Discussion at the bottom of the article, "How many processing accounts do I need?"
Applying for a New Processing Account
- Click your name in the upper righthand corner.
- Select "Edit Payment Settings" from the drop-down to open the Settings Window
- If you have multiple deposit accounts/business units set up, select the one you would like to modify using the drop-down to the right of the "Settings for" header. Otherwise, continue to the next step.
- Select the Deposit Method drop-down and click "Add Bank Account"
- Fill out the encrypted merchant application submission form in its entirety. Payment Processors and Payment Service Providers such as PlacePay are required by Federal banking regulations to collect all the requested information. Missing or inaccurate information can result in delays in your processing account receiving bank approval. Please follow the following pro-tips about each field below to help ensure a streamlined activation process:
- "Company Name": This has to be the legal name on record with the IRS. Do not enter a DBA here. Clients and Residents will not see this name.
- "Address": This should be the current physical registration address for the business and should not be a PO Box.
"Owner's Name": All US financial services institutions are required to collect identifying information on any natural person who benefits over 25% of the entity. Click the plus button to add multiple beneficial owners. This is for KYC and not a tax reporting exercise. If the entity is owned by another entity, the requirement is still for natural persons. For public companies and REITs with a large number of equity holders, please provide the name and identifying information of an employee/principal who is the authorized signatory as 'financially controlling party' of the business (e.g. CFO, COO, etc.).
- "Owner's Email": This should be the direct email for the owner and/or financially controlling party. It is used for verification purposes and will not be provided to members/residents.
- Agree to terms and a "soft" credit pull. As a part of the activation and underwriting process, credit may be pulled on one or more business owner's provided to help verify their information. This type of credit pull is called a "soft" pull and will NOT affect one's credit score.
Edit Settlement Bank Account on a Processing Account
You will need to apply for a new merchant account following the steps above.
Delete Bank Account
- Click your name in the upper righthand corner
- Select "Edit Payment Settings" from the drop-down
- Select the Deposit Method drop-down and click the trashcan icon next to the bank account you wish to delete.
NOTE: at this time if you only have ONE bank account added you will need to add a new bank account before the existing account can be deleted. This is to ensure your payments always have somewhere to deposit. If you would like to stop deposits and remove all bank accounts linked to your account, just email [email protected] your request and we can get that taken care of for you right away.
How many Processing Accounts do you need?
A separate processing account is required for each bank account that you, the real estate operator, receive daily batch settlements into. (It's also required for each additional EIN / legal entity doing business, but those should already be qualified by the separate bank account above).
You may also elect to have additional processing accounts if you'd like separate daily batches into a single settlement bank account, or you'd like the payers (tenants/residents) to see different Billing Descriptors on their card/bank statements. Such as a Rent processing account versus a Services one.