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Use Case: Update your Merchant's Existing Bank Account
You can update bank account information for your Merchants at any time. This flexibility allows you to provide a whitelabeled submission form or API request that does not use the portal to capture the bank account information. This use case guide walks you through the steps for updating bank account information for your Merchant’s portal account.
Objective
Update your Merchant’s bank account information.
Audience
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.
You must have the Merchant’s bank account information, including the account and routing numbers.
You must have a supporting document file containing an image of a voided check, bank statement, or bank letter.
Warnings
Warning: Plaid - Tokenized Account Numbers (TANs)
Some banking institutions, such as Chase Bank, use 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 might 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 information.
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
Tip: Adding a bank account initiates a Change Request because the additional account might require manual review from a Payrix risk analyst. You might also be required to submit documentation to support the validity of the new account.
Additional Resources
Read Update a Bank Account for more information about updating your entity’s existing bank account.
Update the Merchant’s Bank Account
Ensure that you complete all steps in the following sections.
Open the Merchant Profile
Click MERCHANTS in the left navigation panel to open the Merchants page.
Locate the Merchant in the table and select any information in the table row to open the Merchant Profile page.
Update Your Merchant’s Bank Account Information
Click BANKING in the left panel to open the Banking Tab.
Click EDIT ACCOUNT on the right side of the Bank Accounts table to open the Edit Account lightbox on the page.
Note: You can click NEXT and PREV to move between the lightbox sections, or click CANCEL to return to the previous screen.
Click EDIT ACCOUNT MANUALLY 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.
Click ENTER ACCOUNT MANUALLY to open the Add Bank Account lightbox.
Enter the information in the required fields.
Click SAVE to complete your edit, 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 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
After the Merchant’s bank account is verified and approved, review the following guides:
Add a New Bank Account for Your Business: Add a new bank account to your entity.
Update your Existing Bank Account: Update bank account information for your entity.
Conclusion
When the Merchant’s bank account verification is complete, 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: