Payment Setup Checklist for non-US bank accounts

Important note: To create, edit, or delete bank accounts, you must have 2-step verification (2SV) enabled.

Before starting, please make sure you have the following handy:

• Basic information about your business owner or legal account representative, such as their full name and birthdate
• The tax identification number for your business, if applicable
• The account and routing number for your business bank account
• In most cases, you’ll also need a color scan of your photo ID, such as your passport, identity card, or driver’s license

To access the Payment Setup Checklist, go to the Settings section of your Dashboard and select Bank & Payments from the sidebar. The checklist is located on the Overview tab.

Learn more about each step by clicking into the sections below.

We work with a payment processor called Stripe to connect your bank account to FareHarbor. Read through and accept our Terms of Service as well as Stripe’s Connected Account Agreement. Check the box next to I accept the Terms of Service, then click Save.

Extended Verification

What is “extended verification” and why do I need to complete it?

You will need to provide some extra information in order for FareHarbor to be able to correctly process payments. The reason “extended” verification is required is due to a federal regulation called “Know Your Customer” (KYC). This extra verification step ensures that a real person is connected to your business. Learn more.

How to complete the Customer Verification step

Follow the steps listed on Accessing the Payment Setup Checklist to get started. When completing the customer verification step, you will be taken to a secure portal to enter in your information.

When you are finished and select Done, you will be redirected back to your Payment Setup Checklist in FareHarbor.

Photo Identification:

You will need a color copy of your photo identification card. Acceptable IDs are:

• Passport
• Identity Card
• Driver’s License

The secure online portal will guide you through how to upload and process your ID for customer verification.

Note: The copy must be in color, clear, and complete. You will need to upload a copy of the front and back of the ID card, or the photo page of the passport. This is best done in a well lit room against a solid color background with no flash.

Important Information

1. For Individual Information, please ensure that the legal name is entered as provided on a valid photo identification (eg: Passport or Driver’s License). Don’t use nicknames.
2. PO Boxes are not accepted as valid addresses.
3. Ensure that any ID (Business ID, Tax ID, Social Security Number etc) that you provide is accurate. Any errors will later require additional verification to be completed before you can start accepting payments.

1. Ensure that you have the Manage bank accounts permission enabled for your user account in Settings > Users & Groups > Group Permissions > Permissions.
2. From your Bank & Payments overview, click the Bank accounts tab at the top of the page. You should see a form titled “Add bank account.”
3. Select whether the account holder is an Individual or a Company.
4. Enter the account holder’s name (either the individual’s name or the company name).
5. Enter your bank account number.
6. Enter your routing number. Depending on your country, this requirement may vary. See routing number options below.
7. Click Add bank account.

Routing number options

• Australia: Enter your 6-digit BSB (Bank-State-Branch) number
• Canada: Enter your 5-digit branch number followed by your 3-digit institution number (for example, 12345-678)
• United Kingdom: Enter your 6-digit sort code

IBAN accounts

If you have an IBAN (International Bank Account Number), follow these steps to add your bank account.

1. Ensure that you have the Manage bank accounts permission enabled for your user account in Settings > Users & Groups > Group Permissions > Permissions.
2. Go to your Bank & Payments overview, click the Bank accounts tab at the top of the page. You should see a form titled “Add bank account.”
3. Select whether the account holder is an Individual or a Company.
4. Enter the account holder’s name (either the individual’s name or the company name).
5. Enter your full IBAN in the Account number field. Be sure to include the 2-letter country code and all following characters, with no spaces (for example, FR1420041010050500013M02606).
6. Confirm your IBAN.
7. Leave the routing number fields blank. Routing number is not required for IBAN accounts.
8. Click Add bank account.

Your refund reserve allows you to hold money in FareHarbor to use specifically for refunds. We recommend keeping money in your refund reserve to ensure that any refunds can be processed as quickly as possible.

In this step of the Payment Setup Checklist, you can set up a recurring transfer to set aside money from future payouts to ensure your refund reserve always has sufficient funds.

