In order to receive money and pay online, you will want to add and verify your bank account in your Online Payments settings.
Please click on your profile picture and select the Settings menu. Then open the Bank Account tab and click on the "+Add bank account" button:
You will be able to either use instant verification or provide bank account details for manual (micro-deposit) verification.
Note! You can use instant verification once a day and twice a month. Other attempts will be supported only with the micro-deposit verification.
Instant verification
You can instantly verify a customer's ACH Direct Debit banking information instead of using micro-deposits. Click on the "Agree and continue" button and select your bank.
The next window with the option to log in to your bank account will appear. You are welcome to click “Continue” and provide your login credentials to add your bank account right away.
Manual Verification
If you opt for micro-deposit verification, connect your bank account using a bank account and routing number. Make sure all information is accurate and valid. Click “Save”:
Stripe attempts to send a microtransaction via Real-Time Payments (RTP). If successful, your bank account will be verified within minutes. If the RTP is not supported, Stripe automatically sends a single 0.01 USD deposit and in the description, it will have a 6-digit descriptor code starting with SM. Enter the descriptor code exactly how it appears in your account and click on the Verify button. (i.e. SM12BA). You will want to make sure the letters are capitalized.
If you do not see the micro-deposit in your account after 2 business days, double-check for accuracy in the account details provided. Contact your bank to confirm if there are any delays or issues. Ensure notifications for new deposits are enabled to avoid missing alerts.
Once you receive the deposit, go to the Settings and click on Bank Account. Select “Verify“ from the three dots menu next to your added bank.
Stripe may also send two small micro-deposits to your bank account in different amounts. Once you receive them, you’ll have the option to enter those exact amounts in the system to verify your bank account:
If you experience delays, verify the account number and routing details entered into the system. Enabled notifications with the bank can also help in promptly identifying the deposits. Reach out to TenantCloud support if no deposits are received within 2 business days.
The micro-deposit takes up to 2 business days to appear on your online statement. You will have 3 attempts to add and validate this information. If the maximum number of attempts to verify your customer’s bank account information has been met, contact Stripe Support for additional assistance.
If you encounter persistent issues verifying the bank account, ensure that all information provided is accurate and matches the details on your bank account statements. Consider contacting both your bank and TenantCloud support for further assistance if verification process limits are reached.
You will have 3 attempts to add and validate this information. If a bank account is not verified within 10 days, it will be removed.
Before the account is removed, verify that all entered data matches your bank's records and attempt the process again. If issues persist, consult TenantCloud support to explore additional options available.
Additional Resources:
How do I set up a business Online Payments account?
How do I set up an individual Online Payments account?
Note! You are able to set up the Online Payments account only when you are connected with the landlord or property manager and their Online Payments account is verified.
Troubleshooting Common Issues
Q: What should I do if I no longer have access to my old phone number? You need to update the phone number directly with the bank, as TenantCloud uses the contact details on file with your bank for verification. Once updated, restart the verification process. Q: What is 3D Secure (3DS) verification and how does it relate to this? 3D Secure is an added security feature used during verification. Ensure your contact information is current with your bank to facilitate this process.
Things to keep in mind:
The “account name” you enter during Manual Verification is for your reference only. Pick something that describes the account so you’ll remember it later. For example “B of A - checking”.
Your account type must be a checking account. You cannot link savings and “non-transactional” accounts like investment or money market accounts.
Your routing number is the nine-digit code your bank uses to identify how funds are sent and received through your bank account. Do not enter a special routing number that your bank gave you just for wire transfers only - use the typical routing number found on your paper checks or on your bank’s website.
Note! You are able to add only one bank account and once you add it, it becomes the Main Bank. When you receive online payments from your landlord or property manager for completed tasks, all funds will be sent to this bank account.