Configure Bank Account for Credit Card Deposits (Stripe)

If your business uses Stripe as its payment processor, you can link a bank account to receive deposits from credit card transactions. This article walks you through the steps to add your bank account for credit card deposits in MyTime. 

Things to Know:

• To accept online payments, you must have a payment account set up. Contact MyTime at +1 (385) 233-6964 or processing@mytime.com to get started.
• Navigate to Business Setup > Payments & Deposits, and make sure the following settings are set to Direct Deposit:
• How Should MyTime Pay You for Services?
• How Should MyTime Pay You for Product Sales?
• If you don’t select Direct Deposit, MyTime will route payments directly to staff instead of your business account.
• If payments should be sent directly to staff members, choose the “MyTime should pay staff members directly” option for both service and product sales instead of selecting Direct Deposit.
• After entering your bank account under the Services section, you don’t need to re-enter it for Product Sales. Simply select Direct Deposit (same as above) to apply to the same account.
• When a location changes ownership, the previous owner's Stripe-connected account must be deleted. However, this can only be done after all transactions are finalized and funds have been fully paid out. To replace the bank account:
• Unassign the location from the old Stripe account
• Reassign the location to the new owner’s Stripe account
• Once all transactions are settled, the old owner’s Stripe account can be safely deleted
  
  

CONTENTS

• Adding Bank Account For Service/Product Sale Deposits 
• Enable Direct Deposits to Staff Members
• Add Bank Account to Staff Profile
• Handling Location Ownership Changes

Adding Bank Account For Service/Product Sale Deposits 

1. Navigate to Business Setup > Payments & Deposits
2. Under the How should MyTime pay you for services? setting select 'Direct Deposit.'
3. Click on the +Add Bank Account hyperlink
4. Enter your bank account details                                                                                                      

   Field	Description
   Select All Applicable Locations For This Account	Select the location(s) that this bank account will be applicable to
   Account Type	Select the account type, company or individual
   Routing #	Enter the routing number for the bank account
   Account #	Enter the account number for the bank account
   Account Holder Name	Enter the name of the account holder
   Country	Enter the name of the country where the bank account is registered
   I accept HSA/FSA Cards	Checking this checkbox for accepting health saving account cards or flexible savings account cards will display a dropdown to choose what type of HSA or FSA card you accept.

5. Once all the information is entered, click save
6. You will then be directed to the Stripe Onboarding process 
   • Complete your business details
   • Verify you represent your business
   • Review the information, then click Agree and Submit                                                                                                                      
7. You will be redirected back to the Payments & Deposits page in MyTime. 
8. If you wish to use the same payment account for your products sales, locate the "How should MyTime pay you for product sales?" setting
9. Select the 'Direct Deposit (same as above)' option                                                                                                           
10. At the bottom of the screen, click "Save"

You can configure MyTime to pay staff members directly for services and product sales. Follow the steps below to enable and complete the setup.

Enable Direct Deposits to Staff Members

1. Navigate to Business Setup > Payments & Deposits
2. Under the “How should MyTime pay you for services?” and “How should MyTime pay you for product sales?” settings, select “MyTime should pay staff members directly.”
3. A warning pop-up will appear, advising that direct payments are not compatible with commission-based compensation reporting. 
4. Click Pay to proceed
5. Click Save.
   

Note: After saving, you must add a bank account to each staff member’s profile for MyTime to process direct payments.

Add Bank Account to Staff Profile

1. Navigate to Business Setup > Staff and Availability 
2. Open the profile of the staff member you want to update 
3. In the Payment and Deposit section, find the option to add a bank account 
4. Check the box “After Save, redirect to Stripe’s website to complete the onboarding for this account.”
5. Click Save on the main page 
6. You will be redirected to the Stripe onboarding process: 
   • Complete your business details. 
   • Verify that you represent your business. 
   • Review the information and click Agree and Submit 
7. After completing Stripe onboarding, you will be redirected back to the staff profile. The added bank account will now be displayed. 
8. Click Save on the staff profile to finalize.

Handling Location Ownership Changes

If the previous owner DOES NOT need to process card payments

1. Navigate to the "How should MyTime pay you for services?" section
2. Click Edit, then remove the previous owner's Stripe account
   • Warning: Do not delete the previous owner’s Stripe account if they still need to process card payments.
   • Note: The old Stripe account should only be deleted after all transactions are finalized and all funds have been fully paid out.

If the previous owner still needs to process card payments OR you are unable to delete the old owner account. 

1. Wait until the business has officially closed
2. Use the checkbox in the dropdown menu to unassign the old owner's Stripe account from the location. Note: Once the Stripe account is unassigned, the location will no longer be able to process card payments.
3. Click Save to apply the changes
4. Click + Add Bank Account to set up the new owner's Stripe account 
5. Reassign the location to the new owner’s Stripe account by selecting it from the dropdown menu 
6. After completing the new owner account setup setup select the checkbox in the dropdown menu to unassign the new owners' Stripe account > click save > click edit on the old owners' Stripe account > assign the old owner Stripe account to the location> click save 
7. When the ownership changes, you will follow the steps above to assign the new owner's Stripe account to the location. 
8. Once all transactions are settled, the old owner’s bank account can be safely deleted.

For more information, contact us at support@mytime.com or (385) 233-6964.