If your bank account is US-based and you pay in USD, you can set up ACH Direct Debit as payment method, so we can automatically pull funds from your account. This article provides steps to connect your US bank account to Oyster. Only when and invoice is approved, funds will be 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
Connect payment method.
Go to Payments in the left navigation menu and select Payment information. Then, select Add my first payment method.
Select either Verify my account with Plaid or Manually connect my account.
Manually connect my account:
To connect manually, you must provide your ACH routing number, account number, and account holder name in the corresponding fields.
Bank country and Currency are already filled, based on details you provided during your onboarding. If you need to updated, please contact Oyster Support.
Once you have entered your details, please review your bank details and get ready for the next step by clicking on Confirm.
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 on "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, you'll have to remove the payment method and set it up again from the beginning.
This will complete verification and you can Authorize your payment method:
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.
Authorize
To authorize the account, click on the three dots and then click Authorize payment method or use the link in the banner. See image below.
Then, select the checkbox to agree and select the Authorize payment method button.
Payment method is Ready to be used!!
Congratulations!! Your bank account is Ready.
In parallel, a confirmation email will be sent to the email address your provided with all relevant information about your ACH-Debit setup.
Important Note: This is only for Companies invoiced in USD with a US bank account.
We strongly recommend you to share originator's company name and company ID, please add Stripe's ACH company IDs:
1800948598 - Stripe Payments Company
4270465600 - Stripe Payments Company
For our SEPA customers paying with Euro, you can check how to set SEPA Direct Debit here, and BACS for the UK here.
