corner.
Click Plaid.
Follow the prompts by Plaid to finish linking and verifying the new account.
Update Details Manually
In instances where an entity’s banking institution does not integrate with Plaid, you can update the bank account information manually.
To manually update an existing bank account:
Access the entity’s profile page:
To access your profile, click Profile in the toolbar.
Important!
You must use your entity owner’s profile to update the bank account. This is the first user login provided to (or created for) the partner upon first being onboarded to the platform.
To access a merchant’s profile, select Merchants under Management in the main side bar and select the merchant in the table.
Select Banking in the page side bar.
Click the edit icon in the upper-right corner.
Click Manual Entry.
Update the bank account details, such as the type of bank account, the routing and account numbers, or the usage options.
If you modified the routing number or account number, upload a qualifying document to support the validity of the account.
Click Save to complete the process.
A Payrix Pro risk analyst will manually review the updated account information before approving the bank account for use by your entity on the platform. When the bank account verification is complete, the updated account is accessible for transactions, payouts, debits, and more.
Note
Verification of the new account information takes up to five business days. To cancel or view the status of your pending manual review, access the Pending Change Requests section of the Banking tab on your entity’s profile page.