The Acadeum payment network is powered by the secure Stripe payment processor. The system of payment allows institutions to easily process payments at the course level, as needed to meet institutional objectives. Teaching institutions establish an additional account on Stripe that allows them to seamlessly invoice and collect funds from home institutions, all powered by Acadeum Course Share.
It is highly recommended that the following articles are read prior to the payment account set-up call:
Payments Set Up for Teaching Institutions - describes the set up process
Payments Details - describes how payments work on Course Share
Payments Communications for Teaching Institutions - describes the automated communications that Course Share sends with and in advance of any payment for enrollments.
The above articles are highly recommended to have been read through before the call.
Teaching Institutions establish a 'vendor' payment account directly with our payment processor Stripe through this setup call. You'll need the bank account info you'll be wiring up for payments (i.e., account holder name, ACH routing number, and account number), as well as the school's EIN, and to be in front of your computer. Also, at least one person on the call who will be activating the Teaching Institution vendor account must be listed in the account as having the ability to exercise significant control, as a beneficial owner or significant controller would. This individual does not need to be listed as the PFC for the institution’s account on the platform, but they must be on the payments set up call and handle the creation and activation of the Stripe payments account (please see the setup article above for more explanation here). Furthermore, Stripe will require this individual’s legal name, date of birth, last four of their social, phone number, and home address.
In addition, the name and date of birth of the individual on the account (i.e., the business owner or significant controller) must exactly match the name on the government-issued ID they submit. If the ID submission does not meet the above requirements, it could potentially cause some delays to the TI's ability to process payments and offer courses on the platform.