Bank Accounts

Bank Accounts can be considered the default payment method in Mercoa. They can be used as a funding source and disbursement method.

Creating a Bank Account

Create a Bank Account via Component

If you are using the Mercoa Embed or React Component, your customer can add a bank account directly in your application. When creating the JWT token, you will need to make sure the paymentMethods page is enabled.

Create a Bank Account via Plaid

You can also use Plaid to create a bank account. See this guide to learn how to add a Plaid integration to your frontend.

Create a Bank Account with the API

To create a bank account via API, you need to provide the following information:

• Account Number
• Routing Number
• Account Type (Checking or Savings)

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curl -X POST https://api.mercoa.com/entity/ent_8545a84e-a45f-41bf-bdf1-33b42a55812c/paymentMethod \
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     -H "Authorization: Bearer <token>" \
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     -H "Content-Type: application/json" \
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     -d '{
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  "type": "bankAccount",
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  "accountNumber": "99988767623",
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  "accountType": "CHECKING",
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  "routingNumber": "12345678"
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}'

Using a Bank Account as a Funding Source

To use a bank account as a funding source, you need to prove ownership of the account. If the account is added via Plaid, this is automatic. Otherwise, this is done by depositing a small amount of money into the account and verifying that the amount matches the amount deposited. This is done by calling the Initiate Micro Deposit endpoint and then the Verify Micro Deposit endpoint with the appropriate amounts.

Bank Statements

Mercoa transactions will show up on the payer’s bank statement with the following format:

VendorName Inv#

If there is no invoice number, it will follow the format:

VendorName AP{Invoice_ID}

Where AP{Invoice_ID} is the unique identifier for the invoice.

Overriding the Statement Descriptor

The Inv# portion can be overridden by setting the description field on the invoice payment destination options.

Using a Bank Account as a Disbursement Method

Bank accounts do not need to be verified to be used as a disbursement method.

Bank Statements

Mercoa transactions will show up on the vendor’s bank statement with the following format:

PayerName Inv#

If there is no invoice number, it will follow the format:

PayerName AP{Invoice_ID}

Where AP{Invoice_ID} is the unique identifier for the invoice.

Overriding the Statement Descriptor

The Inv# portion can be overridden by setting the description field on the invoice payment destination options.

The PayerName portion can be replaced with the AccountName of the bank account by configuring the entity customization options.