Summary

Using Plaid’s automated bank setup will greatly increase the merchants success rate while also minimizing the time needed for approval. Using the manual account set up will require the merchant type in their routing/transit number and is more error prone.

Talk Track

Our automated bank setup process uses a secure tool called Plaid that helps expedite your bank verification process. It uses strong security measures to protect your information and doesn’t store any data after use. Plaid connects to almost any bank, making the process quick and easy In fact, large companies like Venmo, Robinhood, Betterment, and more all use Plaid as well.

Process

Fill in the account number and routing/transit number for the merchants bank

Select the document type to be used for verification

• Bank Statement requirements:
  • Account holder name on document has to match the legal business name
  • Account number needs to be visible
  • Routing number needs to be visible
  • Document no older than 12 months
  • Official Bank Document showing bank logo
• Deposit Ticket/Deposit Form requirements:
  • Account holder name on document has to match the legal business name
  • Account number needs to be visible
  • Routing number needs to be visible
  • Document no older than 12 months
  • Official Bank Document showing bank logo
  • Must have a bank stamp or bank signature
• Screenshot of online banking environment requirements:
  • Account holder name on document has to match the legal business name
  • Account number needs to be visible
  • Routing number needs to be visible
  • Document no older than 12 months
  • Official Bank Document showing bank logo

Verification page