How do I accept online payments with FreshBooks Payments powered by Stripe?

• FreshBooks Payments Details
• Important Details
• Next Steps
  • Additional Information Required
  • Invoice Migration Process
• Manage Your WePay Account
• FAQs

FreshBooks Payments Details

• Availability - For businesses in Canada and the US
• Transaction Fee - Review FreshBooks Payments’ list of transaction fees
• Set Up - Quick to create an account, no setup, monthly, or cancellation fees
• Processing / Payout Schedule - Payout speed depends on your business’ location and method of payment, review payout details
• Statement Descriptor - Your clients will view “business name” on their statements, to edit this anytime, review the Access Your FreshBooks Payments account section
• Chargebacks - A $15 dispute fee is charged for each dispute, review disputes and chargebacks

Important Details

• All saved bank transfers (ACH) and credit cards entered by you with Advanced Payments or by your clients via Recurring Payments before your specified transfer date on your email communications will be transferred over to FreshBooks Payments
  • Expired credit card data will not be transferred even though WePay may have successfully charged these cards in the past, transferring to a new FreshBooks Payments account will result in these expired credit cards being denied
  • Any saved bank transfer data with WePay will be manually transferred to FreshBooks Payments a week after your account is verified, clients can continue to update their bank transfer details during this time
  • Any recurring templates with saved payment information that are not transferred will continue to charge through WePay, a final catch-up to transfer these payment methods to FreshBooks Payments will be done before your final disconnection date
• After your information has been transferred over to FreshBooks Payments, clients’ experiences with paying invoices will be the same with FreshBooks Payments
  • Clients will need to re-enter payment on invoices if using:
    • Expired cards
    • New saved bank transfers (ACH) and credit cards added after the specified transfer date on your email communications
• Your WePay account will be closed on January 10, 2025 after all payments have been settled, review Manage Your WePay Account below for more details

Next Steps

1. In the email you’ve received, select the I’m Ready to Migrate Now button to start the process, or log into your FreshBooks account
2. Go to the Dashboard
3. Select the Switch Now button
   
   
4. The email address associated with your FreshBooks account will be pre-populated, enter in a new Password for your new FreshBooks Payments powered by Stripe account and select Next
   1. Enter a Phone Number, then select Send text
      1. Or if needed, select the authenticator app link to use an authenticator app
      2. Or if needed, select the security key text to use a security key
   2. Then enter the Code from your device or authenticator app, or use the security key
   3. Next, save your emergency backup code by selecting Download code or Copy Code and store it somewhere safe
   4. Select Next
5. Choose your Type of Business, then select Continue
   
   
6. For personal details, enter your First Name and Last Name as specified on your government-issued ID or with government agencies like the IRS or CRA
   1. Then enter your Email Address, Job Title, Date of Birth, Home Address, and Phone Number
   2. For US-based businesses, enter the Last 4 Digits of your Social Security Number
   3. Then select Continue
7. For business details, if available, enter a Tax Number
   1. Next, choose an Industry
      
      
   2. Then enter a Website that shows your business' online presence, like an online store or social media account
      1. If you don’t have an eligible website that can be submitted, contact Stripe
   3. Next, include a Product Description of what products or services your business sells
   4. Select Continue
8. For your bank information, either login to your bank account online and choose an account, or enter your bank account's details manually and select Continue
9. For your public details, specify a Statement Descriptor and Shortened Descriptor that will appear on your clients' statements
   
   
   1. Next, review or enter a Customer Support Number, and if available, a Customer Support Address
   2. Then select Continue
10. In the review section, ensure your information is correct, then select Agree and Submit. You'll be taken back to FreshBooks. FreshBooks and Stripe will review your submission and notify you by email if your application review is approved or if additional documentation is required.

Additional Information Required

1. On the Dashboard, in the banner, select the Submit Information button
   
   
2. Follow the instructions to submit the information required and select Confirm to finish.

Invoice Migration Process

1. During the migration process, your invoices will be updated automatically to remove WePay as the payment option for online payments and replaced with FreshBooks Payments instead
   1. Any paid invoices will not be impacted
   2. Any invoices currently in processing status through WePay will be left alone to allow payments to finish
   3. Invoices with saved bank transfers and credit card information through WePay will be updated to be saved through FreshBooks Payments instead
   4. Any saved bank transfer data with WePay will be manually transferred to FreshBooks Payments a week after your account is verified, clients can continue to update their bank transfer details during this time
   5. Any recurring templates with saved payment information that are not transferred will continue to charge through WePay, a final catch-up to transfer these payment methods to FreshBooks Payments will be done before your final disconnection date
2. The process of updating invoices can take up to several minutes - during this time, you can keep using your account while staying logged in, this will not disrupt the update process
3. Once the updates are finished, a pop-up will display informing you that FreshBooks Payments is now your default payment option and that WePay has been disconnected and removed from your FreshBooks account. In the meantime, you can manage your WePay account outside of FreshBooks using the WePay dashboard.

• Once your FreshBooks Payments powered by Stripe account has been set up, review How do I manage my FreshBooks Payments account? for information on your account’s status, payouts, disputes, and more
• To view what the experience looks like for your clients when paying by FreshBooks Payments, review As a client, how do I pay an invoice with online payments? here, or review for Apple Pay here

Manage Your WePay Account

1. Log into your WePay account 
2. While on the Account Activity tab, in the Activity section, select the dropdown next to Showing
   
   
3. Choose Total Sales, All Activity, or Deposited Amount
4. If needed, select Search Options button
   1. Then select the Please select a date range dropdown and choose between Today, Yesterday, Last 7 Days, Month to Date, or Custom
   2. Select Search
5. Above the list of results in the top right corner, select the down arrow and a CSV file will begin downloading. 
   
   

• All processing payments have been marked as paid
• All payments in transit have been settled into your bank account
• There are no refunds in progress or all refunds have been completed
• There are no open chargebacks or all open chargeback disputes have been resolved

FAQs