Setting Up Online Payments: What You Need to Know
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:
Two Types of Accounts
Individual Account: For personal use or sole proprietorships
Business Account: For companies, LLCs, and partnerships
Note! Online Payments currently supports U.S. domestic banks only.
Individual Account Setup
An Individual account must be set up by someone with significant control over the business, like an executive or senior manager. You’ll be asked to provide some basic information. Once set up, your account can send payment requests and receive money from individuals and businesses.
There are no limits on how many transactions you can make daily, weekly, or monthly
Each transaction can be up to $10,000
How to Set Up Your Individual Account
Open to the Settings menu in your account by clicking on your profile picture. Under the Online payments section, click the “Set up” link and choose Individual Account as the account type.
Enter your basic information, including:
Legal first and last name
Phone number
Date of birth (DOB)
Social Security Number (SSN)
Home address
Once the information is provided, please double-check it and press the Submit & Next button to proceed:
In the second step, you will need to add a bank account. Enter the Account Name and Account Holder Name. Then, you can add a bank account using the Instant or Manual verification method.
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. It usually takes 1-2 business days for the deposit to appear on your bank statement. 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
Note! If you don’t verify your bank account in 10 days after adding it, it will be automatically removed. You have 10 attempts to enter the correct micro-deposit amount(s) for verification.
Once the setup process is completed and information is submitted and verified, you will be able to accept payments from tenants and pay online.
Note that Stripe may request some additional information for verification purposes. In this case, you will see the “Provide information“ link on the Entities tab. Click on it and you will see what needs to be added to the Online Payments account.
If you have more than one entity, you can add it on the Entities tab of the Online Payments menu by pressing on + Add 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.
Please note! The number of entities you can add depends on your subscription plan limits.