For restaurant partners who are adding bank accounts into the Finix Dashboard. If you wish to use the same account for Deposits or you wish to have an account for deposits and an account for withdrawals, there are additional steps required.
Warning: Having a separate account for deposits vs withdrawal. Making this adjustment will cause all accruing settlements to close. So this should be done during the initial account setup. Before getting started the restaurant partner must add an additional bank account to the Merchant.
Adding a Payout Account & A Withdrawal Account with Plaid
Finix and Plaid have partnered to let you add bank accounts to the Finix's platform seamlessly and securely. Plaid instantly verifies bank account existence and ownership, providing a fast and secure way to board onto Finix.
To learn more, see our Plaid guide on Verifying Bank Accounts
Once completed reach out to your onboarding manager and communicate which account you want associated with each transaction type and they will continue the setup in Lunchmoney powered by Finix.
Adding a Payout Account & A Withdrawal Account Manually
IMPORTANT: If available via the buyer’s banking institution, Finix will send the microdeposit via Real Time Payments (RTP) or FedNow so the buyer will receive the microdeposit instantly.
How does a buyer verify their bank account?
When you add a bank account, Finix will send a single $0.01 deposit to the buyer’s account.
The restaurant confirms ownership by finding the code on their bank statement and submitting it. (e.g., FNX7Q2M).
Your restaurant will log back into Finix and submit the code to complete verification.
Once the code is verified, the buyer’s bank account will be instantly enabled and ready to use.
Key Details to Keep in Mind
30-Day Window: Your buyer will have 30 days to enter the code before the verification expires.
3 Attempts: Your buyer will have up to 3 tries to enter the correct code.
Go to the Company Tab in the bottom left
2. Click Payment Instruments Tab
3. Click Add Bank Account
4. Add the banking details and click Submit
5. Next reach out to your onboarding manager and communicate which account you want associated with each transaction type and they will continue the setup in Lunchmoney powered by Finix.