Setting up your merchant account is the first step in the process of accepting payments in your Regpack project(s).
To begin, please proceed to Settings > Bill > Under ‘My Application’ you will find the link titled Blue Snap Set Up Form (or WePay Set Up Form if it is determined that this is the preferred payment processor for your organization).
Once here, click on the link to begin the process of completing the Blue Snap Set Up Form or WePay Set Up Form.
There is no need to upload any documents here, as additional documentation is requested on a case by case basis by the payment processor’s underwriting team.
Please note that your full social security number is not required, as you will only need to provide the last four digits. If you are uncomfortable with providing the last four digits, BlueSnap will need a copy of your government issued photo ID, which you can email to the payments team at firstname.lastname@example.org.
This information is required to confirm that there is a human entity authorized to act on behalf of the business. This prevents unauthorized people from creating an account on behalf of your business. This is also required by BlueSnap to comply with KYC (Know Your Customer) requirements of the Patriot Act, along with complying with AML (Anti-Money Laundering) laws like a financial institution.
A note for Non- Profit Organizations:
Non – profit organizations are not required to enter Ownership Information. Please re-enter your company representative’s information in this section to complete the form.
The First Section on the form will ask for basic information about your Business:
In this section you will be asked for your business address. It is important that you enter a physical address, as the application will not be accepted if a PO Box is given.
Next, we will ask for Processing Information
Please note that the approximate annual sales volume refers to the amount you plan to process with electronic payments.
The next section will ask for Ownership Information
*If you are a Non-Profit, please enter the company representatives information here.
Then, we ask for the Company Representative’s information.
A company representative is someone who will serve as a contact for your organization, for example the person who will be the main admin on the account.
Merchant Account Admins
The next section will ask for your Merchant Account Admins:
Merchant account admins are people you appoint, such as your accountant or finance contact, who will have direct access to your merchant account, where they can view/download payment reports for each deposit you receive. Once we set up your account, an email will be sent to the contacts which will include login information.
Next you will enter your banking information:
This information is for the bank account you would like to receive your deposits from the processor.
This section will ask for basic banking information such as Account/Routing Numbers, the name of your bank and the name on the Account.
*Please note that the name on the account must match match your organization name. Personal accounts are not accepted unless you are the legal owner of the organization.
Deposit Schedule and Payout Currency
Here you also pick your deposit schedule and preferred payout currency:
A note on payout schedules:
Daily+3: This payout frequency is the quickest payout frequency that Blue Snap offers. Funds collected on one day are sent to your bank 3 business days later. It’s important to note that with Daily + 3 your funds are constantly being held and then released for payout.
For clients who may need to issue refunds, we recommend setting a Refund Reserve in your merchant account. To do this, you enter the amount you want this to be, and we configure your merchant account so that this amount is held from your payouts until met. All refund requests which are made when there are not sufficient funds in your merchant account will then withdraw from this reserve.
Weekly: Weekly payouts are sent out on Tuesday of each week. Funds accepted (Monday – Sunday) will be deposited on the following Tuesday.
Monthly: Funds accepted from the 1st through the end of the month are deposited 15 days later.
Electronically Sign Agreement
At the bottom of your application is your merchant agreement. Please read this and electronically sign the agreement.
Once submitted, our payments team will receive a notification that your application is complete. They will then begin setting up your merchant account, a process which take 3-5 business days.
Once your account is approved, they will issue a test payment on your account to ensure that everything is running smoothly. You will also receive a notification when your project is ready to accept payments.
WePay Application Details
If your organization elects to process with WePay, there are a few differences in the merchant account application, as detailed below:
Like with the BlueSnap application, WePay will also want to have company representative information, deposit information and deposit schedule as well as appointed merchant account admins. Your payout frequency options are Daily, Weekly and Monthly.
Once you have completed the required information, please select the link to read the WePay Agreement. Once this is completed please e-sign and submit. This will send a notification to the payments team to begin the process of setting up your merchant account with WePay.
You will be notified if any additional documentation is needed, as well as when your account is approved to take payments.