The Acadeum payment network is powered by the secure Stripe payment processor. If you are a Teaching Institution, you must establish a ‘vendor’ account with Stripe or connect your existing Stripe account to automatically collect funds from home institutions.
If you are a private university or institution, a Significant Controller (defined by Stripe here) will need to participate in this process. It will usually need to be your VP of Finance or CFO.
To get started on this process, use the link sent from support@acadeum.com to begin connecting a Stripe account. If you don’t have this link, please email support@acadeum.com.
Here are the Stripe terms of service, and more specifically here is the agreement language for Stripe Connected Accounts which is used for payments.
When establishing a vendor account with Stripe, be as accurate as possible. You can review our FAQs and guidelines on this process below.
Information required to setup your Stripe Connected Account:
- Bank account info you'll be wiring to receive payouts
- Account holder name
- ACH routing number
- Account number
- EIN of your School
If you are a private university or institution, you will also need a Significant Controller (defined here) to complete setup for a Connected Account. The following information will need to be provided and must match their government issued ID:
-
- Name
- Date of Birth
- Last four digits of social security number
- Phone Number
- Home Address
Steps to setup or connect your account:
1. Use the link provided by support@acadeum.com to begin setup.
If setting up a new account as a private institution, use the Significant Controller’s email address
If connecting to an existing Stripe account, use the primary email associated to that account.
2. Fill out required forms. You are establishing a vendor account with Stripe, so it is your responsibility to fill out this information to the best of your ability. However, here is what other school’s often put in while filling this out:
“Please describe your business?”
Most schools enter “{School Name} accredited institution in online US higher ed.” or some prefer to mention Acadeum, “{School Name} teaching institution on Acadeum.”
“How long after payment can your customers expect to receive the good or service?”
Payments run in Acadeum automatically so you can choose the option “1 Day”
“Statement Descriptors”
This is a required field but only affects credit card transactions (nearly all payments are through automatic ACH). Most schools enter their name here.
3. Complete Account Setup
Using the email and password you just set, login on stripe.com and confirm account settings.
- Visit “Settings” -> “Account Settings”
- Make sure name matches your school
- Make sure address is correct
- Make sure time zone is correct
- Add additional users
- Visit “Settings” -> “Team”
- Use the “+ New Member” to add the PFC and any others from your school that would need to see payout information.
- View this Stripe article for more information about roles.
When finished, please send an email that you have completed your Stripe setup to support@acadeum.com.
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