As part of our new enhanced security and partnership with the payment processor, Stripe, you will need to verify your bank accounts in order to make ACH payments to your property manager. This is in accordance with the NACHA Rules, and we do not allow you to process ACH Direct Debit payments unless they have been authorized by the owner of the bank account.
Several methods are available to comply with the new rule, two of which that are used are the following:
Micro/Trial Deposits – In this two-step process, the organization uses the consumer's routing and account number to make a small deposit into the tenant's account. The tenant then confirms the deposit amounts with the organization in a followup email that they'll receive.
Financial Institution Credentials – Consumers select and authenticate with their financial institution through the organization's digital channels to verify they can access the account
We'll be focusing on the Micro-Deposit option here which is linked to the manual verification option for verifying your bank account.
Before making a payment, it will be necessary to enter a valid bank in order to make ACH payments from your bank. Note that during the process of verification, no payments will be taken from you or processed.
If you chose to manually enter your bank account information, you'll need to check your bank statement for this and then also wait for the email containing the verification link. Once you get this click through the link and follow the instructions to verify. This can take up to 1-2 business days, so we recommend you do it as soon as possible.
You should have already tried to make a payment through the Make Payment wizard and when clicking on the Bank Account setup, and chosen the "Enter bank details manually instead" option. You'll see this highlighted below.
You should have been prompted to enter your Routing Number and Account number of your bank account. Please double-check this information or it will cause delays and you won't be receiving the micro-deposit transaction if this information is incorrect. Click Continue after entering this info.
You will then see a popup that states "Micro-deposits initiated".
IMPORTANT: DO NOT CLICK THE X.
Click "Continue with DoorLoop" to finish. [see image below]
If you didn't already do so, you will be prompted to enter your Full Name, Address, Phone Number, and Email. Be sure that your Full Name matches what is on your Bank Account.
Once you fill all this out, you'll now see that your bank is pending verification.
Now you wait. A micro-deposit of $0.01 will enter your bank account, which can take up to 1-2 days. Some may see it instantly, others may need to wait a bit. The deposit will appear on your bank statement and look similar to the image below. The transaction would be labeled something like this: "ACH Deposit SMXXXX - DoorLoop - ACCTVERIFY Automated Deposit Transactions"
The most important part of this is the SMXXXX portion. XXXX will be a combination of either letters and/or numbers so it will look something like SMKTH6 for instance.
You can now go back into your Tenant Portal and if you click the Make a Payment button. On the Payment Method tab, you should now see the image below. There should now be a Verify Your Account button under your pending saved bank account.
When you click the Verify Your Account link, you'll be taken to a page that looks like the one below. Enter the code you received in your $0.01 micro-deposit transaction and click Verify. Your bank account will now be verified.
Alternatively, you may receive an email from Stripe that has a verification link in it. You'll need to click the Verify Deposit link in the email which will take you back to Step 7. This email can take 1-2 days to arrive to you.
The last step now is to go back to your tenant portal and click Make a Payment again in order to complete the payment process. Again, you will need to go back to your tenant portal and complete the payment process.
I didn't receive the micro-deposit or the verification email.
The micro-deposit can take 1-2 days to enter your bank account. However, if you don't see it, please chat in with our support team and we can check to see the status of the micro-deposit or if it was even sent. It is possible too that the wrong information was inputted which could be why the micro-deposit didn't appear.
If you like, you can try to manually verify your bank account again to see if they will send the micro-deposit to you again for verification.
What if I got the micro-deposit in my bank account but I didn't get the verification email?
If this is the case, you can check your tenant portal. Click Make a Payment and reach the Payment Method step. There should now be a Verify Your Account button there. Use this to verify.
What if I got the verification email but don't see the micro-deposit?
If you got the verification email, you can click the Verify Deposit link from it which will take you to the verification page. From there, you'll see a link that reads "Send Another Deposit". Click that and Stripe will attempt to send you another micro-deposit, two this time. Again wait another 1-2 days and check your bank account. You'll see two deposits of different amounts. You'll need these amounts to verify the account with the next verification email you see. You can also chat with our support team. We can help you verify it on our end or send you the verification link directly.
Why do I need to verify my bank account by micro-deposits?
Merchant processors are required by law to verify a person's ACH information (bank account) as part of their antifraud efforts and initiatives. This is a rule from the National Automated Clearing House (Nacha), which requires ACH originators of web debit entries use a "commercially reasonable fraudulent transaction detection system" to screen web debits for fraud. The new rule supplements that screening requirement, making it explicit that "account validation" be part of that detection system.
For a more detailed explanation of why this is mandatory, refer to this document here.