Merchant account creation guide

This article details the essential steps to create and verify a merchant account, which is vital for managing bank deposits and processing payments in TeamSnap for Business.

Attention: This article pertains to the newest registration experience available in TeamSnap for Business accounts.

Words to know

Stripe: This is TeamSnap's secure financial services partner. The use of Stripe allows you to use TeamSnap to collect online payments using credit cards, debit cards, and other online payment methods.

Merchant Account: This account holds funds from transactions until they are transferred to your bank deposit account as a payout.

Bank account: An account held at a financial institution that holds money and records deposits and withdrawals.

Deposit account: The bank account associated with your merchant account for payouts to be deposited into. 

There are two primary methods to set up your merchant account:

  1. Setting up a merchant account in the Settings tab:
    1. Log into your organization account.
    2. Navigate to the Settings tab and click the Merchant Accounts section.
    3. Click Create Account and provide the required information. Each field is mandatory to comply with financial regulations and ensure account security.
    4. Click Create. The account will appear in your merchant account list with a  ‘Bank details required’ status.

    5. Follow up by verifying your merchant account.
  2. Creating a merchant account within a registration form:
    1. You'll be prompted to create a merchant account while setting up a registration form and adding fees. 
    2. Complete the necessary information, ensuring all fields are filled per federal requirements. 
    3. Click Create to finish creating your registration form.
    4. Follow up by verifying your merchant account.

Account verification process

  1. Log into your organization account.
  2. Navigate to the Settings tab and click the Merchant Accounts section.
  3. Click on the available link below the status to proceed with either the Connect bank account or Verify account for Stripe’s verification process.
  4. The verification process includes entering bank account details for payouts and undergoing Stripe’s review before returning you to TeamSnap.
  5. Stripe's review will redirect you to login through Stripe to complete their hosted onboarding. This process will take a few minutes.
  6. If interrupted during verification, the process can be resumed later.
  7. If the account is unable to be verified using the information given, you can add a new merchant account, beginning with Step 1 above.
  8. Once the account has been verified, payments can begin being processed
  9. The default frequency for your cleared deposits is on a two-day rolling basis, once every business day. This means that every business day, payments processed two days prior are bundled for deposit, so payments received on a Tuesday are paid out by Thursday, and payments received on a Friday are paid out by the following Tuesday.

*Payment processing times can vary based on payment type


Setting up multiple accounts

You can create additional merchant accounts using your Stripe login information to process payouts for different registrations to separate bank accounts.


Common questions

Why do you need my Social Security Number (SSN) or Social Insurance Number (SIN)?

We’re pretty playful here at TeamSnap, but moving money is a serious matter. In our role of distributing money to individuals, we have a responsibility to validate the identity of the recipients of that money. Your social security number helps us to do just that. For all Canadian customers, we require a social insurance number for identification to confirm that you are a representative of the business for which you are filing the application. Your SIN is not retained in our system and is used for verification purposes only.

I’m a non-profit and don’t have a Tax ID number, what do I use?

You should have an EIN from the IRS, sounds like you need some help finding yours. EINs can be found on your 501c3 determination letter and other documents you were issued by the government. We suggest taking a look at those documents for a number labeled as EIN or Federal Tax ID. If you are a Canadian non profit and you do not have a tax id number please contact support for assistance.

How do I find my EIN number?

If you are a non-profit, your EIN can be found on your 501c3 determination letter and other documents you were issued by the IRS. We suggest taking a look at those documents for a number labeled as EIN or Federal Tax ID. If you are a business, the easiest place for you to find your EIN is likely on tax documents or on a letter you received from the IRS when registering your business.

Why can't I use a PO BOX?

In our role of distributing money, we have a responsibility to validate the identity of the recipients of that money. A PO Box is not sufficient information to help in this regard and a physical address is required. We will not be sending anything to this address, it is simply used for verification purposes.

My organization is in Canada, I can't locate a routing number?

You will enter your 5 digit transit number followed by the 3 digit Institution number. The format will be xxxxx-xxx.

What payment methods are accepted for our members or teams paying their registration/invoices?

Organizations in the US can pay via debit, credit, or ACH. Organizations in Canada can not accept ACH or e-transfer (Interac) at this time, but Visa and Mastercard branded debit cards are accepted! Team accounts can only accept debit or credit at this time.

How will integrated payments appear on the cardholders credit card statement?

For US based organizations the descriptor on the card holder statement will be TEAMSNAP* and the first 12 characters of your league name. For Canadian based organizations the descriptor will include the first characters of your account name followed by your league name.

How do I update the account name?

To update the account name you'll need to reach out to our stellar Payment support team at payments@teamsnap.com for assistance. Please be advised that we may need to collect new information to make this change.

How do I change the deposit bank account information?

Organization owners can edit the deposit bank details under the Financials tab by clicking Edit Deposit Settings.

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