Verifying your account to accept credit cards through FreshBooks
__Payments Supported by FreshBooks is currently limited to a small number of users as we roll out it out. If you are an existing FreshBooks user that would like to sign up for a chance for early access, please fill out this form!
__Payments Supported by FreshBooks is the newest and easiest way for FreshBooks users to get paid online with credit cards. We’ve added more robust ways to save time, by automating more record keeping, and clearly showing you exactly where your money is at all times. Integrations FreshBooks currently has with online payment gateways (such as Stripe, PayPal, Authorize.net, etc.) will keep working as they currently do. For more information about what other payment gateways FreshBooks integrates with, click here__
Why do I need to provide my SSN/SIN when confirming my payments account?
When you verify your account to accept credit cards through FreshBooks , you will be asked to provide your US Social Security Number (SSN) number.
We require your SSN to comply with federal and state regulations. Part of our responsibilities involves verifying your identity and confirming the legitimacy of your business. Collecting this information allows us to automate parts of this process so that you can start charging your clients and get paid immediately!
No credit checks are being run on any of our users, so signing up to accept credit cards through FreshBooks will not affect your credit score.
Your SSN and Tax ID will only be reported to the IRS in the event that you collect more than $20,000 and 200 payments in the calendar year. Check out our article on 1099-K reporting for more information.
What does it mean if my account is unverified?
In order to be able to withdraw your money, you’ll need to verify your account. Account verification includes providing details about your business, providing your US SSN number as well as providing your US Bank account information.
After you have received a payment, you have 90 days to verify your account. If you don’t verify your account in time, the payment that you have received will be refunded to your client and your payments account will be cancelled.
Check out our post about verifying your information to find out how to connect your bank account.
Who is WePay? What does FreshBooks have to do with them?
WePay helps us process payments and get payments to our customers fast. They also ensure all your payments are PCI compliant. Accepting credit cards through FreshBooks is powered by WePay to provide a seamless experience in accepting payments through FreshBooks.
I received a payment but did not verify my account within 30 days. What happens to my received payment?
The payment received will be sitting in your payments account until you verify your account and connect your bank account. However, you won’t be able to receive any new payments until you verify your account.
If you don’t verify your account within 90 days, your payments account will be deleted and the payment(s) made by your client(s) will be refunded.
I did not verify my payments account within 90 days. What can I do now?
If you don’t verify your account within 90 days, your payments account will be deleted and any payment(s) made by your client(s) will be refunded.
Not to worry though - you can simply start over! You can go into your FreshBooks account, create a new invoice and click the ‘accept credit cards’ again to get started.