If your bank account is US-based and you pay in USD, you can set up ACH Direct Debit to automatically pull funds from your account. This article provides steps to connect your US bank account to Oyster. Once you approve an invoice, funds will be automatically pulled from your connected bank account. We will only pull funds with your approval.
Note: Please check with your bank if you are not sure that they allow ACH Debits. Certain banks (e.g. CIBC bank) require you to "Add Authorization" to allow us to pull money from your bank account via ACH Debit. In case your bank asks for the originator's company name and company ID, please add Stripe's ACH company IDs:
1800948598 - Stripe Payments Company
4270465600 - Stripe Payments Company
Step 1: Add the payment method.
Go to Payments in the left navigation menu and select Payment information. Then, select Add my first payment method.
Step 2: Connect and verify.
Select either Connect manually or Connect via Plaid.
To connect manually, you must provide your ACH routing number, account number, and account holder name in the corresponding fields.
Once you have entered your details, your account has to be verified.
Two micro-deposits (under $1) will be deposited into your bank account in 1-2 business days.
To verify, click on the three dots to the right of the routing number and select Verify.
For example, if $0.05 and $0.13 were deposited into your account then you would enter 5 and 13.
This will complete verification and you can move on to Step 3: Authorize the account.
Connect via Plaid
To connect via Plaid, you will be asked to log into your bank account using your username and password. Connect via Plaid will instantly verify your account.
Step 3: Authorize the account.
Once your account has been verified (either instantly via Plaid or over a couple of days if connecting manually) you will need to authorize the account.
To authorize the account, click on the three dots to the right of the routing number and then click Authorize.
You'll know your bank account has been successfully connected when you see the green verified button and the shield badge on the payment method details card in the Payment information section.
Note: This is only for Companies invoiced in USD with a US bank account.