There are two ways to complete bank account verification for your client:
- Option A: Instant verification: Instantly verify your client's bank account information using Plaid. You will need online banking access to complete this step.
- Option B: Manual verification: A Wagepoint Risk Ops agent will review your client's bank account information. You'll use a micro-deposit in the client's bank account to verify the account,.
Option A: Submit account verification using instant verification
1. Log into your Partner dashboard, and then access your client's account. In the Account setup widget, click Submit account verification.
2. On the Account verification page, click Verify with Plaid.
3. When Plaid opens, click Continue.
4. Select your institution from the list.
5. Enter your card number or username and password.
6. Select the relevant bank account and click Continue. If you have multiple accounts, be sure to select the correct account. If you verify the incorrect account through Plaid, you will be prompted to re-do this step.
7. Review the financial data sharing settings and click Allow.
8. Your information will be instantly verified or rejected by Plaid.
- If rejected by Plaid, an alert will display on your account letting you know the information provided by Plaid does not match what you have entered. You can resolve this by changing your banking information or by trying the Plaid verification again. If this still does not work, try the manual verification method instead.
- If verified by Plaid, you will receive a message that your information has been submitted for review to the Wagepoint Risk & Compliance team. This can take up to 5 business days to complete.
Once successfully verified, you will see both verification steps displayed as “Verified” along with a green check mark.
Option B: Submit account verification using manual verification
1. Log into your Partner dashboard, and then access your client's account. In the Account setup widget, click Submit account verification.
2. On the Account verification page, click Use Manual verification instead.
3. Under Micro-deposit verification, click Send micro-deposit.
4. We'll send a micro-deposit (less than $0.50) to your client's bank account within 1-2 business days. Click Save & Exit for now, and return to the account when your client has received the micro-deposit amount.
5. Once you have the micro-deposit amount, access your client's account.
In the Account setup widget, click Submit account verification to return to this step.
Then, enter the micro-deposit amount and click Confirm.
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6. Click Submit. Your verification status will now be Pending. Your information will be sent to the Risk & Compliance team for review. This step can take 3 to 5 business days.
7. The Account Verification tab will show Bank account verification and Risk Operations verification as In progress until completed.
8. To check on your status, log into your Wagepoint account. In the navigation menu, select Company Account verification. When your Bank account verification and Risk Operations verification say Verified, you're ready to go!
