Why This Matters

A Wodify Payments Configuration is imperative to power your business through Wodify, allowing you to automatically bill your clients, pass on processing fees, and support financial data tracking in real-time.

This guide will walk you through creating your Wodify Payments account, completing your Stripe application, and updating your account details. For the smoothest experience, we recommend completing full verification upfront to avoid any future payout interruptions.

Pre-requisite Pro-Tip

Before you start processing payments, make sure you complete your Wodify Payments (Stripe) setup with full verification. While Stripe lets you receive payouts almost immediately, failing to provide all required information and documents can eventually lead to payout delays or suspension.

When setting up your account, you will also want to be sure to have the following information handy:

• Employer Identification Number (EIN)
• Company Website and/or social media page
• Industry (MCC)
• Personal Details such as:
  • Name, Address, Phone, and Email Address
  • DOB
  • Social Security Number and/or government-issued ID number
  • Identifying Document

Step-By-Step How To: Create a Wodify Payments Account

1. Go to Wodify Core → Financial → Settings.

2. Open the Wodify Payments Accounts tab.

3. Click + New Account.

4. Complete the New Account Setup:

   • Configuration Name (internal only): Auto-populates as WP Account Name Config.

   • Statement Descriptor: The name that will appear on customer bank statements.

   • Bank Account Holder Name: The name on the bank account.

   • Bank Account Holder Type: Select Individual or Company.

   • Routing Number & Account Number: Enter the bank details for receiving deposits.

5. Hit Complete to proceed.

Once completed, selecting NEXT will route you to an alternative link supported by Stripe directly; You will then be prompted to complete the application via Stripe.

Step-By-Step How To: Complete your Stripe Application

Selecting the correct business type helps prevent verification issues during the Stripe application process. Use the IRS-aligned guidelines below.

1. Choose Your Business Type: 
   • Individual: Use this if you do not have a registered business, LLC, or legal entity. Required info includes Individual Name and SSN

   • Company: These must match IRS-issued documentation (e.g., Letter 147C, SS-4 Confirmation). Required info includes Legal Business Name and EIN

     Nonprofit Organization: Follow the nonprofit’s official IRS documentation.

2. For Company accounts, enter your Beneficial Owners. If “Company” is selected, additional information is required for individuals associated with the business.
   • Business Representative: The person creating the account. Typically the platform user acting on behalf of the business.
   • Beneficial Owners: Individuals or entities with significant control or ownership. Types include:

     • Executive: Someone with major management authority (e.g., CEO, CFO, GM, VP).

     • Owners: Anyone owning 25%+ equity, directly or indirectly.

3. Single Owner Exception: If you are the sole owner (100%) of the business and are the one creating the account, then:
   • Enter your information in the Account Opener Details section. 
   • No additional beneficial owners are required.
   • After entering your details, your account setup is complete.
4. Adding Additional Beneficial Owners: For companies with multiple owners:
   • Click + Add Another Owner.
   • Enter all required personal and ownership details.
   • Click Done, then Continue.
5. Verification Timeline: After submitting the application, Stripe’s verification process may take up to 48 hours.

Step-By-Step How To: Update your Account Details

Your Wodify Payments account includes customizable settings for banking, notifications, fraud protection, and payment methods. Use the steps below to update your account details based on your business needs.

1. Access Account Settings

   • Go to Financial > Settings.

   • Open the Wodify Payments Accounts tab.

   • Select the Wodify Payments account you want to update.

2. Configuration Options

   • Banking Information: Specifies the bank account where your payouts will be deposited

   • Notifications: Enable payout email notifications that include a breakdown of charges, refunds, adjustments, and associated fees. You can add multiple users or email addresses as needed.

3. Fraud Prevention: Wodify Payments offers two optional verification layers to reduce fraud and prevent chargebacks. Enable either or both verification options depending on your desired level of protection.

   1. CVV Verification
      Confirms the cardholder has physical access to the card.
      Note: If you migrated from a processor that didn’t collect CVV, some payments may fail until customers update their card details.

   2. ZIP Code Verification (AVS)
      Confirms the cardholder knows the billing ZIP code.
      More secure than the card number alone, though still not foolproof.

4. Locations: Check a location to enable this Wodify Payments account for that site. Uncheck a location to disconnect the account.

   • Payments will not process for any location that is disabled.

5. Allowed Payment Methods: Choose which payment methods (Credit card, ACH) are available for memberships, retail sales, and drop-ins.

6. Save Your Changes: Click Save to apply all updates.

FAQs

1. Can I add separate bank accounts if I have multiple locations? Yes, you will need to set up a separate Wodify Payments account for each location in order to do so.
2. My business details and bank account are changing; Do I need to create a new account? This can vary depending on what all is changing. If you have a new bank account then this can be safely updated in the existing account, however if you are receiving new government/tax documents, we strongly recommend setting up a brand new account to prevent any tax headaches later.