Ricochet ACH is an optional, paid add-on that allows you to process payouts directly to your consignor's bank account (current rates* are $2.00 per consignor payout transaction).
! IMPORTANT !
Ricochet ACH is only available in the USA
Signing up for Ricochet ACH should only be done by the user associated with the distributing bank account(s). Any admin can run a payout; therefore, to reduce the risk of fraud, we strongly discourage shared logins and recommend limited admins.
The business must be in an active status with the Secretary of State in which the business is registered. If the Secretary of State website shows that the business is in any status other than “active” the business would need to resolve the issue with the state where it has registered before verification can be approved.
Consignor accounts need to be created in Ricochet, and the consignor must sign in from a web browser, accept terms, and add their bank information in order to receive payouts directly into their bank account.
How To Sign Up For Ricochet ACH
In Ricochet,
Click Preferences
Click Admin
Click the Ricochet Pay & ACH tab
Under Ricochet ACH,
Click Sign Up
Complete the sign-up form prompts. Form requirements vary depending on business type (Sole Proprietorship, Corporation, LLC, Partnership).
For Sole Proprietorship (click arrow to expand)
For Sole Proprietorship (click arrow to expand)
Input required fields: Email, First Name, Last Name, Legal Business Name, Business Type
Click Continue
Input required fields: Date of Birth & Last Four SSN
Check the box after reading Terms of Service
Click Agree and Continue
Next, click HERE to Add a Funding Source
For Corporation, LLC or Partnership (click arrow to expand)
For Corporation, LLC or Partnership (click arrow to expand)
Input required fields: Email, First Name, Last Name, Legal Business Name, Business Type
Click Continue
Input required Business Information: Address, *Business Classification, Industry, EIN
*The Business Classification "Retail" with the Industry "Used and secondhand store" appears to be the most accurate to describe consignment stores.
Check the box if you are also a company controller
Click Continue
Input User/Controller Verification information
NOTE: Title refers to the job title of the company controller, such as CEO, CFO, VP, or Treasurer.
Check box to Agree to Terms of Service
Click Agree & Continue
Next, when taken back to the Ricochet ACH page,
Add Owners - Due to regulatory requirements, we need to identify anyone who owns 25% or more of the organization. This can include venture capitalists, investors, managing directors, individual owners, etc.
Select the option that applies, and then click Continue:
FS Consign has at least one individual who owns 25% or more of the business.
Click "+Add Owner"
Input Name, Address, Full SSN & Date of Birth
Click Submit
Check the box to certify information is complete and correct
Click Submit
-OR-
FS Consign does not have at least one individual who owns 25% or more of the business.
Check both boxes to certify information is complete and store has no Beneficial Owners
Click Submit
Next, click HERE to Add a Funding Source
NOTE:
Additional documentation may be required to complete verification. If so, you will need to upload additional pieces of information in order to verify the account. The document(s) will then be reviewed by our ACH processor; this review may take up to 1-2 business days to approve or reject.
Tips on reducing chances of a document being rejected (click arrow to expand)
Tips on reducing chances of a document being rejected (click arrow to expand)
To reduce the chances of a document being rejected ensure the following:
All 4 Edges of the document should be visible
A dark/high contrast background should be used
At least 90% of the image should be the document
Should be at least 300dpi
Capture image from directly above the document
Make sure that the image is properly aligned, not rotated, tilted or skewed
No flash to reduce glare
No black and white documents
No expired IDs
Document types (click arrow to expand)
Document types (click arrow to expand)
CONTROLLERS
Supported Document Examples:
Non-expired State Issued Driver’s License/Identification Card
Non-expired US Passport
Federal Employment Authorization Card
US Visa
Unsupported Document Examples:
Military IDs
Expired government-issued IDs
BUSINESSES
Documents that are used to help identify a business are listed below.
Note: A DBA document should be issued by the government and should include the DBA name along with the state registered business name.
Business Identifying documents we recommend uploading can include the following:
Partnership, General Partnership: EIN Letter (IRS-issued SS4 confirmation letter).
