You can add additional bank accounts to 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 initial bank account information. This use case guide will walk you through the steps for adding a new bank account to your Merchant’s Portal account.
Add a new bank account to your Merchant’s account by manually entering account information.
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 will provide insight or advice to avoid issues related to risk, visibility, and overall product performance 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.
Warning: It will take up to 5 business days to verify the new account.
Note: You can cancel or view the status of their pending manual review by viewing the Pending Change Requests section of the Banking tab on their entity’s Profile page.
Tips will provide suggestions to streamline or better prepare you to apply this use case tutorial.
Tip: Adding a bank account initiates a “Change Request”, because the additional account may require manual review from a Payrix or Facilitator-level risk analyst. You may also be required to submit documentation to support the validity of the new account.
Change Request submissions made to add a bank account have been compiled into a set of easy-to-use Portal pages for each level of user, and are available on the Managing Bank Account Change Requests implementation guide.
Tip: Facilitators can manage and approve change requests for bank accounts after risk review to streamline the process.
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
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. Add the Merchant’s bank account info
Step 1: Click BANKING in the left-hand panel to open the Banking Tab.
Step 2: Click the ADD NEW ACCOUNT button in the upper right-hand corner of the Banking tab to open the Add Account lightbox on the page.
Note: You can use the NEXT and PREV buttons to move between the form sections, or click CANCEL to return to the previous screen.
Step 3: Click the ADD 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 and Upload a Supporting Document file that contains an image of a voided check, bank statement, or bank letter validating the submitted info.
Step 6: (Optional) Click ADVANCED in the lightbox to enter an optional account name or description.
Step 7: 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.
Once 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 using the Update your Merchant’s Existing Bank Account use case.
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.
Once the Merchant’s bank account verification is completed, their new account will be accessible for transactions, payouts, debits, and more.
Click the links or items below to access any of the following pages: