In Wagepoint 2.0, banking verification is required upfront if you, the accounting or bookkeeping partner, are covering Wagepoint fees.
If you are not responsible for fees, banking can remain unverified though certain features may be limited until it is completed.
Expected timeframe: 3 to 5 business days
Important reminders
Banking verification must be complete before you (the Partner) can pay fees through Wagepoint.
- If you're not paying the fees, you can continue onboarding without verifying your firm’s bank account. That said, we recommend that you do complete banking in order to avoid delays later.
- Instant verification is the fastest option. It can speed up onboarding significantly.
- All accounts must pass a review by our Risk Operations team, even if the bank account verification is complete via the instant or micro-deposit methods.
How to verify your bank account (as a partner)
1. Enter General and Banking information for your firm
- Go to the Firm settings > General and click Edit. Enter your headquarters address and click Save. This step must be completed before the Banking tab is available.
- Go to Firm settings > Banking and click Add banking. Enter your banking details, upload a bank verification document, and click Save.
- Next, under Firm settings > Banking, click Add authorized signatory. Select the authorized signatory from the drop-down list and enter their details. Upload their government-issued photo ID and sign the Pre-authorized debit agreement. Then, click Save.
2. Choose your verification method
Once your General and Banking information has been entered, the Account verification tab will become available.
- You will not be able to proceed until you have confirmed your email. Navigate to your email inbox, locate the email invitation from Wagepoint, and click Confirm my email address. If needed, you'll find the option to resend confirmation email on the Firm settings > Account verification page.
- On the Firm settings > Account verification tab, select your preferred method of verification:
- Instant verification (Recommended option): Instantly verify your bank account information using Plaid. You will need online banking access to complete this step.
- Manual verification: A Wagepoint Risk Ops agent will review your bank account information. You will need to both complete the micro-deposit verification and send the account validation request form to your bank
- Follow the instructions to complete bank verification for your account. Be sure to click Submit.
3. Risk Operations review
- Once verified, your account will be submitted to our Risk Operations team.
- This step ensures your banking set up meets all compliance and security standards.
4. Banking approved
- You’ll receive a confirmation email once your bank account is approved.
- After that, you are all set to pay fees and complete onboarding.
Timelines by verification method
- Instant verification: Same day
Micro-deposit verification + Risk review: 2 to 4 business days
Need help? Our onboarding team is happy to support you at any time.