Split Funding allows you to specify one or more destination funding bank accounts for each transaction. This offering was built as an API-driven solution, enabling merchants and partners to build these capabilities directly within their software.

Merchant Enrollment

The current process for merchant enrollment will remain unchanged in the Stax signup pages for merchants. A merchant will proceed through Stax’s self-registration pages and enter their Primary/Secondary bank accounts (or Operating/Trust accounts for the legal vertical) in the Financial Institution section. The bank accounts will be verified in the same way they are today by the Stax Underwriting team and provisioned as funding accounts.

Once Underwriting has APPROVED a merchant, the enrollment activation process will be the same. The Primary bank account will always be used as the default funding account unless a new default account is indicated (this can be done via Stax Pay. If only a single bank account is indicated using the signup flow, it will be the default. Stax’s signup pages only currently support adding two bank accounts during the signup process. Any additional funding bank accounts needed should be configured after merchant activation.

Managing a Merchant’s Funding Accounts

If the merchant’s account is configured for Split Funding, the merchant can create/read/update/delete their funding account(s) once it is activated.

You can view, edit, or add additional bank accounts in Stax Pay >Settings >Bank Accounts.

Taking a Payment

Once an account has been activated and set up with one or more funding bank accounts, you can allow the merchant to make a payment. When a payment is taken, there will be an option to split the payment, where you can enter the account and amounts to be deposited.