Verifying Funding Sources

Abstract

Verifying funding sources is a required step to add a funding source. Microdeposit verification is a standard practice to ensure that the funding source is valid and correctly added.

In this article, we’ll walk through the process of verifying a funding source.

Verifying Microdeposit

When you begin the funding source verification process, you must confirm that the microdeposit show up correctly in your bank account. This is a standard practice in the United States to ensure the correct account ownership and routing information.

Follow these steps to complete the verification of your new funding source:

1. Once the new funding source is created, it will initially appear as Not Verified in the Funding Sources list, so the next step is to proceed with the verification. To begin, locate and click the previously added funding source:

   1. Navigate to SquareWorks > Automate > Settings > Payment Automation > Funding Sources

      
2. After selecting the funding source, it will open the screen for the Funding Source Information which will allow you to start the verification process:

   
3. To start verifying an account for ACH, you need to verify microdeposit by clicking the Verify button:

   
4. As a standard US practice for bank account verification, once you press Verify we will send two small deposits to your bank account. This can take 1-2 business days to show up.

5. Enter the deposits as they appear in your bank account in any order in Deposit 1 and Deposit 2

   

   Note: When you click the Despoit 1 or 2 dropdown, the following deposit options will show from 1¢ to 10¢:

   
6. Before any funds can be pulled from your account, most banks require that ACH debits must be enabled for our originator ID ("945440567 "). This often involves coordination with your bank to authorize the ACH provider (SquareWorks) to withdraw the necessary amounts.

7. To allow ACH debits on your account, tick the box to confirm that ACH Debits have been enabled for our Originator ID ("945440567 ") with your bank account

   

   Note: This is usually a manual process to contact your bank account and communicate that this is the number that SquareWorks represents to pull funds on the ACH network.

8. After confirming the microdeposits and ACH debit status, click the Submit button to complete microdeposit verification:

   
9. Finally, the funding source will appear as Verified and you can review the Funding Source Information:

   

Once you’ve completed these steps, your ACH funding source should be fully verified.