Within Acadeum Admin, you can manage which payment methods you have on file with Acadeum. Acadeum currently supports two methods of payment:
- Automated Clearing House (ACH), and
- Credit Card
If you have an ACH-enabled bank account, Acadeum requires that you supply that information to reduce costs for transaction fees.
Who can manage payment methods?
To manage payment methods within Acadeum Admin, a user must be assigned the Financial Admin role. Learn more about User Role management.
How to manage existing ACH payment methods?
If it is your first time to setup ACH payment methods, we have an article detailing that first time ACH setup process.
Occasionally, you may need to update your ACH payment settings. This often occurs when you create a new bank account with your institution's existing bank, or your institution changes banking relationships.
- Return to Acadeum Admin
- Access Settings → Financial
- See Details of existing ACH Account
- Choose Delete from the kebab menu
- You must always have an active ACH payment method. Before you can remove your existing account, you must add a new account, so Add Payment Method.
- Complete the required ACH settings, and Save.
If your account number is less than 12 digits, add 0s to the beginning of the number until 12 digits is reached (example: 000123456789)
- A few days later, you will need to return to confirm microdeposits.
ACH ID Authorization
Since Acadeum initiates debits automatically by ACH, you must have your bank authorize Stripe for ACH transactions (debits and credits) for the connected bank account. So, when adding a new bank account you will also need to authorize Stripe's ACH IDs.