Payment Setup on Acadeum

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 payments on Acadeum are processed by automatic ACH debit or credit through payment processor Stripe. Each institution sets up a payments account with Acadeum by providing the institution’s ACH banking information. The payment method provided will be used to make payments for annual fees and enrollment fees.

To add a bank account you will need to follow the steps below:

Add New ACH Bank Account (HI Onboarding)

Confirm ACH Microdeposits

Authorize Stripe ACH IDs

Note: ACH processing is only supported by the US banking system, so Acadeum also encourages institutions to provide a Credit Card as a backup payment method. If your institution does not have a USA bank account or if you enroll students in Teaching Institutions located outside the USA, you will likely be required to pay via Credit Card. If a Credit Card is not already setup with Acadeum, payment to the Teaching Institution will be delayed until one is provided. An exception to this is if a non-USA institution has a USA bank account.

3) 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:

Payment Details On Acadeum Course Share

Payment Communications For Home Institutions

Payment Communications For Teaching Institutions