How to set up ACH payments for your company expenses?

Receiving expense reimbursements quickly and securely is essential, and ITILITE leverages ACH (Automated Clearing House) to deposit funds directly into your bank account. This guide will walk you through the necessary steps to ensure your company bank account is ready for seamless ACH payments.

Table of Contents

• Company-Level ACH Setup & Business Verification
• Linking Your Personal Bank Account
• Pro-Tips & Guardrails
• Verification & FAQs

Company-Level ACH Setup & Business Verification

Before employees can receive ACH reimbursements, the company's administrator must complete a one-time setup and business verification. Here's how:

• As an administrator, log in to your ITILITE account and navigate to the Expense section from the main dashboard. 

• Within the Organization section, select Settings to manage your company's configurations. From there, click on the ACH tab to access the payment settings.
• To begin the business verification process, click the Get started button under the 'Verify your business' section. This crucial step ensures compliance and security for all ACH transactions.

• You will be prompted to select your business type. Choose the option that best describes your company's legal structure.
• Enter your company's full registered business name exactly as it appears on official documents. This ensures accurate verification.

• Enter your company's Employer Identification Number (EIN), followed by your primary business address. Accuracy here is vital for successful verification.

• Continue by entering the business postal code and the city for your business address.

• Select the correct state for your business address from the dropdown menu. Once all address details are entered, click Next to proceed to the Beneficial Owner details.
• Provide the controller's date of birth using the calendar tool and enter their designation within the company.

• Enter the last 4 digits of the controller's Social Security Number (SSN). After reviewing all details, check the declaration box to certify their accuracy.

• Finally, click Submit to complete the business verification process. ITILITE will securely pass this information to a third-party verification provider, and the process typically takes 3–5 business days.

• Next, enter the beneficial owner details. Select the ownership percentage of the owner.

• If you choose that the owner owns >25% of the company, you will need to fill the personal information of the beneficial owner. Fill up the information accurately and click on Submit.

• Once all details are submitted, you will be prompted to upload additional documentation to complete the business verification process.

• Upload the valid EIN letter in the business document as jpg, jpeg, or png format.

• Choose the type of controller document. For non-US residents, passport is the mandatory business document to be uploaded here. Make sure the documents uploaded are not expired.

• The company must also add and verify its business bank account.

  Once the business account is successfully verified, employees can add their personal bank account under Individual → Banks for reimbursements.

• When the user adds a bank account, two microdeposits (each less than $0.10) will be credited to the added bank account. The user must enter the exact deposit amounts to verify the bank account.

Pro-Tips & Guardrails

Verification & FAQs

Once your company's business verification is complete, you'll receive a confirmation, and administrators can proceed to add the company's funding bank account. For employees, a successfully verified personal bank account will show a 'Verified' status in the 'Banks' section, indicating it's ready to receive ACH reimbursements.