From time to time merchants may need to update their bank details for a variety of reasons. Doing this on Stripe and Adyen work just a little bit differently, as seen below. This is also an area that we plan to improve over time to ensure we have the highest level of security and protection for merchants.
For merchants that have already completed the onboarding application and started processing, they can update their bank details after the fact by going to the Payment Portal > Account > Profile then scrolling down to the 'Bank Accounts' section and pressing the 'edit' icon to the right of their current bank details.
For merchants on our Adyen PayFac, we use a software called Plaid to compliantly and efficiently verify bank details. At a high level, Plaid supports two verification methods: Manual and Instant/Automated.
Using the Instant/Automated flow usually results in the bank details being approved near instantly while the manual flow can require up to 24 hours to be verified. While being verified, the 'Payouts' status will change to a yellow 'Pending' state. Once verified, the status will change to 'Enabled' and deposits will resume. If all goes well, our team does not need to be involved at all however occasionally we may be needed to help upload files if they choose the manual flow.
More information on both methods can be found here:
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NOTE: Merchants may be concerned about using Plaid’s instant verification method but it’s 100% secure and nearly always results in instant approval. Manually entering bank details is less secure and requires longer to verify.
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The Stripe PayFac was built prior to our Adyen integration and is lacking some of the newer tools we now use. For this reason, bank verification is still a little manual to protect the merchant against fraud until we can implement more automated processes.
For merchants that have already completed the onboarding application and started processing, they can update their bank details after the fact by going to the Payment Portal > Account > Profile then scrolling down to the 'Bank Accounts' section and pressing the 'edit' icon to the right of their current bank details.
When they complete this, they will see two bank accounts listed however the old bank account will remain the primary default. In order to remove the old bank account and update the new one as the default, an internal request must be made
through the Slack PayFac support channel to have this completed. Ethan Sheppard, Dustin Fletcher, and Ty Clement have access to be able to make this update in the Stripe system.
The request should have the following information: