Setting Up Online Payments: What You Need to Know
Before you can start using Online Payments, you’ll need to complete a quick verification process.
If your account is already verified, you can skip ahead to the Online Payments settings and start setting up your account.
Two Types of Accounts
Individual Account: For personal use or sole proprietorships
Business Account: For companies, LLCs, and partnerships
Note: Online Payments currently supports U.S. domestic banks only.
Individual Account Setup
An Individual account must be set up by someone with significant control over the business, like an executive or senior manager. You’ll be asked to provide some basic information. Once set up, your account can send payment requests and receive money from individuals and businesses.
There are no limits on how many transactions you can make daily, weekly, or monthly
Each transaction can be up to $10,000
How to Set Up Your Individual Account
Go to the Settings menu in your account
Select Online Payments
Click the “Set up” link
Choose Individual Account as the account type
Enter your basic information, including:
Legal first and last name
Phone number
Date of birth (DOB)
Social Security Number (SSN)
Home address
Once the information is provided, please double-check it and press the Submit & Next button to proceed:
In the second step, you will need to add a bank account. You can add a bank account using a Manual verification method.
For Manual verification, you will need to add your Routing and Account numbers, as well as an Account name and Holder name:
You will be automatically sent micro-deposit(s) for your bank account verification. It usually takes 1-2 business days for the deposit to appear on your bank statement.
Once you receive the deposit, go back to Online Payments settings and select the Verify option from the three-dots menu near the needed bank account to provide the amount of the micro-deposit and complete the bank account verification.
Stripe sent one deposit to your bank account. This means that it will have 1 single deposit on your bank statement, and its description will contain a 6-digit descriptor code that starts with “SM”. The code IS the descriptor (not with or without).
Please note! If you don’t verify your bank account in 10 days after adding it, it will be automatically removed. You have 10 attempts to enter the correct micro-deposit amount(s) for verification.
Once the setup process is completed and information is submitted and verified, you will be able to accept payments from tenants and pay online.
Note that Stripe may request some additional information for verification purposes. In this case, you will see the “Provide information“ link on the Settings tab. Click on it and you will see what needs to be added to the Online Payments account.
Check out our video on how to set up TC Payments: