TaxDome Payments (Beta): Get started
Coming soon! TaxDome Payments is currently available exclusively to a dedicated beta group for this feature. Docs on using TaxDome Payments are being prepared.
TaxDome Payments is the integrated payment solution offered by TaxDome for customers in the United States. It allows you to easily accept payments in the portal and receive payouts directly to your bank account. Soon, TaxDome Payments will also support such payment methods as PayPal, Venmo, Apple Pay and Google Pay. Also, TaxDome Payments will soon allow you to pass the processing fees onto your clients.
In this article, you will learn how to set up TaxDome Payments.
Step 1. Connect
Only firm owners can connect TaxDome Payments.
To start using TaxDome Payments, go to Settings > Integrations. On the Payments tab, click Connect in the TaxDome Payments section. Then, click Get started.
Then, you will need to fill in your information in three sections:
We need this information to register you in TaxDome Payments and set up your account so that you can receive payouts.
Personal info
Fill in the personal information so that we can verify your identity:
a. Personal details: Your first and last name, date of birth, phone number and email address.
b. Home address: Your home address. Make sure it matches the residential address on your tax documents.
c. SSN: The IRS requires collecting SSN for account verification.
Then, click Next to proceed to the next sections. You can also click Save & exit to save the application draft and return to it later.
Business info
Fill in the business information for compliance verification:
a. Type of business: Select Individual, Corporation or Partnership.
b. Legal business name.
c. Percentage of your ownership: Only for Corporation and Partnership.
d. Business address: Pre-filled if you have set it in the firm settings. If it is the same as your home address, select Business address is the same as home address to pre-fill the address details.
e. Merchant category code: Select your MCC code. You can use the search field to find it quickly.
f. Currency: Currently, this field can't be edited as only USD is supported.
g. Employer identification number (EIN): Only for Corporation and Partnership.
h. Business contact details: Business website, phone number and email address. Pre-filled if you have set it in the firm settings.
Then, click Next to proceed to the next sections. You can also click Save & exit to save the application draft and return to it later.
Payout info
Please enter your bank account details to receive payouts. All payments made via TaxDome Payments are transferred once a day.
a. Bank account number: Enter your bank account number in two fields to ensure you don't make a typo.
b. Account type: Checkings or Savings.
c. Routing number: Enter your bank account number in two fields to ensure you don't make a typo.
d. Bank institution name: Enter your bank institution name.
e. Accept terms: Read the terms of service and select the checkbox.
Step 2. Account approval
After you complete the application form, review it and edit it if necessary. If everything is correct, click Submit to send your information for verification. If any errors occur (for example, you have missed some required fields or you have used the wrong format), you will be notified about it. After you fix all the mistakes, you can click Submit again.
After you apply, in the TaxDome Payments section of the Settings > Integrations page, you will see that your application is pending approval. The identity verification might take 3-5 business days. You will receive a notification when your identity is verified.
Note! If you need to upload documents or update your information, you will receive an email with instructions. You can send documents by replying to that email. To update your information, you will need to edit your previously submitted application and submit it again. Afterward, please allow additional time for your application to be approved.
Now, you can issue invoices that clients can pay in the client portal. Ensure that TaxDome Payments is set up as your default payment provider. It will be used to process all payments made in the portal.
Supported payment methods & processing fees
Currently, your clients can pay their bills by credit/debit card. The processing fees will be different depending on the country in which the card was issued:
- US credit/debit cards: 2.9% + $0.3
- Non-US credit/debit cards: 3.9% + $0.3
How your clients pay
Your clients' payment process is simple: They open the invoice, enter their payment details and pay. They don't even need to log into the portal.
After your clients pay, if you are subscribed to invoice notifications, you will receive an email or Inbox+ notification about it.
When you open an invoice, you can click a payment used to settle it and review its details:
- Amount stands for the amount of payment made by the client.
- Fee is the TaxDome Payments processing fee.
- Net is the amount you get as a payout.
You don't have to do anything else – all payments will be paid to your account daily. If you haven't received your payout on the payment day, you will receive it with the following day's payouts. You can review all your payouts on the Payouts page.