SchoolAdmin provides an alternative and secure way to process Electronic Check withdrawals by linking to banks with the account holder's account number and routing number. We have to verify the account information via a "micro deposit" process. The micro-deposits are two small test deposits in amounts under 1 dollar sent to the payer's bank account to verify that we have the correct bank account information for them. The micro-deposits usually arrive in 1-3 business days from Stripe. The statement description for these deposits will be "AMTS:" and the values of the two micro-deposits that were sent as shown in the example below.
- Within the Parent Portal-->Billing Management tab, parents/payers will click on the 'make a payment' button.
- Next, they will select 'electronic check' as their payment method and then select the 'enter routing details manually' tab.
- The parent/payer will enter their banking information and then click 'Pay by Electronic Check.' A notification at the top of the screen will display in a shaded bar that says, "Thank you for authorizing 2 micro-deposits to your bank account. Please log back into this portal to verify those two deposits. ACH payments cannot be debited until bank accounts have been verified."
- Once the parent/payer logs back in, they'll select 'electronic check' and 'enter routing details manually.' A message displays that says "Please check your bank statement and input the two micro-deposits shown in the order that they were made." There are two place-holders for the micro-deposits that will only allow for cents to be entered and up to two places. Once the amounts are entered, the parent/payer can click on the 'verify my account details and save electronic check info.'
IMPORTANT NOTE: Due to the transfers taking 1-3 days to appear in the payer's checking account, it’s best practice for the parent/payer to go through this process at least 3 days before their payment is due. This is so that they ensure they receive the micro-deposits and confirm them before the billing date. This will eliminate the risk of a late payment being made.
Parents can enable or disable autopay to saved/verified payment credentials, unless you have set the universal setting to require or disable autopay. The use case is that parents sometimes want to turn off autopay if they have insufficient funds, and then re-enable it with their previously saved banking credentials.