How do I set up an individual Online Payments account?
Before you set up online payments, you will need to go through the verification process. If your account is verified, you can go straight to the online payments settings (Settings → Online Payments) and set up an ACH Online Payments account. There are two types of accounts:
- Individual for personal and sole proprietorship;
- Business for companies, LLCs, and partnerships.
You are able to set up an Online Payments account only if you are connected with your landlord or property manager and their Online Payments account is verified.
ACH Online Payments are available only for US users.
This account must be activated by an executive, senior manager, or someone who otherwise has significant responsibility for the control and management of your business.
You will be asked to enter basic information. Your account will be able to fulfill payment requests and receive money from individuals and businesses registered within our platform. There are no limits on the number of transactions you can do each day, each week, or each month. Per transaction, the limit is $10,000.
To set up an Individual account, go to the main Settings menu and choose "Online payments.” Click on the “Set up” button. Select Individual Account as the type and continue entering basic information.
Please note that Stripe may request some additional information to be submitted to verify your account. In this case, you will see the “Provide information“ button and the disclaimer stating what needs to be added in Online Payments menu.
In the second step, you will need to add a bank account. You can add a bank account using Manual verification method:
For Manual verification, you will need to add your Routing and Account numbers, as well as an Account name and the Holder name. You will be automatically sent micro-deposit(s) for your bank account verification.
Once you receive the deposit(s), go back to Online Payments settings, view the list of bank accounts, 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.
Here is how to proceed:
1) 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).
2) Stripe sent two micro-deposits to your bank account. These deposits take 1-2 business days to appear on your bank statement. You will need to switch to the two micro-deposits option using the corresponding button and enter two amounts of these deposits.
You have three attempts to enter the correct micro-deposit amounts for verification.
If you don’t verify your bank account in 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 landlord and pay online.
Jul. 25. 2022