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Payments: Setup & Onboarding

Claire Frank
  • Updated

Overview

Payments - powered by Stripe - is a simple and powerful way to accept payments inside Finalsite Enrollment. For an overview and frequently asked questions (FAQ) on Payments, please check out our Payments: Overview & FAQ article. For detailed steps on how to onboard with Payments, read below.

  Who has access to this?

Types: System Admin
Permissions: Financial

In this article

What you will need to get started

To make the process easier, we recommend making sure that you gather the following details before starting. You can read more in-depth details of the steps and what's required in the section below titled How to Setup your Payments Account.

  • Your type of business and business structure.
  • Information related to your school, such as your EIN, address, and website.
  • Contact information for the individual at your school responsible for managing Payments. This will likely include their name, email, date of birth, address, phone and the last four digits of their Social Security number OR an official ID document.

How to Set Up Your Payments Account

Follow the steps below to create your account and onboard to Payments.

Please note:

Your school's bank account may require authorization for withdrawals. Please contact your bank to confirm and authorize withdrawals before enabling refunds.

    •  Within your Finalsite Enrollment site, navigate to Settings > Financial > Payments. Please note: Only System Admins will be able to access this page.
    • Within the Payment Setup section of the page, select the button under Step 1, Click here to create an account, which will look something like this:
      Payments onboarding page with a box around Step 1.
    • When you select the box under Step 1 (Click here to create an account), you will see the Create Account pop-up. This box will ask you to agree to Stripe's Agreement* and Enable Refunds. 
      Step 1 pop-up box (enable refunds and accept stripe's terms
      *You can read Stripe's agreement by clicking on the words "Stripe Connected Account Agreement".
    • Once you confirm both options in the Create Account pop-up, Step 1 will show as completed and you can proceed to select the button under Step 2, Update Information. That will look something like this:
      Payments onboarding page after Step 1 has been completed.

When you select Click here to onboard, you will be redirected to the Stripe. Here, you will be required to fill out information related to your school and your business representative. 

Please expand the dropdown boxes below for insight on some of the steps you'll encounter.

Enter your Phone Number and Email
You'll first be asked to enter you phone number and email address. That will look something like this:
First page in Stripe, asking you to enter a phone number.
Once you do that, you'll receive a text code, which you will enter on the site:
Once you enter your phone number,this is the page you will see asking for the confirmation code.
About Your Business
About your business page
    • Type of business (Individual, Company, or Nonprofit Organization)
      • Very Important. You should never select 'Individual' for this step.
      • You should either select Company or, if your school is an NPO, you should select Nonprofit Organization. If you select 'Individual' here, the 1099 filed with the IRS will be under the individual's name.
    • Business Structure
      • You'll be asked to select one of the following: Sole Proprietorship, Single Member-LLC, Multi-Member-LLC, Private Partnership, Private Corporation, or Other/I’m not sure.
Tell us more about your Business
  • Legal business name (as appears on your IRS documents)
  • Employer Identification Number (EIN)(or SSN if used for business tax purposes)
    • Note for schools in Canada: This will be your Tax ID (also known as a Business Number)
  • Doing business as (optional)
  • Registered business address
  • Business phone number
  • Industry Select your industry - type in Education to see the types of educational institutions
  • Business website
Add a Business Owner

Note: The Business Representative should be the executive, senior manager, or someone else who has significant responsibility for the control and management of your business. You can choose ‘Save for later’ and have them return to fill this out if you do not have all of the information.

  • Legal Name
  • Email Address
  • Job Title
  • Date of Birth
  • Home Address (i.e. the person’s address of residence, not the school address)
  • Phone Number
  • Social Security Number (SSN) - last 4 OR upload an Id document
    • The last 4 digits of your SSN are only used to verify your identity—no credit checks.

  Why am I required to enter my social security number?

SSN collection is required to comply with the ‘Know Your Customer’ laws passed by the federal government after 9/11. It is not something that we or Stripe can control.

Important to note: The initial setup requires only the first four digits of the SSN. However, the full SSN is mandatory once payments collected surpass $500k.

Additional Info on this:

Add an Account for Payouts
This is where you'll enter the banking information for your school. You'll need to provide the Routing and Account number for your school's bank account.
Add bank info step.

Note for schools in Canada: In the Routing Number box provided, please input the Transit Number and Institution Number for the account you wish to use. Format: 12345-678

After you finish providing the required info, you will be brought back to Finalsite Enrollment. 

Please note: You will still be able to access Step 2 at any time if you need to update your banking information. When you come back to this page (Settings > Financial > Payments), you'll see something like this (pictured below). Selecting Update Information will allow bring you to Stripe where you'll be able to update the details of your account.

Payments page after you have onboarded

 Resources

Monitoring the Status of your Onboarding

Back on the Payments setup page, the status will be updated accordingly:

  • ‘Onboarding started, but not completed’: You have started, but not completed, the verification step.

  • ‘Additional information required’: More information is needed on the verification step before you can be cleared to accept payments.

  • ‘Account verified, ready to accept payments!’: Complete! Successfully verified and ready to accept payments.

If you need to add or update the information while in pending verification, click back into Step 2. If you need to update your information after verification is complete, use the ‘Click here to edit information’ button.

Pro tip: See our article "Payments: Overview & FAQ" for answers to common questions regarding Payments.

Alerts

If your Payments account is in need of attention, the following alerts are designed to notify you and provide direction on what action is needed:

  • A red banner will appear at the top of your site letting you know an update to your Payments account is needed. The banner will only be visible to System Admins and will look something like this (the text you see may be slightly different).
    Alert Banner for payments issues.
  • An email will be sent to the account owner. The email will provide the details of the issue and directions on how to correct it.
  • The Payments page will also display a note with the details of the issue and directions on how to correct it.

Please note: 

  • Only the Account owner will be able to make the update. Only account owners have access to "Update Information" on the payments page due to 2 factor authentication.
  • The error message on the Payments page and within the email lists the issue two times. This is the way the message comes over from Stripe and not something that can not be altered on our end.
     

ACH Company ID (Stripe)

You may need Stripe's ACH Company IDs to authorize direct debit with your bank. 

ACH company IDs for Stripe

Stripe uses two company IDs to collect ACH debits and send ACH deposits on behalf of all users.

  • 1800948598 - Stripe Payments Company
  • 4270465600 - Stripe Payments Company

Please refer to this article from Stripe for more information: ACH Direct Debit company IDs for Stripe

Refunds

You can process refunds through your Payment History page. 

Deductions

Refunds are first deducted from any available funds in your account that have not been paid out to your bank.

In the event that your account balance is $0, funds will pull directly from your connected bank account.

Any fees incurred by disputes or ACH failures will also be collected in this manner.

Information Regarding Payouts

Once your account is fully set up and you start receiving payments, payouts of your available account balance will be initiated daily. If you would like to change your payout schedule to weekly (on any weekday M-F) or monthly (on a specific day) instead, please contact Finalsite Enrollment Support.

Payments within those payouts are based on when they are processed.

Processing Time

  • 1-3 days for Credit Cards

  • 4-7 business days for ACH payment

Most banks deposit payouts into your bank account as soon as they are received, though some may take a few extra days to make them available.

Please note: You must provide all required identity and business verification information before you can receive payouts. If you are not receiving payouts, your account may be missing information.

Additional Resources

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