As announced several weeks ago, we are now in the middle of the payment account transition to a new payment processor. We transitioned about 600 accounts last week, and all new accounts that are created are on the new platform. Most other acocunts will be transitioned over the next two weeks. There are two things that you may notice in this transition (although the bulk of customers will see no real impact).
Two Payments for One Week – Most of our customers receive weekly payments that are processed on Tuesdays. If you are currently processing transactions for your event or fundraising, you will receive one payment from our old processor for transactions that were processed before your account was switched and a separate payment for transactions that happened after your account was switched. The new payment will look something like this on your bank statement:
Update Information – As we do the transfer, we typically have all of the information needed to set up a new account for you. However, we are required by law to do a “KYC” (Know Your Customer) similar to any branch bank you walk into to set up an account. We may not have all of that information and will ask you to fill in the information we may be missing. There is a new rule going into full effect on May 1 that requires a match on bank account matching the legal entity. We are doing this check on all new accounts being created, and that may cause a few mismatches to be corrected is an abbreviation or a typo was made when originally setting up the bank account.
You will be notified of any updates that need to be made. We are seeing over 90% of accounts transition with no human involvement needed, which is great.