Limited Liability Corporation (LLC), Corporation: EIN Letter (IRS-issued SS4 confirmation letter).
Sole Proprietorship: Sole Proprietorships can be verified by uploading Business documents as well as Personal IDs. Acceptable documents include one or more of the following, as applicable to your sole proprietorship:
Business documents:
Fictitious Business Name Statement
Certificate of Assumed Name
Business License
Sales/Use Tax License
Registration of Trade Name
EIN documentation (IRS-issued SS4 confirmation letter)
Personal documents:
Color copy of a valid government-issued photo ID (e.g., a driver’s license, passport, or state ID card).
Note: Trusts should be created as Sole Proprietor accounts and will require signed trust documents that include the trust and username that are on file.
If our partner is unable to find external connection to confirm that a user does, in fact, conduct business at the provided business address then additional proof of address may be requested.
Proof of address is any of the following, current documents that show the business name and address in question:
Utility Bill
Financial Statement
Tax Statement
Fully Executed Lease Agreement - must be valid for a minimum of the next 30 days.
How To Add A Funding Source:
The next step in setting up Ricochet ACH is to add funding sources from which your payouts will be paid. Once you have connected a bank account, you can preload funds into a Balance Funding Source.
In Ricochet,
Click Preferences
Click Admin
Click the Ricochet Pay & ACH tab
Under Ricochet ACH, Funding Sources,
Click Add Funding Source (Ricochet uses Plaid to connect your account)
Click Continue from the Plaid pop up
Select or search for your banking institution
NOT finding your bank? Click "Link with account numbers" to add manually.
Click Continue to log in
When prompted, log into your bank account
*NOTE: Your bank login process may require 2-Factor Authorization - complete as instructed through your login.
Select account(s) to share
Check any boxes of additional information you want to share
Click Continue
Check the box acknowledging that you have read and accept the Terms & Conditions
Click Connect account information
Click Continue through prompts, verifying the correct account is being connected
How To Add Funds To Your Balance Funding Source:
The Balance Funding Source can be utilized as a digital "wallet," storing USD funds.
Standard bank account payouts can take up to 6 business days to settle, whereas if you preload funds into your Balance, payouts to consignors will only take 1-2 business days from the time of transfer creation.
Initial transfers can take 3–4 business days to post into your available Balance Funding Source, so you will want to complete this step with ample time before you run your ACH payout.
There is a transfer limit of $10,000 per transaction, so if you need to process more, you will need to do so in separate transactions.
In Ricochet,
Click Preferences
Click Admin
Click the Ricochet Pay & ACH tab
Under Ricochet ACH, and Add funds to your Balance Funding Source,
Enter the Amount you wish to add to your Balance Funding Source
Click the 'Transfer From' drop down
Select which account to transfer funds from
Click Add Funds
Confirm the transfer amount, and click Continue
Funds will show as Pending transactions
Steps if you have multiple locations:
If you have multiple locations that are linked inside Ricochet, you can easily associate your Funding Source or sign up for that individual location.
In Ricochet, from the additional location account,
Click Preferences
Click Admin
Click the Ricochet Pay & ACH tab
Under Ricochet ACH, you will see a disclosure that reads, "One or more locations already have ACH enabled. Choose one of these locations or create a new business customer."
Choose from the Stores with ACH drop down
Click Set ACH
OR
Click Sign Up
How To Update ACH Basic Business Information:
NOTE: This section is not for adding additional company controllers or owners. If you need to update other business information than the fields provided, deactivate the current business account and sign up for a new business account.
In Ricochet,
Click Preferences
Click Admin
Click the Ricochet Pay & ACH tab
Under Ricochet ACH,
Scroll to the bottom, click Show Form
Complete fields needing updating
Click Update
*Ricochet ACH is a paid add-on, rates are subject to change at any time.
NOTE: The fee is charged individually for each transaction and processed at the time of payout to the Balance Funding Source selected for that payout.