If your Reimbursify Payments account has been conditionally approved, you can begin accepting credit card payments from your clients/patients, but your bank account will not be funded with the proceeds until you have provided a voided check or a bank letter. (This is to ensure that your funds end up in the right place!) You will need a dedicated business checking account that will receive all of your batch deposits.
How to obtain a voided check
If you have a paper check, simply use a pen or thin marker to write the word "VOID" in large letters across the front of the check.
The voided check must include the following (visible) information:
- Business Name AND DBA Name
- Account Number
- Routing Number
How to obtain a bank letter
A bank letter is an official document from your bank that provides important information about your business’ official bank account. The main component of a bank letter is written confirmation from a bank representative that you have an operating business account with an accredited bank. The letter must be typed and must include the following, "This account is active and is in good standing with the bank."
Other than providing verification that your organization has an operating account (see quote above), the bank letter must include the following information about your business, all of which are required:
- Official Bank Letterhead
- Bank Name
- Branch Address
- Signature and Contact Telephone Number of a Bank Employee
- Business Name AND DBA Name
- Account Number
- Routing Number
In-person: The quickest way to obtain a bank letter is to request one in-person. By doing so, you’ll be able to ensure that everything you need is on the letter & be able to make changes if necessary.
By phone: Another convenient way to obtain a bank letter is to call your bank’s support line. More often than not, they’ll be able to email you a bank letter in PDF format that you can then send to your merchant services provider.
Below, you’ll find a list of contact information for popular banks in the USA:
Once on the phone with a bank representative, just explain that “you need a bank letter for your business account” so that you can “open a merchant account”.
Wells Fargo: 1 (800) 869-3557
Chase Bank: 1 (800) 432-3117
Bank of America: 1 (800) 432-1000
Citibank: 1 (800) 374-9700
BMO Harris: 1 (888) 340-2265
PNC Financial Services: 1 (888) 762-2265
U.S. Bank: 1 (800) 872-2657
Capital One: 1 (877) 383-4802
By email: Depending on your bank, you may be able to request a bank letter via email. However, it is best practice to request via phone call or in-person so that you get a verbal acknowledgment of your request.
How to submit a voided check or bank letter
Once you obtain a voided check or official bank letter, you can send it to us by following the steps below.
1. Sign into the Reimbursify Practice Portal and select the "Patient Billing" option from the navigation menu. (Note, this option in your navigation menu might say, "Client Billing" depending on how you've customized your Practice Portal.
2. Click where it says, "View Billing History" near the top of the screen. (This will open your Payments Dashboard in a new browser tab.)
3. Click where it says, "Finish setting up your Merchant Account" in the yellow banner across the top of your Payments Dashboard.
4. On the Required Documents screen, scroll to where it says, "Void Check or Bank Letter" and click on the Upload symbol. Select the file(s) from your hard drive and click "Submit." You can ignore the other document types on the screen.
5. IMPORTANT! Send an email to practitioners@reimbursify.com letting us know that you have uploaded your supporting documentation for bank verification.
That's it! Once our Underwriting team has reviewed and approved your voided check or bank letter, we will notify you that your funds will now be deposited into your bank account.
Any funds that were previously held up will be deposited the next business day, and going forward all of your funds will be deposited within two business days of you accepting new credit card payments.