Overview
When you set up a Merchant Account, you also set up which bank account you want funds deposited into when tenants make online payments. This is a specific bank account where all funds collected will be deposited. But what happens when you want to change your bank account and it's no longer the one that is associated with your merchant account? No worries because you can change your merchant account's banking information straight from DoorLoop. This is a relatively simple process that only takes a few minutes. Continue reading to learn more.
Tip: Be sure to enter the correct bank account information. Otherwise, the funds collected may not be deposited into your bank account, which can delay your receipt of those funds.
The Steps
To update your Merchant Account's banking information, click Accounting on the main menu and then click Incoming Payments under the Online Payments section.
On the Online Incoming Payments page, click the Merchant Account Setup tab. Find the bank account you need to update information on and click the Update button to the right of the merchant account bank.
A new window will appear. Please read the text carefully before making any changes. (You must be the primary representative for the merchant account in order to make any changes.)
Click Update Information to start the process. (You will be redirected outside of DoorLoop.)
You will now be on Stripe's page to edit your info. You need to verify your identity by sending yourself a mobile verification code via text message. You'll be prompted to enter the 6-digit code after clicking Send Code.
Once you enter your verification code, you'll now see the Verification Summary overview with all the information that you previously submitted about your company. To change the banking information, click the 3 dots button under the Payout Details section and then click Edit on the popup menu.
Clicking this, you should now see a list of bank accounts associated with your banking institution. If you don't see the bank you want to change to, use the links for "link another account" or "enter bank details manually".
Once you select the bank you want to swap to, click Save.
You're now back on the Verification Summary page. Double-check to make sure all the information is correct and then click Agree & Submit to complete the process.
That's it! Your bank account should now be updated with the new information and you're now able to receive your deposits to the new bank account.