Ensuring your payment methods are up-to-date is essential for smooth transactions and financial management. Here's a quick guide on how to submit a new bank account or debit card for deposits, replacing existing ones if needed:
By linking a bank account, you can prevent payment delays, access Instant Deposit features, and ensure flexible deposit management for your earnings.
1. Accessing the Payment Processing Hub:
Navigation Path: Open the app, navigate to 'Settings,' access 'Payments,' then proceed to 'Deposit Methods' for a streamlined update experience.
Replace Existing Accounts: Upon entering the Deposit Methods section, you'll notice two prominent "Change" buttons highlighted in gold. Click on these buttons to initiate the process of replacing your currently listed account with a new one.
4. Routing of Deposits:
After successfully adding the new account, all deposits will automatically be routed to the newest account listed. This ensures that your funds are directed to the correct destination.
The system will automatically set the newly added account or card as the default for all future deposits.
5. Deposit Types and Compatibility:
Standard Deposits to Bank Accounts: Deposits to bank accounts typically follow standard processing times.
1-2 Business Days
Instant Deposits to Debit Cards: Deposits to debit cards are often processed instantly for quick access to funds.
Some prepaid cards are not eligible for Instant Deposit.
Once your deposit details are updated, you can choose between 'Standard' or 'Instant' deposits based on your preference.
30 mins to 1 hr.
Compatibility Check: It's important to note that some banks may not be compatible with certain platforms. Verify compatibility with your bank or financial institution before proceeding.
Instant Deposit Requirements: To use the Instant Deposit feature, you need to link both a bank account and a card. While Standard Deposits remain free and do require a linked bank account, Instant Deposits offer quicker access to your funds with minimal processing times.
6. Account Registration and Verification:
Individual Accounts: If you're registered as an Individual account with only a Social Security Number (SSN) listed, you can enter a personal bank account for deposits.
Business Accounts: Barbers registered as a Business will need to add a bank account listed under the registered business EIN, adhering to Stripe and IRS regulations.
Additionally, ensure you provide the Legal Business Name, EIN, DBA Name, LLC Status, and IRS-issued SS-4 or 147C Document for verification.
7. Additional Verification:
Keep in mind that once your deposits exceed $15,000, additional verification for your bank accounts may be required. Feel free to reach out to the support team for more information or assistance with this process.
For business accounts, ensure your IRS documentation (SS-4 or 147C Letter) is up-to-date, legible, and not expired to smooth the verification process.
By following these steps, you can easily update your payment methods, ensuring seamless transactions and compliance with regulatory requirements. If you encounter any issues or have questions along the way, don't hesitate to reach out to the support team for guidance and assistance.