Attention Finalsite Payments Users: Direct Debit Authorization Required!
Dear Finalsite Payments Users,
We're introducing a new direct debit system for Finalsite Payments when Stripe accounts have a $0 balance or will go negative and have owed fees. Please read below for more details.
📣 IMPORTANT:
- Same Behavior: Like previously, we will take any refund or NSF fee from the current balance in Stripe, so long as this balance is greater than $0.
- What's Changed: The above applies unless the balance in Stripe is sitting at $0 or will go negative. ONLY if your Stripe account has a $0 balance or will go negative, AND you owe a refund, dispute fee or NSF, direct debit will occur and pull this money directly from your school's institution, avoiding delays and ensuring smoother transactions for you. In order to fully implement this system, we need your authorization.
Explanation of Direct Debit Authorization
By authorizing direct debit when your Stripe account has a $0 balance or will go negative, and you owe a refund, dispute fee or NSF, you give Finalsite Payments permission to withdraw funds directly from your institution’s bank account to cover negative balances, avoiding delayed payouts and providing better overall financial visibility.
⌛ Action Required by January 15, 2024: Authorization of Direct Debit
In order to avoid any disruption to your payout process, a system administrator with financial permissions must navigate to your Finalsite Enrollment account and authorize direct debit under ‘Settings’-->’Financial’-->’Payments’-->’Step 1.” This must be completed by January 15, 2024.
✏️ NOTE: If you have already authorized direct debit for refunds in your Payments account, you do not need to take any further action.
Best Practices when Enabling Direct Debit
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Ensure your connected bank account is set to accept withdrawals. Confirm your account has enough funds to cover large refunds.
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Consider keeping a cushion balance in the account if this is not your primary account.
We understand the importance of a smooth and efficient payment system for your organization, and this change will allow us to better serve our schools. If you have any questions or require assistance with the authorization process, please do not hesitate to reach out to our support team at enrollmentsupport@finalsite.com. For more information, please visit our help article linked below.
Thank you for your cooperation in this transition, and we look forward to continuing to serve your payment needs.
📝 Help Articles
Billing: Custom Billing Exports are Here!!
🎉 Custom billing exports provide a smoother integration with other billing systems by allowing you to more seamlessly transfer billing data to your other SIS’s.
Important Notes:
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Please refer to the new help article below to learn how to:
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Request a custom billing import to be added to your site.
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How to run an export with a custom billing export.
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📝 Help Article
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Custom Billing Exports (New!)
Billing: Option to Require Autopay for $0 Deposits
🎉 Enabling this setting requires users to enroll in Autopay, even if their contract has no deposit payment. There is a new feature flag called “Require Autopay for $0 Deposits” under Settings > Financial > Billing Setup, within the ‘Autopay Setup’ section.
Important Notes:
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To save this selection, you need to have Autopay enabled. If you try to save it without Autopay, you'll see an error message.
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When the contract is submitted, the payment screen will show a message at the top, stating: "AutoPay enrollment is required by {school name}. Please select a payment method and set up AutoPay for future installments."
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The payment screen will show up, even if there's no deposit checklist item, and no payment will be processed in this case.
📝 Help Articles
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Settings: Billing Setup Page (Updated)
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Billing: Managing Autopay (Updated)
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Parent Billing Workflow (Updated)
Additional Resources
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☎️ Support Help
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If you have any questions, please click on Help→Submit a New Request within the upper right of your Finalsite Enrollment site to work with our best-in-class Support Team!