How Do I Set Up BidKit Payments?

BidKit Payments (powered by Stripe) provides better transaction identification on your bidder's credit card statements (using your organization name), fewer disputes, and automated weekly ACH payouts of your proceeds. 

HOW TO SET UP BIDKIT PAYMENTS 

You will see a red '!Action Required' notification on your home page that will tell you to go to Software Settings > Auction Settings > Payment. You can click the underlined portion of this message to bring you to the correct page in the admin. 

Once you are in the Payment section click Merchant Registration.

Once you click Merchant Registration, a new browser from BidKit Payments will populate. 

• You will be required to delegate a business representative, which will ask for verification of this individual's information, including their Social Security Number (or Social Insurance Number for Canadian groups). 
  • This is because Stripe must verify each individual associated with each Stripe account. They must verify that you are authorized to act on behalf of your organization and are also intended to prevent individuals from using complex schemes to hide terrorist financing, money laundering, tax evasion, and other financial crimes.
• If prompted, select your Business Category, then you will be directed to a new page to set up information for your BidKit Payments Account. 
• Fill in your Business and Management and Ownership sections. 
• Click Done when you have completed the forms, you will be directed back into the Merchant account page in your admin.

Once you have added all the necessary information and pressed done, your Merchant Account will need to be verified by Stripe. This process is usually automatic but could take up to 24-hours. 

ADDING BANK ACCOUNT INFORMATION 

Merchant Account Tab

• At this point, all of your information will be filled out in the Merchant Account Info section (Removed in the image for security purposes)
• The Bank Account Info section will show your bank name when you have the correct Account and Routing number entered as well as the last 4-digits of the Account and Routing number.

Note: If you had bank account information entered in your admin from a past event before switching to our new merchant, your bank account info will be updated under the Bank Account Info section on the Merchant Account page.

Note: If you would like to change bank accounts, please reach out to Training/Support > Request Support to schedule a call. 

If you need to update your Merchant Account Info after the initial process you can go to Merchant Account > click 'Generate Update Link' at any time. You can also generate the link to send to your Account Representative so they can add their information. Keep in mind this link is only a one-time use link and expires after 5 minutes from the time you click Generate Update Link. So if you have to go back into the Merchant Account you will have to Generate a new link each time. If you are sending the link to someone else do not click on the link to test it as that will make it a one-time use and the link will no longer be good. Just click the copy and send it to the appropriate person. 

After these edits are made and your Merchant Account has been verified, your Credit Card Charging will say "Enabled", and Payouts will read "Weekly on Wednesday". If you would like to adjust your payout date, please reach out to Customer Service.

You are all set up with BidKit now! 

Why is Bidkit asking for my personal information? 

Stripe is required to collect, verify, and maintain information on the individuals associated with each Stripe account. These requirements come from our regulators and financial partners and are intended to prevent individuals from using complex schemes to hide terrorist financing, money laundering, tax evasion, and other financial crimes. One of the primary reasons we can get users up and running so quickly is our unique registration process. We use an individual’s date of birth and the last four digits of their SSN(or SIN for Canadian groups) to programmatically verify their identity so they can start accepting payments immediately. It can be concerning having to give personal information online but be assured that we take security very seriously here at Stripe. As a payments processor, security is our top priority! Stripe's Privacy Policy explains why we need this information, what we do with it, and how we safeguard it: https://stripe.com/privacy 

TROUBLES SETTING UP YOUR MERCHANT ACCOUNT? 

• Mismatches in Tax ID (or BN for Canadian groups): Please try copying and pasting your Tax ID into the Stripe Merchant Account. To find your Tax ID/BN within the admin, please go to Software Settings > Account Status > Processing > Organization's Tax Exempt Election > COPY Tax ID #. Then, paste this number into Stripe to avoid any mismatches. If a mismatch were to occur, Stripe is unable to verify your account and disables your credit card charging. 
• Unable to Verify Company Information (for groups within the U.S.) If Stripe is unable to verify your organization's Account information you included in the Merchant Account, you can upload a copy of an IRS Letter 147C document, or an IRS SS-4 confirmation letter as an alternate attempt at verification. 
  • It is important that the information you enter for your legal name and tax ID number exactly match the information displayed on your official IRS-issued documentation, such as your SS-4 confirmation letter or your Letter 147C (the record of how your entity is filed with the IRS). 
  • For Stripe to verify this information with the IRS systems, the full name must be entered exactly as displayed on these forms, including upper/lower case, symbols, and punctuation placement. 
  • If your legal name and Tax ID on file match the info on your SS-4 confirmation letter and Stripe is unable to verify it with IRS records, it's best to call the IRS and request a Letter 147C.
• Error Message Referencing Statement Descriptor: If an error message appears when trying to set up your Merchant Account about a statement descriptor, please make sure your organization name in the admin is longer than 5 characters.