How Do I Set Up Bidkit Payments?

ClickBid Support
|
14 steps
|
2 minutes

Cbo

BidKit Payments (powered by Stripe) provides better transaction identification on your bidder's credit card statements (using your organization name), fewer disputes, and automated weekly ACH payouts of your proceeds.

Please note, existing Stripe accounts cannot be linked to your ClickBid account. A new Stripe account will have to be made through the ClickBid Software.

Go to Software Settings > Auction Settings > Payment

In the box labeled **Payment Method,** choose BidKit Payments from the dropdown.

Once you've selected BidKit Payments, click the "**Merchant Registration**" button that populates.

If you have a pre-existing Merchant Account set up with ClickBid, we may ask you if you want to use that account. If so, click "Yes, Use Same Accounts" If you are new to creating a Merchant Account, this question will be skipped.

Confirm your address

Select your Business Category and click Submit

A new field will appear just below Event Central called "Merchant Account"

Click the Merchant Account tab and verify the information captured

Click Generate Update Link

Click the link that appears to add more details that Stripe might require

- You will be required to delegate a business representative, which will ask for verification of this individual's information, including their Social Security Number (or Social Insurance Number for Canadian groups). - This is because Stripe must verify each individual associated with each Stripe account. They must verify that you are authorized to act on behalf of your organization and are also intended to prevent individuals from using complex schemes to hide terrorist financing, money laundering, tax evasion, and other financial crimes. - If prompted, select your Business Category, then you will be directed to a new page to set up information for your BidKit Payments Account. - Fill in your Business and Management and Ownership sections. - Click Done when you have completed the forms, you will be directed back into the Merchant account page in your admin.

**Why is Bidkit asking for my personal information?** Stripe is required to collect, verify, and maintain information on the individuals associated with each Stripe account. These requirements come from our regulators and financial partners and are intended to prevent individuals from using complex schemes to hide terrorist financing, money laundering, tax evasion, and other financial crimes. One of the primary reasons we can get users up and running so quickly is our unique registration process. We use an individual’s date of birth and the last four digits of their SSN(or SIN for Canadian groups) to programmatically verify their identity so they can start accepting payments immediately. It can be concerning having to give personal information online but be assured that we take security very seriously here at Stripe. As a payments processor, security is our top priority! Stripe's Privacy Policy explains why we need this information, what we do with it, and how we safeguard it: [https://stripe.com/privacy ](https://stripe.com/privacy)

Scroll to the bottom of the Merchnat Account page to add your bank account information. This bank account will be used for weekly deposits and potentially debits from the account if refunds are made within ClickBid.

**DEPOSITS** - Your first-ever transaction with BidKit payments will have a 7-day hold. - Any other transactions will have a 2-day hold (7-day hold for Canadian Accounts) , deposited automatically on Wednesdays unless changed. - To see any unreconciled or reconciled transactions go to the Merchant Report tab just under Merchant Account. These funds will be unreconciled until they are automatically transferred to your specified bank account every Wednesday.

**TROUBLES SETTING UP YOUR MERCHANT ACCOUNT?** - **Mismatches in Tax ID (or BN for Canadian groups):** Please try copying and pasting your Tax ID into the Stripe Merchant Account. To find your Tax ID/BN within the admin, please go to Software Settings > Account Status > Processing > Organization's Tax Exempt Election > COPY Tax ID #. Then, paste this number into Stripe to avoid any mismatches. If a mismatch were to occur, Stripe is unable to verify your account and disables your credit card charging. - **Unable to Verify Company Information (for groups within the U.S.)** If Stripe is unable to verify your organization's Account information you included in the Merchant Account, you can upload a copy of an IRS Letter 147C document, or an IRS SS-4 confirmation letter as an alternate attempt at verification. - It is important that the information you enter for your legal name and tax ID number exactly match the information displayed on your official IRS-issued documentation, such as your SS-4 confirmation letter or your Letter 147C (the record of how your entity is filed with the IRS). - For Stripe to verify this information with the IRS systems, the full name must be entered exactly as displayed on these forms, including upper/lower case, symbols, and punctuation placement. - If your legal name and Tax ID on file match the info on your SS-4 confirmation letter and Stripe is unable to verify it with IRS records, it's best to call the IRS and request a Letter 147C. - **Error Message Referencing Statement Descriptor:** If an error message appears when trying to set up your Merchant Account about a statement descriptor, please make sure your organization name in the admin is longer than 5 characters.