In order to streamline payroll processes and offer a convenient payment method, Cadana allows you to connect your US bank account so ACH direct debit can be used to directly pull funds. This article will guide you through the steps involved in connecting your bank account and enabling automatic payments for your payroll.
Important: If you are uncertain whether your bank permits ACH Debits, we recommend verifying their policy. Some banks, like CIBC Bank, may require you to "Add Authorization" to authorize us to withdraw funds from your bank account using ACH Debit. If your bank requests information about the originator's company name and company ID, please add the following Stripe ACH company IDs:
- 1800948598: Stripe Payments Company
- 4270465600: Stripe Payments Company
Add Payment Method
Go to the Business section on the left navigation menu, and select Company Profile -> Payment Methods.
Click on Add Payment Method -> ACH Direct Debit. You will be prompted to enter the account name and email. Make sure to provide accurate information as this will be used for verification and communication purposes.
Once you've provided your account details, a Stripe Modal will open, allowing you to connect your bank account securely. Within the modal, you will be able to select your bank and proceed with the authentication process using oAuth. Additionally, you will need to select the specific account within your bank that you want to connect for payroll payments.
If your bank account can be verified instantly, the connection process will be completed promptly. You will receive confirmation that your account is successfully linked and ready to use for automatic payments.
Manually Verifying Account
If instant verification is not possible, you will need to manually verify your bank account. For manual verification, you will be required to enter your bank's routing number and account number. These details can typically be found on your checks or by contacting your bank directly. Enter the information accurately to proceed.
Upon submitting the routing and account numbers, Stripe will initiate micro deposits into your bank account. These small amounts will be used to verify your ownership of the account. You will receive an email (to the address specified earlier) containing instructions and a link to verify the micro deposits.
Once you manually verify the deposits, your account will be linked and will appear in the Cadana dashboard. If you did automatic verification, your account will appear as active, as soon as the instant verification was completed.