If you have your bank account in Canada and you pay invoices in CAD, this article will help you connect your CA bank account to Oyster to streamline payments. Once you approve an invoice, funds will be automatically pulled from your connected bank account. We will only ever pull funds with your approval.
Pre-requisites
- Your billing currency on Oyster is set to CAD. If you want to update your billing currency to CAD, submit a ticket here and a member of our staff will get in touch soon.
- Please note that our staff will only update the currency between the 7th to 11th of every month. This is necessary to maintain consistency in the currency of your pre-funding and settlement invoices, and to ensure a smooth transition.
- You must have a bank account in Canada.
Steps
1. First, go to the Payments menu on the app. Select the Payment method tab and then select Connect payment method:
2. You will then be redirected to a form where you will need to provide:
- The email address of the person at your company that will confirm the PAD setup.
- Type of service will be pre-populated and you won’t be able to change it.
- The account holder name.
3. Once you click Set up Direct Debit you will arrive at the “Link your bank account for future payments” page. By agreeing to the terms, you will start setting up PAD as your payment method for paying Oyster invoices. Reminder: We will only ever pull funds with your approval.
Click Agree to proceed to add your bank details.
4. Select your bank. We offer two ways of providing your bank details.
OPTION 1: Log into your online banking and get verified immediately.
In the Search field, enter the name of your bank and follow the instructions.
OPTION 2: Verification via micro-deposits
If you can’t find your bank details, follow the micro-deposit verification flow.
4.1 Provide your bank information
4.2 Once you’ve provided valid bank details, Stripe will send 2 micro-deposits to your bank account.
4.3 Please agree to the terms of the PAD agreement to give Oyster consent to initiate charges to your account. Reminder: We will only ever pull funds with your approval.
4.4 You’ll be redirected to the Oyster platform, and you’ll see your payment method is Pending Verification
4.5 Verify and Authorize
- In order to verify your bank account, two micro-deposits will appear on your bank statement within 1 or 2 business days, with the description "AMTS".
- Once you received both deposits, return to the Payment method screen to verify your account. In the example above, the amounts should be entered as follow:
- 05
- 13
- To verify your payment method, click on the three dots and select "Verify payment method". You can also access the verification process by clicking "Verify payment method" in the banner.
- Complete the verification of your account by confirming the two micro-deposit amounts. Check the amounts carefully because you only have 3 attempts. If you fail to enter the right amounts 3 times, simply remove the payment method and start again from the beginning.
- You will then be redirected to the Payment method page, where you will see that your account has been added and is ready to use.
5. Congratulations! Your PAD is ready to be used. A confirmation email will be sent to the email address you provided with all relevant information about your PAD setup.
