Banking Information

Introduction

  • is_default is only required if more than one bank account provided
  • account_usage values are always required (5 possible values – ACHF, ACHS, CB, DAY, MON)
  • CB (Chargebacks), DAY (Daily Deposit), and MON (Monthly Fees) always need to be provided across whatever BankInformation sections exist, and only once for each Use
  • Bank Name and Bank Phone Number will be automatically looked up/defined based on the bank's Routing Number. If a Bank Name and/or Bank Phone Number is provided, and the lookup on the Routing Number determines there is a mismatch, a validation error will occur.
  • Currently, at most 3 BankInformation sections may be saved within a single Application

Approach

  • Provide 3 of 5 usage values (CB DAY MON), and 5 of 5 if ACH is present
  • If all 5 are a single bank account, there is no need to specify default (is_default)
  • If two or more bank accounts are provided, a default indicator (is_default value of "true") becomes required for one of those accounts.
  • Use API Get bank auto fill to retrieve the bank account's information from the routing number.

Properties

Property
​
Description
account_usage
required
This is used to define what purposes a merchant bank account is to be used for. Merchants can provide only one account to be used for all purposes, or they can define a specific purpose that each bank account is to be used.
routing_number
required
The 9-digit bank routing number (American Bankers Association Routing Transit Number), used in conjunction with the bank account number, is used to route transactions (deposits, debit of fees, etc.) to the merchant's bank account for any uses that they define.
bank_name
required
The name of the bank that the merchant has an account with.
account_number
required
The bank account number, used in conjunction with the bank routing number, is used to route transactions (deposits, debit of fees, etc.) to the merchant's bank account for any uses that they define
account_number_confirm
required
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account_type
required
This defines what type of bank account(s) the merchant is providing on the merchant application. See more here​
bank_phone_number
required
The registered phone number of the provided routing number
date_opened
required
The date that the merchant opened the bank account that they are providing on the application
bank_contact
required
The contact person for the bank that the merchant is providing on the application
is_default
required
The default bank account indicator is used to define whether a specific bank account provided on the application is the "Default bank account". The default bank account is the account that will be used for most purposes, such as charging fees, depositing batches, etc.
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