Stripe Payment Tool: Adding a Bank Account for Making Payments to LRS

Adding a *Bank Account for making payments to LRS
LRS accepts both credit card and ACH payment methods. If you elect to utilize a bank account, you will be prompted to enter your bank account information via the Stripe Payment tool.

*Reminder: These instructions apply only to changing the form of payment for invoices related to services provided by LRS to your plan. If you need to change the bank account that is used for contributions processing (ex. Payroll or Annual Contributions), a different process is required. Please review the article for instructions on updating your plan's Contribution ACH Profile: Contributions: Adding Bank Account for ACH Deposit

If you have any questions, please contact service@leadingretirement.com.


Bank Account Setup:
  • Log into your LRS Plan Administration Portal.
  • Go to Plan box (right side) and click on “Payment/Billing Information”.
  • If you choose to pay via ACH, there are two options for entering and verifying your bank account information:
    1. Immediate Verification: Your bank may be integrated with Stripe (LRS payment processor) and allow for immediate verification by logging into your bank account, via Stripe, using your banking credentials. When adding a bank account, the first screen will allow you to search for your bank and give you directions  to access and verify your account. 
    2. Micro Deposit Verification: If immediate verification is not offered by your bank, then you will need to complete the micro-deposit verification process described below.
      • Please see below for additional information on the Micro Deposit Verification Process.  
Note: The provided instructions are general for the majority of banking institutions. In limited situations, your bank may require additional activities to complete the verification process.


Method 1: Immediate Verification 

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Method 2: Micro-Deposit Verification
If your bank is not integrated with Stripe, then you can still verify your bank account by entering your bank routing number and account number. Stripe will then perform 1-2 micro deposits into your bank account and then send you an email to verify the deposits and complete setup.

  1. Enter your bank account type, routing number, and account number
  2. Select “Start Setup” to save the changes and initiate the micro deposits. 
  3. Stripe will send you an email with further instructions on verifying the micro deposits and completing setup.
    • The verification link will also be available by logging back into the LRS Plan Administration Portal.
  4. In the next 1-2 days, monitor your bank account for 2 small deposits made or the code that shows up next to the deposit:
    • These small deposits may appear under any of the following labels: Leading Retirement Solutions
    • If your bank displays the 2 small deposits as a single combined amount, for security purposes, you will need to reach out to your bank for the separate amounts.
  5. After you receive the deposit amount information, log back into your LRS Plan Administration Portal.  
    1. Go to the Plan box and select “Payment/Billing Information”. 
    2. Click “Start” next to the task labeled “Verify your bank account”. 
    3. Enter the deposit amounts in the pop-up that appears and click “Verify bank account”. 
  6. Your setup is complete! 

For Reference: 
 
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After entering your information, make sure to click “Start Setup” to save the changes and initiate the micro deposit(s):
 
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Then 1 - 2 days after submitting the routing and account number, you will receive an email from Stripe with a link to verify the micro deposit(s). 
 
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After entering the requested information and clicking “Verify”, your setup is complete!