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Setting up your Wodify Payments Configuration

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Now that you are live with Wodify, you'll want to take a few minutes to set up your Wodify Payments (powered by Stripe) account so you can start processing payments right away!

In this article, we will cover:

 

How to Create a New Wodify Payments Account

Before you can input your personal or business info, you must first create a new Wodify Payments account. 

To Create a New Wodify Payments Account:

  1. Go to Wodify Core > Financial > Settings
  2. Click on the Wodify Payments Configurations tab
  3. Click + New Account 
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  4. Within the New Account Setup, complete the following fields:
    • Configuration Name: (Internal Use Only) By default, this will populate as 'WP Account Name Config.'
    • Statement Descriptor: This is the static name that appears on all customer bank statements.
    • Bank Account Holder Name: Name listed on the bank account.
    • Bank Account Holder Type: Select Individual or Company.
    • Routing & Account Number: Enter the details of the bank account you wish to receive deposits into.
  5. Click Next

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Note: 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 wizard.

 

Completing your Stripe Application

  1. Select the Type of Business: Individual, Company, or Nonprofit Organization. 
    • For Individual: Input your personal details.
    • For Company: Select the Business Structure.
  2. Click Next

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Tip! Be sure to have the following information handy:
  • Employer Identification Number (EIN)
  • Company Website and/or social media page
  • Industry (MCC)
  • Personal Details 
    • Name, Address, Phone, and Email Address
    • DOB
    • Social Security Number and/or government-issued ID number
    • Identifying Document

Company account now requires additional information entered for other persons/entities associated with the business, known as Beneficial Owners.

  1. Business representative is the individual creating the account. This is typically the end-user who is interacting with your platform on behalf of the business.
  2. Click Next


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NOTE: If you are operating as a single owner for your business (you own 100% of your business), and you are opening the account, enter your information in the Account Opener Details section. In this scenario, you do not need to enter any additional beneficial owners.

  • If you are the only owner of your business (you are opening the account and you own 100% of your business), you are finished updating your account.
  • If you are a Company that has multiple owners who own parts of the business, you also add personal information for each Beneficial Owner.

 Below is each type of Beneficial Owner you will need to enter in your Wodify Payments account. 

  • Executive: An individual with significant management responsibility for the business, such as an executive officer or senior manager (e.g., CEO, CFO, General Manager, Vice President).
  • Owners: Every individual who, directly or indirectly, owns 25% or more equity in the company.

To add a Beneficial Owner:

  1. Select + Add Another Owner
  2. Enter all required fields for the beneficial owner
  3. Click Done, Continue

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NOTE: Once the application is submitted, the verification process can take up to 48 hours. 

 

Updating your Account Details

Your Wodify Payments account offers several options regarding notifications, fraud protection, and more. In this article, learn how to configure those options to best suit your needs.

To update your Account Details:

  1. Go to Wodify Core > Financial > Settings
  2. Click on the Wodify Payments Configurations tab
  3. Select the Name of your Wodify Payments account 
    • Banking Information: Your funds will be deposited into this bank account.
    • Notifications:  Enable email notifications whenever a payout occurs. This email provides a breakdown of the charges, refunds, and adjustments that make up that payout, as well as listing out the fees deducted based on your transaction rates. You can add multiple users or email addresses here.
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    • Fraud Prevention: Wodify Payments offers two layers of configuration for fraud prevention:
      • Successful CVV verification implies that the user authorizing the payment has their card in hand. A CVV (sometimes called CVC) code is printed on a debit or credit card, but not included in the magnetic stripe data that “card skimmers” may steal.

        CVV is becoming an increasingly common layer of protection when processing payments online. If you migrated to Wodify Payments from another payment processor, CVV codes may not have been collected with that payment processor and thus were not imported into your Wodify Payments account. This may result in failed payments due to failed CVV verification.

      • Successful zip code verification implies that the user authorizing the payment has knowledge about the account tied to the card used. Because zip code is neither printed on a card nor included in the magnetic stripe data, it can be considered a reasonably secure form of verification. Scammers who are personally familiar with a cardholder may be able to guess the cardholder’s zip code, though, meaning that this verification method is not foolproof.

        While neither option is perfect, both verification methods can help you to prevent fraud, and in turn, prevent costly chargebacks. It’s up to you to decide whether you will enable one or both of these verification options offered by Wodify Payments.

         

  4. Locations: Select the location to enable the Wodify Payments account.
    • Uncheck the location to disconnect the Wodify Payments account. Please note that payments will not process if the location is disabled here.
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  5. Allowed Payment Methods: Configure which payment methods are allowed for membership, retail, and drop-in purchases.2021-01-21_12-47-19.png
  6. Click Save.

     

If you need any additional assistance with Setting up your Wodify Payments Configuration, feel free to reach out to us at support@wodify.com.

 

 

 

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