Configuring Bank Account for Royalty Fee Collection

In this article, we will guide you through the steps on how to add a bank account at the child level for royalty payments.

Things to know:

• If a child account has more than one location, each location can have its own bank account for royalty fee collection.
• If no bank account is added or if the bank account is invalid, closed, or experiences any other banking error, no debit will be initiated from that franchise account.
• Editing the royalty bank account information is not possible. To make the necessary corrections, it is required to delete the existing account and then add the correct one.

Content:

Configuring Bank Accounts for Royalty Collection at the Child Level

Deleting Bank Account for Royalty Collection at the Child Level

Configuring Bank Accounts for Royalty Collection at the Child Level

1. From the child level, navigate to Business Setup > Payment and Deposits
2. Locate "How should MyTime collect royalty fees?" section
3. Choose "Add Bank Account" to configure the bank account for the debiting of royalty fees
4. Enter the required information 
   • Select All Applicable Locations For This Account: Choose the locations associated with this bank account
   • Account Type: Choose whether this account is a business account or a personal (individual) account
   • Account Holder Name: Enter the name of the actual bank account owner
   • Routing # - Routing number for the bank account 
   • Account # - Account number for the bank account, then enter the same number in Confirm Account Number                                                                                                                                                                    
5. Tick the checkbox indicating "I have read and accept the Terms of Use from Stripe, MyTime's payment processor."
6. Save
7. After adding a new bank account, you will receive two small deposits from Stripe within 1-2 business days
8. After receiving the deposits, return to the Business Setup > Payments & Deposits page and click the Verify hyperlink                                                                                                                                                                                 
9. Enter the amounts for verification, and allow MyTime to electronically debit your account.                                                                                                                                                                                                                           
10. If the amount you input matches the deposit, the account's status will be changed to "Verified" 
11. Save the modal, then click on Save on the main settings page

Deleting Bank Account for Royalty Collection at the Child Level

1. From the child level, navigate to Business Setup > Payment and Deposits
2. Locate "How should MyTime collect royalty fees?"
3. Select the "Delete" hyperlink
4. Enter "Delete" in the confirmation modal
5. Select the red "Delete" button

For more information, contact us at support@mytime.com.