How do I manage my FreshBooks Payments account?

FreshBooks Payments powered by Stripe is available for accounts based in Canada and the United States. Once FreshBooks Payments is set up, you can manage your FreshBooks Payments account as needed.

• Access Your FreshBooks Payments Account
• Manage Bank Accounts and Cards for Payouts
  • Add or Update Bank Account
  • Add Debit Card for Instant Payouts
• Reports
• FAQs

Access Your FreshBooks Payments Account

To access your FreshBooks Payments account including your Stripe dashboard, use the below steps:

1. Go directly to Online Payments here, or select the Settings section
2. Under Payments and Client Billing, select Online Payments.

From here, you can manage your FreshBooks Payments account details:

• Online Payments - Displays your FreshBooks Payments account status
  • Active - Your FreshBooks Payments account is in good standing and can process online payments
  • Inactive - Your FreshBooks Payments account is unable to process online payments, log into your FreshBooks Payments account for more information
• Payouts - Displays your payout status
  • Active - No disruptions to payouts being sent to your connected bank account
  • Inactive - Your payouts are paused, log into your FreshBooks Payments account for more information
• Transaction Information - Displays default transaction fees, if eligible, your email from FreshBooks will contain your specific pricing
• Payout Account - If needed, you can change your payout account
• Payout Schedule - Your current payout schedule, including payout speed
• Edit FreshBooks Payments Info - Select Edit FreshBooks Payments Info to modify any of your onboarding details, including your descriptor shown on clients’ statements
  • If your business statement descriptor is showing up differently on your clients' statements, Stripe may be using a soft descriptor instead
• Visit Stripe Dashboard - Select Visit Stripe Dashboard to log into your FreshBooks Payments account to view payments and disputes

Manage Bank Accounts and Cards for Payouts

To receive payouts from FreshBooks Payments, a bank account must be linked in your Stripe account. With Instant Payouts, you can instantly send funds to a supported debit card or bank account.

Add or Update Bank Account

The bank account connected during your FreshBooks Payments set up is set as your default bank account. If you need to change this to a different bank account, use the below steps to edit and add new bank account, then set it as your new default bank account:

1. In your Online Payments settings, under Payouts, select Edit Payout Account, this will launch the Stripe dashboard
   
2. Log into the Stripe account if needed
3. Next, in your Stripe account, select the Balances section
   
4. Under Balances $X.XX, select the Manage payouts dropdown, then select Manage bank accounts
   
5. Select Edit account next to your current bank account to add a new account in the same currency
   
   • Note - The + Add bank account option is only to add a new bank account in a different currency
6. Select Send verification to verify your account, then open the verification email from Stripe in the same browser window, and select the Verify identity button in the email
7. Enter your Stripe account’s password again to complete the verification
8. Next, enter the bank account details:
   1. For US users, enter the Routing and Account numbers
   2. For Canadian users, enter the Transit number, Institution number, and Account number
9. Then select Edit account to save the changes, then select Done
10. Next, to make the newly edited account the new default for payouts, select the gear icon in the top right corner to access your account’s settings
    
11. Under Account settings, select Business
    
12. Then either:
    1. For US accounts, select the Bank accounts and currencies sub-tab
    2. For Canadian accounts, select the External payout accounts and scheduling sub-tab
13. Next to the newly added bank account, select the Edit button, then select Set as payouts default
    
14. If needed, select the Edit button next to the old bank account and select Remove to delete the bank account from your Stripe account. Future payouts will now go to the new default account you’ve set.

Add Debit Card for Instant Payouts

To add a supported debit card for payouts with Instant Payouts, use these steps: 

1. In your Online Payments settings, under Payouts, select Edit Payout Account, this will launch the Stripe dashboard
   
2. Log into the Stripe account if needed
3. Select the gear icon in the top right corner to access your account’s settings
   
4. Under Account settings, select Business
   
5. Under the Cards section, select the + Add button
6. Select Send verification to verify your account, then open the verification email from Stripe in the same browser window, and select the Verify identity button in the email
7. Enter your Stripe account’s password again to complete the verification
8. Then enter in the debit card's Card number, MM/YY, and CVC
   
9. Select the Add button. The connected debit card will be added, and include a status of Instant eligible if supported for Instant Payouts. This account can then be selected for future Instant Payouts.

FreshBooks Payments Resources

Along with your FreshBooks Payments account, you can review how to manage your payouts, process refunds, and learn more about FreshBooks Payments’ dispute process:

• Disputes and Chargebacks - For details on how to handle disputes through FreshBooks Payments, review What is FreshBooks Payments’ dispute process?
• Payouts - For details on payout schedule and speed and how to check the status of a payout, review How do I manage my payouts with FreshBooks Payments?
• Refunds - To process a refund for a payment made through FreshBooks Payments, review How do I refund a payment?

Reports

To review which individual payments are in each payout that’s been deposited into your bank account, including a detailed breakdown of gross amount and payment fees, you can use the Stripe Payout Reconciliation report. To run a customized Payout Reconciliation report, use the below steps:

1. Go directly to Online Payments here, or select the Settings section
2. Under Payments and Client Billing, select Online Payments
3. Select the Visit Stripe Dashboard link and log into your Stripe account
4. Then inside your Stripe dashboard, select the Reports section from the left menu
   
5. In the Reports section, select Payout Reconciliation
   
6. If needed, adjust the date range at the top
   
7. Then in the the Payout Reconciliation tile, select the Download button
   
8. For Reporting category, choose between All, Charges, or Refunds
9. Under Columns, choose between Default, All, or Custom
10. If Custom is selected, check off or uncheck boxes to show or hide specific columns on the report, the below columns are recommended:
    
    • Automatic Payout ID
    • Created (requested time zone)
    • Gross
    • Fee
    • Net
    • Description
    • Customer Name
    • Charge ID
    • Payment Method Type
11. Then select the Download button and a copy of the report will be downloaded to your computer.

FAQs

How do I update my EIN or tax identification number in my FreshBooks Payments account? 

If you need to update your EIN or TIN on file with your FreshBooks Payments account, use the following steps:

1. Log into your Stripe dashboard
2. Go directly to Tax Details, or select the gear icon in the top right corner
   1. In Settings, select Business, then select the Tax details sub-tab
3. Enter in your updated tax information and select Update to save the changes. 

If your tax information also needs to be updated on your Form 1099-K from FreshBooks Payments, reach out to our Support team instead.

Can I use Stripe Capital Financing with my FreshBooks Payments account?

FreshBooks has partnered with Stripe to offer eligible businesses access to fast, flexible financing through the Stripe Capital program. For questions about your Stripe Capital financing, including eligibility, your application, and your repayments, reach out to capital+support@stripe.com.