Financial Accounts is currently in beta and is not yet available to all accounts. If you're interested in joining the beta for this feature, please reach out to support@payhoa.com.
See a video of how to do this here.
Starting Your Verification
Your financial account needs to be enabled before you can receive payments into your PayHOA balance. Completing your KYC (Know Your Customer) verification is what enables it.
In your left navigation, go to Financial Accounts.
If you have not yet set up your KYC, you will automatically see the verification screen. Read through the details and service agreements, and when you are ready, select Start Verification.
Entering Your Association's Information
If you have already entered information about your HOA in PayHOA, it will pull in automatically. Otherwise, you can enter it here. You will provide:
Your EIN number.
The legal address of your HOA.
A phone number.
An estimated worker count, annual revenue, and fiscal year end.
These details are used by Stripe's risk profiling program to keep the system secure. Once they are entered, continue to the next step.
Entering Your Account Representative
Next, enter your account representative's information. This is typically someone like your board president or property manager. Stripe will need their legal name, address, relationship with the HOA, date of birth, home address, phone number, and the last four digits of their social security number. Stripe uses these details to verify the identity and authenticity of your association before provisioning the financial account.
Connecting Your Bank Accounts
On the next screen, select your bank from the list of popular institutions, or search for your specific institution.
Follow the workflow to connect the account. Once you are logged into your bank, select which accounts you would like to connect as external bank accounts for your financial account.
Choose which account you would like to be your default for payouts. You can add other accounts later.
These external accounts are eligible for transfers to and from your PayHOA financial account.
Reviewing and Confirming
Review and confirm all of your details. At the bottom of the page, you can add any additional external bank accounts so they are connected to your financial account. When everything is ready, select Confirm.
After You Complete Your KYC
Your KYC may take a little time to be verified by Stripe. Once it is verified, you will be able to accept payments from your homeowners, transfer balances between accounts, send ACH payments to your vendors, and issue spend cards connected to your PayHOA financial account.