How do I set up a business Online Payments account?

When you come to Online Payments to register, the first step is to choose the type of your account. You can set up one of the following two types of accounts in Payments powered by Stripe:

Please note!
ACH Online Payments are available only for US domestic banks.
​

The business account requires entering business identifying information, like the company's legal name and EIN.

To set up a Business account, please click on your profile picture and select the Settings option. Then click on “Set up payments” in the "Online payments" section. Select Business Account as the type and continue entering basic information.

You will be asked to enter the company information: Legal Business Name and EIN. Ensure that all provided information matches registered business details to avoid verification issues.

In the second step, you will want to add a bank account. Enter the Account holder name, and then you can add a bank account using the Instant or Manual verification method.

Note! The account holder name must match your company's legal business name or DBA registered with your bank.

For Instant verification, you will need to log into your banking account and select the bank account you would like to add. This bank account is verified instantly, and no further actions are needed.

For Manual verification, you will need to add your Routing and Account numbers. You will be automatically sent micro-deposit(s) for your bank account verification. Here is how to proceed:

Stripe will send one $0.01 deposit or two micro-deposits to your bank account. With the 1 single deposit on your bank statement, its description will contain a 6-digit descriptor code that starts with “SM”. The code IS the descriptor (not with or without). With the two deposits, you will need to provide the exact deposit amounts.

Once you receive the deposit (s), go back to Online Payments settings, view the list of bank accounts, and click on the three dots near the account name → Verify to provide the amounts of the micro-deposits you received or the descriptor code and verify your bank account.

Important note! You have three attempts to enter the correct micro-deposit amounts for verification. If you don’t verify your bank account within 10 days after adding it, it will be automatically removed.

Once the setup process is completed and information is submitted and verified, you will be able to accept payments from your tenants and pay online.

It's important to know that Stripe may request some additional information to be submitted to verify your account. In this case, you will see the status "Enabled" and the disclaimer stating what needs to be added to the Online Payments menu. Click "Update" to provide the needed information.

If you have more than one business or individual entity you can add it on the Entities tab of the Online Payments menu by pressing on + New entity and entering the needed information.

It will help you to add bank accounts and link them to properties according to a particular entity. At the end of the year, you will receive a correct 1099-K form.

You will see all the entities and the linked bank accounts on the Bank Accounts tab. Expand the needed entity view to check its details. From the three-dots menu, you will be able to change the main entity or edit related information.

Note! The number of entities you can add depends on your subscription plan limits.