How to Configure Basic Settings for Merchant Accounts

For a Wise-Pay merchant account, the following basic account settings must be configured to enable the settlement of payments in your accounting package. These selections define the accounts for different financial transactions like payments and prepayments.

Most of these configurations are done during the on-boarding session. Unless there are significant changes to your accounting application, you may not be changing these settings.

You must have the Is Merchant Admin privilege to manage merchant account settings.

Steps

Follow these steps to configure basic account settings for your Wise-Pay merchant account:

  1. Login to Wise-Pay as a merchant. See How To Log Into Wise-Pay.
  2. Ensure that a company is selected from the Company drop-down.
  3. Navigate to Configure > Merchants and click Edit merchant
    Wise-Pay displays the Account Merchant Details page.


  4. Change any of the following if required, and click Save to save the changes.
Setting Description
Account Merchant Payment Status This must be Enabled to receive payments through Wise-Pay and process them through the selected payment processor.
Merchant Account Type

Describes the type of payment processor merchant account used. Wise-Pay supports the following types of payment processing merchants:

  • IntegraPay
  • Stripe
  • Braintree
  • Authorize .Net

You need to have an account setup with the payment processor. The details of your payment processor merchant account are saved as a part of your Wise-Pay merchant account configuration. Wise-Pay subscription varies with the choice of payment processor. Check www.wise-sync.com for details.

Bank Account for Payments

Select the bank account to which the payments received through Wise-Pay should be allocated.

This drop-down only displays bank accounts with account codes, and Xero accounts for which the PaymentsEnabled option has been selected.

Bank Account for Prepayments Select the bank account to which the prepayments received through Wise-Pay should be allocated.
Account for Prepayments Select the revenue account to which the prepayments received through Wise-Pay should be allocated.
Overpayment Tax Code Select the tax code to apply to the overpayments received through Wise-Pay. This field is used when prepayments or overpayments are received through Wise-Pay (mainly in the case of batch payments).
Capture AVS Information Enable this if you wish to record information for Address Verification System (AVS) used by certain credit card processors in the United States.

To configure Advanced Options, see How To Configure Advanced Settings for Merchant Account.