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🎥 Video: Stripe Payment Settings
Stripe Payment Settings
Once you have been successfully approved for a new Stripe account in LMN, you will be able to manage your LMN Pay and Account Management settings using the steps below.
- To manage your Stripe Payment Settings, navigate to Settings > Account > LMN Pay
- Under the Accept Payment Methods section, you can decide what payment methods you want to accept.
- You can enable Processing Fees with LMN Pay Powered by Stripe on credit/debit card or ACH.
- Check the box
- You will be prompted to enter in the percentage you’d like
- Click Save Changes.
- If you would like to keep Processing Fees disabled, leave the box unchecked.
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⚠️ If Processing Fees are enabled, an alert will appear below letting you know a NEW Processing Fees Cost Code has been added to your Settings. You will need to link that new Cost Code to a Service Item in your QuickBooks Sync Tool if you plan on exporting invoices from LMN to QuickBooks.
- Enabling the Processing Fees feature will only impact newly generated invoices in LMN. If you would like to apply Processing Fees to all outstanding invoices,
- Click on Apply to Invoices.
- Click on Apply to Invoices.
- You can enable Processing Fees with LMN Pay Powered by Stripe on credit/debit card or ACH.
- When finished, click Save Changes
Stripe Account Management
Update Payout Bank Account with Stripe
In LMN, Navigate to your LMN Pay Settings. Login to your Stripe Account Management Section on the right.
Click on the Edit button beside your Default Bank Account under Payout Details
You can link a new bank account through financial connections or you can enter the bank account details manually. Once completed, click save.
You can set which linked bank account is the default to receive payouts. In certain cases, a new bank account update will require verification. If that happens, you will receive an email from the Stripe Support Team requesting further information.
🎥 Video: Stripe Payment Settings
Action(s) Required in Stripe
Occasionally there will be required actions for merchants to complete in their Stripe Account Management section in LMN. These actions range from updating missing items in a Stripe application, to verifying bank account ownership, or updating EIN. These required actions will be listed in an email outreach from the Granum Payments team.
You can respond to all required actions directly inside LMN. Navigate to Settings > LMN Pay > Account Management > Update
If you have any issues uploading documents yourself in LMN, you can respond directly to the email you received with the documentation required. The Granum Payments team will update this on your behalf.
Your Stripe status will change to Restricted Soon- Action Required, and your Account Management section will let you know what needs to be uploaded and the due date. Failure to upload documentation or update details in the timeframe listed will result in payments & payouts being paused until completed.
Provide Proof of Bank Account Ownership
This is standard for any account that has reached $10,000.00 in transactions with Stripe in LMN. Verifying this information helps us fight fraud and satisfy regulatory requirements.
Accepted Document Types:
- Bank account statement
- Check
- Bank letter
Email Preview:
Provide an EIN (US Merchants Only)
An EIN is an Employer Identification Number — a business’s federal tax ID issued by the IRS. It’s used to identify a business for tax and financial purposes, and LMN Pay Powered by Stripe applications required it for business verification.
If you have submitted an Stripe application, but failed to provide an EIN, or have an EIN mismatch, you will be sent an email from the LMN Pay Team to provide it on your application.
The email will include the following request:
Provide an Employer Identification Number (EIN)
- Option 1: Employer Identification Number (EIN) on the document doesn't match the one provided by this account. Provide a matching document or update the Employer Identification Number (EIN) of this account.
OR - Option 2: Information on the account doesn't match information on the document. Verify the account and upload the document again
Email Preview:
147C Letter
If your EIN does not match what the IRS has on file (name discrepancy after a rebrand or restructure for example) you may be asked to provide a 147C Letter from the IRS until your EIN can be updated. For more on what a 147C Letter is and how to obtain one, click HERE
Provide Proof of Directors
If you are Canadian and have a business that is classified as a Corporation, you will need to Provide Proof of all Directors listed on your company. Verifying this information helps us fight fraud and satisfy regulatory requirements.
Document guidelines:
Here’s what we typically check for when reviewing documents. Verifying this information helps us fight fraud and satisfy regulatory requirements.
- Document information must match the Stripe account including company name, address, or individual’s names
- Not a copy of a copy, photos of a photo, or photo pasted into a document
- Include all pages in the document
- Signatures are clearly visible (when required)
- Address or legal entity documents are in JPG, PNG, or PDF format
- Identity documents are in JPG or PNG format
- Identity documents are in color
- Identity documents include both sides
Accepted document types:
- Valid government-issued document (Un document valide délivré par le gouvernement)
- Corporate profile report (Rapport sur le profil de l’entreprise)
- Notice of Assessment issued by the Canadian Revenue Agency (Avis de cotisation délivré par l’Agence du revenu du Canada)
- Articles of Incorporation or Association (Statuts)
- Notice of Articles (Avis sur les statuts)
- Company Summary (Résumé du plan d’affaires)
- Results from a Quebec registry search (Les résultats de recherche dans un registre québécois)
- Business license (Permis d’exploitation d’un commerce)
- Partnership agreement or registration (Contrat de société de personnes ou preuve d’enregistrement de la société de personnes)
Email Preview:
Need more help? Contact our Support Team by email at lmn-support@granum.com, through Live Chat, or by phone at (888) 347-9864
Signup for our Live Webinars or learn more about attending our in-person Bootcamps HERE
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