Automated Direct Deposit in Mercury Network: Vendor FAQ

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Question:

What is Mercury Network Accounting Automation and how does it work?

Answer:

This service will allow your clients to pay you for completed work by directly depositing funds to your bank account. It's intended to help you streamline your accounts receivable workflow by eliminating paper checks, trips to the bank, and back-and-forth emails or phone calls about payment status.

Because payments to your account will be triggered based on order status, this service eliminates the need for your client to manually "cut a check", reducing friction in the process. Plus, you'll be able to view historical payment details directly in Mercury Network so your accounting workflow will be more transparent.

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Question:

When will my clients begin paying me using this service?

Answer:

We expect to introduce this service to your clients later this year. For now, we're preparing for the complete rollout of this service by getting appraisers and other vendors on board so you're ready to receive direct payments as soon as your clients start using this service.

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Question:

When and where will I receive my payments?

Answer:

You will receive the direct deposit for appraisal order fees after the appraisal services have been completed and accepted by your client.  At that time, the client's system will notify the payment service to release the payment and the bank will deposit the funds to your bank account provided at registration.

The typical time from the initial notification to begin the direct deposit until funds are available in your bank is between five and seven days, depending on the day of the week when the process is initiated and your individual bank’s policies.

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Question:

What is required to register to receive direct payments?

Answer:

To add a payment method for your account, you must be logged in as the admin user or have the Manage Account permission enabled for your profile. See the Permissions section of the user guide here.

If you already have an ACH payment method in Mercury Network, you'll simply need to enter some additional information which will be used to verify your identity. If you don't already have an ACH payment method, you'll need to add one.
Click here and we'll walk you through this process in less than two minutes.

1. In Mercury Network, click Accounts at the top.
2. If you already have an ACH payment method, click the Edit link on the right.
   If you don't have an existing ACH payment method, click Personal checking account or Business checking account to add one.
3. In the form that appears, complete all the requested information. Be sure to review the terms and conditions on the left.
4. Click Save to keep your changes; by doing so, you'll also agree to the terms and conditions.

Next, you'll receive a couple of emails. The first will confirm that you've registered, the second will confirm that your identity has been verified and your account is ready to receive payments. If your identity was not verified, the second email will contain instructions for next steps.

You can see an expanded version of these instructions here.

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Question:

Can I have multiple checking accounts associated with my Mercury Network account?

Answer:

No. At this time, only one checking account can be associated with your Mercury Network account. 

You can have one credit card plus one checking account in your Mercury Network account, and either of those accounts can be the "primary" which will be used to pay Mercury Network transaction fees. So, you can pay for transaction fees using the same account which receives direct payments, or use a credit card to pay those transaction fees if you prefer.

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Question:

What do I enter for my Tax ID during registration of a business checking account?

Answer:

In the Tax ID/EIN field, you should enter the number given to you by your government when you registered your organization, business, etc. Please note the company name and tax ID can't be changed after your account has been verified.

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Question:

Why do you need my name and personal information for a business account?

Answer:

For security, our payment processor is going to use this information to verify you, so please enter the name exactly as it appears with the Social Security Administration and IRS. We recommend against entering a nickname, multiple people's names, or an organization name in either of the Legal Name fields. Entering information other than a Legal name could impact account verification, which could delay your ability to receive orders and payments.

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Question:

Can I enter a PO Box for my business account?

Answer:

PO Boxes will not allow our payment processor to verify your identity, so you'll need to enter a physical address.

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Question:

Why do I need to provide my date of birth and social security number?

Answer:

Our payment processor helps us disburse funds to you. Any organization that sends funds to individuals, businesses, etc., is required to collect and verify information about people, known as “Know Your Customer” (or KYC) checks. To perform these checks, our payment processor needs to securely gather certain information so they can verify your identity.

Our payment processor first attempts to verify you from the minimum requested information (legal name, date of birth (DOB), and last four digits of the legal representative’s Social Security Number (SSN). Sometimes, the payment processor needs to collect a little more information about a customer to fulfill these Know Your Customer (KYC) checks, which is why you may need to provide a copy of your government issued ID. All account verification happens using secure services operated by the payment processor. We, unfortunately, will not  know why verification might not happen immediately or why additional information is required.

One quick thing you can do is double check that all the information you've provided is entered exactly as it is with the IRS and Social Security Administration. If you notice any errors, please edit the information for the account and click Save.

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Question:

What information will your payment processor ask for if it cannot verify me based on my social security number?

Answer:

If our processor can't verify you from the minimum information requested, and you're a resident of the United States, they will ask for additional information, including the potential for requesting a copy of a government issued ID. They will then manually validate the account by reviewing the ID.

• If your legal residence is anywhere outside of the United States, our payment processor will prompt you to upload a government-issued ID rather than Social Security Number (SSN).
• If asked to provide a government-issued ID, such as a driver's license or passport, please note the following:
• ID should show your full name and DOB
• Upload a color photo
• Make sure the photo is well lit and readable
• PNG or JPG format, less than 8,000 x 8,000 pixels.

To protect your information the government ID can't be viewed by anyone other than the payment processor.

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Question:

Am I required to use this service in order to receive Mercury Network orders?

Answer:

No, you are not required to accept direct deposit payments to receive Mercury Network orders. However, if your clients decide to pay you using this service, your bank account must be enrolled and verified before you can accept their orders.

If you receive an order that will be paid via direct deposit but haven't yet enrolled and verified your bank account, you can complete the enrollment/verification then accept the order. However, there are cases when verification can take some time, so it's best to enroll your bank account now to avoid potential delays. Click here and we'll walk you through enrollment and/or verification.You can also read instructions here.

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Question:

How do I delete or edit my bank account information?

Answer:

In Mercury Network, click Account at the top, then use the Edit link to make changes to your account information or click the Delete link to remove the account entirely.

Once a business checking account has been verified, you cannot make changes to the company name or tax ID for that account.

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Question:

Can I add a checking account to receive payments and still pay transaction fees with my credit card?

Answer:

Yes. You can have a credit card in your Mercury Network account in addition to your checking account. Either account can be your primary payment method for Mercury Network transaction fees. To choose which account will be used to pay transaction fees, edit the account and check the box next to Set as Primary to indicate the account should be used to pay Mercury Network transaction fees.

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