When you come to Online Payments to register, the first step is to choose the type of your account. You can set up one of the following two types of accounts in Payments powered by Stripe:
Individual for personal and sole proprietorship;
Business for companies, LLCs, and partnerships.
Note! ACH Online Payments are available only for US domestic banks.
Business Account Setup
The business account requires entering business identifying information, like the company's legal name and EIN.
To set up a Business account, go to the main Settings menu by clicking on your profile picture. Choose “Set up” from the "Online payments" section. Then, click "Set up payments".
Select Business Account as the type and continue entering basic information:
You will be asked to enter your company's Legal Business Name and EIN.
Bank Account
Next, you will want to add a bank account. Enter the Account holder, and then you can add a bank account using the Instant or Manual verification method.
Note! The account holder name must match your company's legal business name or DBA registered with your bank.
For Instant verification (use the "Agree and continue" button), you will need to log into your banking account and select the bank account you would like to add. This bank account is verified instantly, and no further actions are needed.
For Manual verification (use the "Manually verify instead" option), you will need to add your Routing and Account numbers.
You will be automatically sent micro-deposit(s) for your bank account verification. Here is how to proceed:
Stripe will send one $0.01 deposit or two micro-deposits to your bank account. With the 1 single deposit on your bank statement, its description will contain a 6-digit descriptor code that starts with “SM”. The code IS the descriptor (not with or without). With the two deposits, you will need to provide the exact deposit amounts.
Once you receive the deposit(s), go back to Online Payments settings and click on the three dots near the account name → Verify to provide the amounts of the micro-deposits you received or the descriptor code and verify your bank account.
Important note! You have three attempts to enter the correct micro-deposit amounts for verification. If you don’t verify your bank account within 10 days after adding it, it will be automatically removed.
Once the setup process is completed and information is submitted and verified, you will be able to accept payments from your tenants and pay online.
It's important to know that Stripe may request some additional information to be submitted to verify your account. In this case, you will see the “Update“ button and the disclaimer stating what needs to be added to the Online Payments menu.
Once the information is submitted, you have set up online payments. The verification process may take some time.