Once you've created your Client business account in Liquid, you'll need to complete Financial Setup and Legal Setup.
Finance Setup in Liquid
If you click the Financial Setup Required from your Dashboard, you will be presented with the Initial Finance Setup module. In order to pay your Vendors through Liquid, you will need an active and verified bank account. This module will walk you through adding your bank account information via our partnership with Plaid. Start by searching for your bank, and then entering your banking login information.
Plaid is used by companies like American Express and Venmo to authenticate and verify bank accounts instantly. This enables Liquid to facilitate quick transfers between accounts via ACH. Plaid is very secure and connects to more than 10,000+ US financial institutions and is used by more than 3,000 financial apps and services (including Liquid).
When you are filling out information in Plaid, none of that information is shared with Liquid. You can rest assured that Liquid does not and will not have access to your banking login information. Once your account is verified by Plaid, Plaid sends to Liquid your routing number and account number to our encrypted servers. As a Client user, this information is used only upon your authorization to make payments and, if you have this option selected, to pay your Liquid platform and transaction fees.
Adding your bank account to Liquid when it can’t be found in Plaid
For the smallest banks or credit unions, Plaid offers manual micro-deposits in which users will confirm the deposited amounts. Start by searching for your bank account:
When you can’t find your bank account, press the small button that says “Link with account numbers.”
Then, you will be able to manually enter your account information.
Make sure to enter information that matches your bank information (Account hold name, Personal vs Business, Checking vs Savings) as incorrect information could cause this process to fail. Plaid offers Same Day ACH so micro-deposits appear in an account within 1 business day. Click here to read more on how to add your bank account to Liquid when it isn’t found in Plaid.
If you manually enter your bank information, you’ll have to check your bank for the micro deposit accounts to verify your bank account in your Payment Methods (within Settings) in 1-2 days after completing the setup.
Account Holder Information for your Bank Account
After completing Plaid setup, you’ll enter your Account holder information. Check this information carefully as it must match your bank account’s details or your invoice payments to Vendors may be delayed or even canceled.
Adding an Invoice Payer to Liquid
If you have others in your business who help pay Invoices, you can invite them to Liquid in the final portion of the initial Finance Setup. If you choose not to invite anyone, you can always invite more users later.
After completing the Finance Setup, press the Finish button to close this module.