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Merchant Accounts

Updated

Merchant Accounts allow Admins to set up their Stripe account on VTS Activate to accept and manage payments. While most of the work is completed in Stripe itself, the Stripe account must be added to VTS Activate for payments to run through the app. The Merchant Account is where payments made on the platform are sent. Without Merchant Accounts, Admins can't manage payments made on VTS Activate.

 

Note: Permission settings must be enabled to access Merchant Accounts.

 

  1. Setting up a new Stripe account
  2. Setting up with an existing Stripe account

 

 

Setting up a new Stripe account

A Merchant Account must be linked to your VTS Activate account to receive payments to a bank account.

 

1. Navigate to Billings & Payments > Merchant Accounts to get started. Click Connect with Stripe. 

 

merchant account set up first step.png

 

 

2. This will take you to the Stripe portal, where you can set up a Stripe account by following their instructions. 

 

 

Be prepared with:

  • Company details: name, address, contact information, website
  • Company Type: What type of company is being set up?
  • Contact information for an authorized representative: name, address, contact information, tax number, or other form of identification
  • Tax ID: ABN, TIN, VAT, etc
  • Banking details: What bank account do you want your payouts to go to

 

3. Once your account is linked, you will see the below image and manage payments to your account by logging into Stripe.

 

merchant account linked with stripe.png

 

 

 

 

Setting up an existing Stripe Account

If you already have a Stripe account, the process to set it up in VTS Activate is very similar to the process of creating a new account. 

 

1. Navigate to Billings & Payments > Merchant Accounts to get started.

 

merchant account set up first step.png

 

2. This will take you to the Stripe portal, where you can set up a Stripe account by following their instructions. 

 

 

 

When linking an existing account:

  1. Begin by entering the email address currently linked to your Stripe account.
  2. Stripe will then ask you the same questions as when creating a new account.
  3. Answer all questions and follow all instructions as if creating a new account.

 

You will need to do this because Stripe requires "sub-accounts" to have their own unique business profiles, even though all accounts will be linked to the "main account" in Stripe. Learn more about Stripe's multiple account policy here. 

 

For example, let's say you are setting up a new Activate account with 30 different buildings, each with their own sub-channel in Activate. You already have one Stripe account. When creating merchant accounts, you will then need to create 30 Stripe "profiles" (sub-accounts), on each individual building sub-channel. All of these Stripe accounts will use the same email address and be linked together in Stripe as belonging to you. 

 

 

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