How do I add or update a Bank Account?

This article covers adding or changing payment methods, including bank accounts with ACH filters or debit blocks.

The Fintech Portal's Settings > Payment Management section lets you handle the payment methods for invoices and your PaymentSource subscription. Here, super admins and admins can manage bank accounts to pay:

• Invoices from your vendors.
• Subscription fees for PaymentSource (if your company is on the Free plan, this area will be empty).
• Invoices from non-regulated vendors.

If your company subscribes to the Premium level (with ability to pay non-regulated vendors), you will see a tab to manage your non-regulated payments:

This is an add-on service to PaymentSource, which can now digitize invoices for business services, cost-of-goods and operating supplies -- everything from limes, linens, even toilet paper.

If your company does not subscribe to this service and you want to learn more, click here. 

Adding a New Payment Method

Please not that you can only use business checking accounts when adding a new bank account. Also, adding a bank account does not replace the current bank account used to pay invoices. You will need to manually switch bank accounts; review the Updating a Bank Account section below.

To add a bank account:

1. Go to Settings > Payment Management.
2. Click Add New Payment Method to begin.
3. Select Manual Verification. 
4. Enter your bank routing and account numbers, then confirm if filters are used.
   

   ⚠️ If the account has a debit block or ACH filter, you will need to give your bank permission to let your distributors/vendors and Fintech debit the account. If you do not know which service your company uses, choose NONE. Making the wrong choice between a Debit Block or ACH Filter can result in a bank return.

   💡 The bank account will have a status of Verifying while Fintech sends a $1 test transaction to your bank (5-7 days to complete):

   1. If it succeeds, the bank account will have an Active status.
   2. If it fails, the bank account will have an Inactive status. A member of our Banking Operations team will contact you.

5. Click Add Bank Account.

What is a Debit Block vs. an ACH Filter?

Debit blocks (filters) and ACH filters are premium fraud protection services your bank provides to your company. Please contact your banking institution if you are not sure whether your company actively uses these services.

A debit block requires a retailer to set up company IDs with their bank before Fintech sends a transaction. ACH Positive Pay requires approval after a transaction is sent.

Sending Filter Tests

Completing filter tests is an effective way to verify proper bank setup. When adding a bank account, consider performing the following steps to enable test transactions:

1. Go to Settings > Payment Management > Add New Payment Method.
2. Choose from the Company list > Select Manual Verification.
3. Choose between Debit Filter or ACH Positive Pay to obtain your Origination ID (Federal Tax ID), which you will provide to your bank for the test transaction.
   

   

4. While your bank configures the ID, you can continue bank account setup and verification:
   1. Contact your bank to set up the ACH filter as soon as possible. If you wait 2 or 3 days to do this step, the verification will fail.
5. Within the Tasks section of the portal, there will be a reminder to confirm the setup after the Origination ID has been configured by the bank. Bank test failures will appear under Tasks as well, so check back periodically when setting up a new bank account. (For further information, click here: What are tasks?): 
   1. A $1 test transaction will be triggered to your bank (as noted above)

• • • If it is successful, you will be notified via email.

• • • If it fails, the bank account will remain Inactive. A member of the Banking Operations team will contact you for further assistance. 

Updating a Bank Account

To update a bank account:

1. Go to Settings > Payment Management.
2. Click the Update button near the bank you'd like to change and enter the new information when prompted.

💡 If you are using the same bank account to pay invoices and your PaymentSource subscription, you will need to update them separately with the relevant bank account information:

FAQs

What happens if I just finished registering in the portal, and I want to add a new bank account, and also add a vendor?

You can add a new vendor, but the $1 transaction test (to verify the relationship) will wait until your bank approves Fintech’s Origination ID.

In the portal's My Vendors > Add New Vendors section, go through the process and select the pending bank account, including the $1 test. This test will wait until your bank has configured the Fintech Origination ID (which is confirmed with its own $1 transaction test).

What happens if a $1 test fails when trying to add distributor/vendor?

If the dollar test fails, the relationship will be in pending payment verification status until the dollar test passes.

Does a retailer need to perform a $1 test for every location?

Retailers with several locations and an active vendor relationship do not need to trigger a dollar test for each location as long as the locations use the same bank account and all are under the same retailer account in PaymentSource (in other words, all are under the same Fintech ID).

How do I change which bank account pays a vendor?

This is done in the Vendors section of the portal. Go to How do I manage my current vendors? for more information.

How do I change the bank account that pays a location?

This is not supported at this time.