This article will teach you how to add a new VendorPay account to be used for VendorPay.
Note: You will need to have VendorPay Admin or VendorPay Accountant role permissions.
[Pre-Checklist] Useful information to gather before creating an account:
- Company Support Email - Contact email for vendors to reach out to your team.
- W-9 (Legal Business information)
- Bank Account information
- Business Representative information (contact info, Last 4 digits of social security #)
- Business owner information (any individual with 25% or more of business)
Adding a new VendorPay account (a new connected bank account for VendorPay processing):
- From the Accounting menu, click VendorPay Accounts.
- From the VendorPay Accounts page, click on Add New Account button, located in the top-left.
Upon selecting Add New Account, the following required fields need to be filled in:
| Field | Explanation |
|---|---|
| Company | Name of Company. |
| Company Support Email | Vendors can contact this email regarding payment issues. This email will be displayed to the vendor as part of the notification email that is sent upon issuing them a digital payment. |
Bank Information - This Information is passed off to Stripe for bank account validation and is not stored in WorkSpace.
| Field | Explanation |
|---|---|
| Country | Default to ‘United States’. |
| Currency | Default to ‘USD’. |
| Routing Number | Your bank routing number is a 9-digit code used to identify a financial institution in a transaction. |
| Confirm Routing Number | Re-enter in the bank routing number. |
| Account Number | An identifying number for the bank account held by an individual, business, or other entity. |
| Confirm Account Number | Re-enter the bank account number. |
| Account Holder Name | If you are an LLC or corporation, Stripe requires that the bank account is in the company's legal business name or DBA. |
| Account Type |
|
Note: Select Company as Account Type.
4. Click Continue, this will trigger a pop-up window informing you that you are about to leave WorkSpace to complete your VendorPay profile in Stripe.
5. Click Continue again. You will be re-directed to Stripe to validate Business Details and Management/Ownership information.
6. Stripe Verification: About Your Business
The information that Stripe collects and maintains on all Stripe account holders comes from regulators and are intended to prevent abuse of the financial system.
The information Stripe is required to collect differs from country to country, and typically includes (but is not limited to):
- The individual creating the Stripe account
- The business associated with the Stripe account
- Any individuals who ultimately own or control that business
A secure webpage will open a form to complete. Fill in the following fields:
| Field | Explanation | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Type of Business | Individual, Company, Nonprofit Organization. | ||||||||||||||
| Business Structure |
For all business types other than an individual, you can further classify your user’s business by identifying its legal (business) structure.
|
Note: Select Company as Type of Business.
Once you've completed this form, click Next..jpg)
7. Stripe Verification: Business Details
| Field | Explanation |
|---|---|
| Legal Business Name | In order to successfully complete Stripe's verification for your company, you must enter the legal business address that matches your company registration document (e.g. ASIC registration). |
| Doing Business As | (Optional) Enter the company's legal business name or DBA. |
| Registered Business Address | Please enter the registered business address associated with your company. |
| Company ACN / ABN | Please enter your ACN or ABN that exactly matches the Legal Business Name. |
| Business Website | Link to your company website. If you do not have a website, you can share an app store link, a business social media profile, or add a product description instead. |
Once you've completed this form, click Next..jpg)
8. Stripe Verification: Personal Details
This connected account needs to be activated by a person, known as a representative, with significant responsibility to control, manage, or direct the organization; and is authorized by the organization to agree to Stripe's terms. The representative must either be an owner or an executive.
| Field | Explanation |
|---|---|
| Legal name of person | Enter in Legal Name. |
| Email address | Enter in the personal company email address. |
| Job Title | Enter in your job title, whether owner or executive. |
| Date of birth | Enter Date of Birth. |
| Home address | Enter in a personal home address. |
| Phone number | Link to your company website. |
| Last 4 digits of Social Security Number | Enter in Last 4 digits of the Social Security Number. |
| I own 25% or more of the company | Additional information on owners information on all owners with 25% or more ownership of the company must be collected. |
Note: If there are any unverified owners in the company, payouts on the connected account can become disabled at 750,000 USD in charges and charges can become disabled at 1 million USD
Once you've completed this form, click Next. If you did not check off that you own 25% or more of the company, then, you will be prompted to add owners on the next screen.
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Complete these fields and click Next or continue with no owners and click Continue with no owners.
9. Stripe Verification: Confirm Information
Once you've entered your bank account information, Stripe will make an assessment if additional information is required. Confirm your existing information and input any additional information and click Submit.
DO NOT CLOSE YOUR WINDOW after clicking Submit.
You will be automatically redirected back to WorkSpace. .jpg)
10. You will be brought back to the VendorPay Accounts page, where there will be a ‘Pending’ status on your new VendorPay Account.
Bank accounts require verification. Stripe will automatically send two small deposits for this purpose. These deposits take up to 1-2 business days to appear in your bank account online. The statement has a description that includes AMTS followed by the two microdeposits amounts.
When creating multiple VendorPay accounts with the same bank account, please stagger account creation until an account's microdeposits are verified.
Click Verify Your Bank Account. Enter the two microdeposits in the popup window.
11. Click Save.
Upon successful verification, the VendorPay Account status will change from 'Pending’ to 'Verified'
Upon failed verification, the account status does not change.
Note: When accepting these amounts, be aware that the limit is 10 failed verification attempts. If this limit is exceeded, the bank account can’t be verified. As soon as you have these amounts, you can verify the bank account.
Once your Bank Account and Company Profile has been verified, your Company VendorPay Account will switch from status 'Pending' to ‘Verified’.png)
Your VendorPay account is now ready for VendorPay!