Acadeum | College Consortium payment accounts are activated in a few easy steps and allows you to collaborate and pay or charge any institution on the platform once wired up. You will begin payment setup over email with the help of your implementation manager and the support team.
1) Primary Finance Contact (“PFC”) established:
Each institution is required to establish a primary contact at their institution to handle all financial affairs for activity using Acadeum’s platform, referred to as the Primary Finance Contact (“PFC”). This individual will verify the account with an Acadeum admin during an initial set up period, will receive all email notifications of activities per transaction including invoices, and will act as the point person to Acadeum admins for any payment related questions.
2) Payments account created:
All ACH debit or credit payments on Acadeum are processed by our payment processor Stripe. Each institution sets up a payments account with Acadeum by providing the institution’s ACH banking information (i.e, checking account to use). This information serves to guarantee Acadeum payments can be withdrawn or deposited based on institution activity on the platform
3) Payments account verified via Stripe
Once the bank account is attached to the institution's Acadeum account it must be verified by our payment process Stripe.
Test deposits: Stripe will deposit two random, sub-$1.00 deposits simultaneously into the institution's bank account. These deposits typically appear within 24-72 business hours after the account creation, but can take as long as 7 business days. Once the institution sees these deposits they must notify Acadeum via email of the exact dollar value per deposit (e.g., $0.88) as well as the order in which they were received. These deposits will be debited (i.e., removed) after a 4-7 business days.
ACH Authorization: Institutions must have their bank authorize Stripe for ACH transactions (debits and credits) for the connected bank account. Institutions who have access to an ACH filter via their bank can do this directly, or otherwise the institution can simply forward the ACH IDs to their bank rep via email. Here are the specific ACH IDs and corresponding entity names that must be authorized for both ACH debits and credits:
WFMSTRIPE1 - Stripe Inc.
1800948598 - Stripe Payments Company
- 4270465600 - Stripe Payments Company
4) Establish a Stripe Vendor Account [TIs Only]
If you are a Teaching Institution, you will also need to establish a Stripe vendor account. This will allow you to receive payments from Acadeum. Acadeum will guide you through this process and you can read more here.
Please see here for more details on how payments work in practice and the communications sent to schools around such payments: