Online Logins vs. Account/Routing Numbers

There are two ways to connect to a bank account for ACH payments:

(1) Account/Routing Numbers:

Users submit their account/routing number.

• For CREDIT only accounts, this is the only step.
• For CREDIT-AND-DEBIT accounts, you must verify the account with micro-deposits.

Pros:

• Supports business accounts
• Covers all US bank accounts

Cons:

• Requires micro-deposits to verify CREDIT-AND-DEBIT accounts.
• Limited Risk Mitigation Tools -- We can't access account information to verify account ownership

Best for:

• Business Accounts
• Consumer accounts held at smaller banks & credit unions
• Receive-only accounts (ex: payroll, direct deposit, etc)

(2) Online Logins:

Users supply their online banking logins:

• Select a bank
• Supply online banking Username/Password
• Verify accounts with MFA question(s) -- If the user has MFA setup for their bank account

Pros:

• Instantly verifies the account (i.e. no micro-deposits)
• Easier for consumers (No need to dig up account/routing numbers)
• Reduces Risk -- We check things like account owners, recent balances & transaction histories to verify account ownership & reduce risk of insufficient funds
• Adds multiple accounts at a single bank

Cons:

• Does not support business accounts
• Not all consumer accounts are supported (View list of supported banks)

Best For:

• Consumer Accounts
• High Risk Platforms
• Mobile Applications & others that require quick onboarding experiences