How do I add or update a Bank Account?

Learn how to add or change 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. 

What are ACH Debit Filters?

ACH Debit Filters are premium fraud protection services your bank provides to your company. 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.

If you are unsure whether your company actively uses either filter, contact your banking institution before adding a new payment method.

Adding a New Payment Method

Please note that you can only use business checking accounts when adding a new bank account. 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 Create New Payment Method to begin.
3. Select Manual Verification. 

4. Enter your bank's routing and account numbers, then confirm whether filters are used. If filters are used, a $1 filter test will be performed to verify the bank account. Refer to Filter Tests below to learn more.

   ⚠️ If you do not know which filter your company uses, confirm with your bank before choosing None. Making the wrong choice can result in a bank return.

5. Click Add Bank Account. 

You will receive an email about the pending activation, which will take 5-7 business days to complete. In the meantime, the bank account will have a Verifying status in the portal. Once ready for use, the status will change to Active. If verification fails, the bank account will have an Inactive status and a member of our Banking Operations team will contact you.

Filters and Test Transactions

Filter tests are designed to confirm your bank account setup and to authorize both vendors and Fintech to debit your account. Fintech initiates a $1 transaction that your bank will need to approve before the account can be used for invoice payments in the portal. When adding a bank account that uses a filter:

• Obtain your Federal Tax ID (Origination ID) by choosing either Debit Filter or ACH Positive Pay. Once you input your bank details and click Add Bank Account, provide the Federal Tax ID to your bank so that the filter test can be processed:
  

  ⚠️ Contact your bank as soon as possible. If you wait 2 or 3 days to do this step, the filter test and bank verification will fail.

  

• Note that the bank account will have a status of Verifying while Fintech sends a $1 test transaction to your bank (5-7 days to complete).

  • If it succeeds, the bank account will have an Active status in the portal.

  • If it fails, the bank account will have an Inactive status in the portal. A member of our Banking Operations team will contact you.

Successful and failed bank tests will be displayed in the Tasks section of the portal, so check this tab periodically to easily view status updates (What are tasks?). After your bank has configured the Federal Tax ID, you will still need verify your bank account setup in the portal, which can be completed here.

Updating a Bank Account

⚠️ 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.

To update a bank account that uses debit filters or ACH debit blocks, please contact bankchange@fintech.com.

To update a bank account that does not use filters:

1. Go to Settings > Payment Management.
2. Click the Replace button near the bank you'd like to change:
3. Click Manual Verification, then Continue on the prompt:
   
4. Enter the new routing and account information.
5. Click Replace Bank Account to save the changes.

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.

Go to Vendors > Add New Vendors, 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. Contact your bank for more information.

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.