To learn how to set up a recurring transfer, and to learn more about how to manage your refund reserve, visit this page.

Once the new bank account has been verified, it will take seven calendar days for the account to be available for payouts. This is a security measure for new bank accounts.

Important notes:

• This applies only to newly added bank accounts. Existing, previously verified accounts will continue to receive payouts without interruption.
• For new clients: This security measure has no impact on your go-live date.
• You will still be able to accept payments during this period.

You can track the status of your new bank account and whether it’s available for payouts in your Bank Accounts tab (Settings > Bank & Payments > Bank Accounts).

• Pending – The account is verified but not yet eligible to receive payouts (less than seven days old).
• Verified – The account is eligible to receive payouts (seven days or older).

Once your first payout is initiated, it may take up to 5 business days for the first payout to appear in your bank account, and 1-3 business days for any following payouts. You can check your payout status using the Payouts report.

Note: If the payout status is marked as Succeeded, FareHarbor has successfully made the deposit and your bank has verified with us that they have received it. It may still take a day or two for the funds to appear in your account, depending on your bank.

Why don’t I see the Add bank account button in my Dashboard?

Your user account must belong to a Permissions Group that has the Manage bank accounts permission enabled. Normally this is the Director group. Contact your Dashboard administrator for assistance.

I previously had the ability to add bank accounts. Why am I unable to do this now?

Due to the change in the permissions noted above, all accounts will be set to read-only until the Manage bank accounts permission is enabled for your account.

• The company must accept the Terms of Service themselves, we cannot do it on their behalf.

• A list of 2-letter abbreviations for Canadian provinces and territories can be found here.

• For companies in the EU, Stripe provides a detailed section on their website on how the Payment Services Directive (PSD2) affects marketplace businesses. Feel free to share this link with a client if they want to know more about how our payment processing service works with EU tax laws.

• Stripe does not issue end-of-year tax forms to users outside of the United States. For users based outside of the US, they’ll need to calculate their own revenue and file their taxes in accordance with their country’s tax laws.

• The information required in the customer verification step will vary depending on the processing country. To check the processing country, go to Settings > Bank & Payments and look for the Country field (must be logged in as a FH Admin).

When do new bank accounts start receiving payouts?

After a new bank account has been added and verified, it will take at least seven calendar days before the first payout is received by the client. This is a security measure on FareHarbor’s end that applies only to newly added bank accounts. Existing, previously verified accounts will continue to receive payouts without interruption.

Note: This seven day delay for payouts has no impact on:

• The go-live date.
• Accepting payments.

The client can track the payout status of their new bank account and whether it’s available for payouts on the Bank Accounts tab (Settings > Bank & Payments > Bank Accounts).

• Pending – The account is verified but not yet eligible to receive payouts (less than seven days old).
• Verified – The account is eligible to receive payouts (seven days or older).

• FH Admins can update processor country/currency after a company has been created if:
  • The processing fee and minimum booking fees are the same between the original and new country/currency
  • There are no real charge payments
  • No charge payment refunds
  • No bank accounts
  • No bank account debits (uploads)
  • No company cards
  • No payable adjustments
  • Note: If there is a bank account with no payments on the Dashboard – you can remove the bank account, then change the processor country/currency, once changed add the bank account back in there. All prices will stay the same, just the currency will change. For example, if a customer type was $100 and you switch the currency to euros the customer type would be €100.
  • Be sure to check if affiliates are connected to the company. Affiliate currency must match charter currency. If affiliates are connected, you must change to affiliate with a matching currency.

To reset the Terms of Service and Customer Verification steps of the Payment Setup Checklist, you’ll need to contact Stripe directly at priority-support@stripe.com with the company name and FareHarbor Dashboard URL.

This information is controlled in the Platform account we have with Stripe, which can only be accessed by the FH Dev team and Stripe.

See this page for a list of demo account numbers by country.