Stripe 1.0 - ACH Verification With Micro Deposits (Admin Portal)

Last Updated: July 30, 2024 15:49

Summary

Non-instant ACH verification for newly added bank accounts (or existing bank accounts in need of verification) can be performed in Stripe via two methods:

Descriptor code (only supported by Stripe integration 2.0)
Micro deposits (only supported by Stripe integration 1.0)

For newly added accounts, the appropriate verification method will be automatically selected. For bank accounts that have been added prior, but have not been verified yet, both options will be shown. Only one needs to be filled in to proceed.

Add Bank Account

Before you proceed, make sure the Enable ACH Payments options is active in Settings/Integrations/Configure Stripe.

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1. Open a company or member profile.

2. Click on the + button in the Payment Details section and choose Add Bank Account.

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3. Enter the Account number and Routing number provided by your bank into the fields. Also, choose the Account owner and Country/Currency if required.

4. When you're finished, click Add.

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The customer should receive 2 small deposits in their bank account within 1-2 working days from the date of registration. They should appear in their bank statement with description VERIFICATION. The amounts of these deposits should be entered at the next stage.

Verify Bank Account

1. Click on the cogwheel next to the newly added bank account and choose Verify from the menu:

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2. Enter the deposit amounts in the Transactions fields and click Verify.

Note: The deposit amounts need to include a zero before the decimal point. For example, it will be 0.45 instead of .45

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A message will appear to let you know whether the verification is sucessful or an error has occured.