Adding a Bank Account

All Merchants or Partners processing on the platform must have at least one US or Canada-based bank account on file. Therefore, new Merchants or Partners are prompted to enter their bank account during the onboarding process. This document guides you through the process of adding additional bank accounts for Merchants or Partners who are already boarded or are integrating new bank accounts in the future.

Note

This process and its review period apply to Merchant and Partner-level users.

Bank Account Types and Requirements

All Merchants or Partners boarded to the platform must have an active US-based bank account on file. A bank account serves two purposes for an entity:

• Account for Deposits: A required bank account to receive deposits from available balance funds

• Account for Debits: A required bank account to be debited to cover negative balances owed

Merchants or Partners 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.

Important!

All payouts (disbursements) are processed to your primary bank account. If you want to add a new bank account for receiving payouts, then you must update your primary bank account with the relevant information instead of adding a new bank account.

Bank Account Validation

As a payment facilitator, the Payrix Pro platform validates any bank account submitted by an entity. This validation includes active status, type of account, and ownership and prevents funds from being sent to an incorrect bank account due to a typo or invalid information.

To streamline the validation process, the platform uses Plaid for Merchants or Partners to link their bank accounts. This process supports instant validation through an integrated Portal dialog, where users can securely log in to their bank.

For instances where an entity attempts to manually add new bank information or change existing bank information, follow the manual account validation process below.

Manual Bank Account Validation

If an entity manually submits its bank account information, they must submit supporting documentation for account validation by the Risk Team.

The following documents are acceptable for validating bank accounts:

• A voided check: This check must not be a starter check or a computer screenshot.

• A bank letter: This letter should include the bank’s name and phone number, the routing number, your bank account number, and your business name.

• A bank statement: This statement must display the routing number and account number, and it should not be older than 60 days.

When manually entering information in the portal for a new bank account, like account and routing numbers, you must upload a document before the form can be submitted. See the following sections for step-by-step instructions on how to add an account in the portal.

Important!

A manual review of the supporting documents is required for approval and can take up to five business days.

During the five-day manual review and approval period, all payments processed will still be funded to your Payrix Pro account’s available balance and will be ready for immediate withdrawal to your bank account after validation.

Link a Bank Account with Plaid

With Plaid enabled, Merchants or Partners are prompted to go through the bank account linking process as they sign up.

Important!

This process requires the Merchant to submit their confidential online banking login and should only be completed by one of the Merchant’s users directly and not by anyone else on the Merchant’s behalf.

To link a new bank account with Plaid:

1. Access the Merchants page within the Management category.

2. Select the desired Merchant to bring up their Merchant Profile.

3. Click the Banking tab on the left.

4. Click ADD NEW ACCOUNT in the upper-right corner.

5. Click LINK ACCOUNT in the dialog and select the type of usage: Billing, Deposits, or All.

6. Click LINK NEW ACCOUNT in the dialog to reveal the Plaid integration lightbox.

7. Complete each Plaid prompt:

   1. Click Continue to accept the Plaid End User Privacy Policy.

   2. Click Continue to Login after selecting the information you’d like to share from the checkboxes available to redirect to your banking institution’s online account login.

   3. Select each checkbox next to the banking accounts you’d like to add to your Merchant account and click Continue at the bottom of the lightbox.

   4. Select the Terms and Conditions checkbox to acknowledge and accept the terms and information being shared. Then, click Connect account information.

   5. Click the final Continue button to complete the process.

Important!

Some banking institutions, such as Chase Bank, use a tokenized account number (TAN) for each third-party integration of a user's bank account.

This security practice protects your original bank account and routing numbers by never allowing them to be seen by any third-party integration.

• If your TAN is ever compromised, a new one can be generated after contacting Chase Bank instead of the more time-consuming process of closing and re-opening a new account.

As a result, the account and routing number shown in the portal will not match your original account and routing number Chase Bank.

Manually Add a New Bank Account

The Banking tab within the Merchant Profile is where you can manually update or add new bank account information for a specific Merchant. This option is useful in instances where an entity’s banking institution does not currently integrate with Plaid.

If an entity’s bank is not eligible for use with Plaid, or to skip the Plaid process, they can manually add a new bank account.

Use the portal to enter bank account information and upload documentation in the Merchant Profile.

Note

Manually adding a bank account requires a manual review of supporting documents to approve the addition.

See the manual validation process for more information on qualifying support documents and the manual review approval period timeline.

To manually add a new bank account in the portal:

1. Access the Merchants page within the Management category.

2. Select the desired Merchant to bring up their Merchant Profile.

3. Click the Banking tab on the left.

4. Click ADD NEW ACCOUNT in the upper-right corner.

5. Click ADD ACCOUNT MANUALLY in the dialog and view the prompt that’s displayed.

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

7. Enter the Type of bank account, Routing and Account Number, and Usage options.

   • (Optional) Click ADVANCED OPTIONS to add an optional bank account name and description.

   • The following table describes all fields for the Add Bank Account form:

     Field	Required	Description
     Type	Required	From the dropdown menu, select what time of bank account is being added. Valid Values: Checking Savings Corporate Checking Corporate Savings Note: It is important to specify if a bank account is a corporate or personal account.
     Routing Number	Required	Enter the 9-digit routing number associated with this bank account.
     Account Number	Required	Enter the account number associated with this bank account.
     Usage	Required	From the dropdown menu, select whether this bank account will be used for deposits, debits, or both (All).
     Bank Account Name (Advanced Options)	Optional	You can give the new bank account a custom name to differentiate it from other bank accounts on file.
     Account Description (Advanced Options)	Optional	You can use this field to give the bank account a custom description.

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

9. Click ADD to complete the process.

Important!

You cannot use a manually added account for up to five business days from update or creation until approved by the Payrix Pro Underwriting Team.