Stripe Payment Tool: How to add, edit, or remove a bank account or credit card

LRS Services, Costs & Policies
How to add, edit, or remove a bank account or credit card for making payments to LRS
LRS accepts both credit card and ACH payment methods. 

Next Steps:
  • Log into your LRS Administration Portal,
  • If you have multiple plans with LRS- Select the plan you are applying the updated payment information for in the upper right corner.
  • In the Plan Information Box, click on “Payment/Billing Information.”
  • To add, edit, or remove your company’s bank account at any time use the following instructions: 
    • Scroll down to the Payment methods section.
    • Click "Manage."
    • From the Payment methods screen, click “Add another payment method” and choose your preferred method, Credit Card or Bank Account. 

Important: After completing authentication with your bank credentials, you will return to the original screen to complete the process by clicking the "Set up bank account" button.


More Tips
  • How to add a new bank account 
    • If you choose a bank account, you will need to verify your account using micro-deposits if your banking institution is not already linked to Stripe from the drop down screen.
      • You will be prompted to enter your account information, including the electronic routing number provided by your bank, your bank account number, and account type, then click “Continue.” Please note that micro deposits can take 2-4 business days to show within your account. 
    • You can find further instructions for how to verify your bank account using micro-deposits here.
  • How to edit or remove your bank account or credit card designations
    • To remove a bank account or credit card from your payment methods, click on the small garbage can icon located next to the bank account or credit card. This will remove the payment method on file. 
    • To edit your bank account or credit card, you must first remove the payment method, then re-add it. Re-adding will also trigger the option to connect the bank account (as noted above). 
    • If you have added multiple bank accounts, you may choose which account will be used for monthly invoice collection. Use the drop down under the Default Payment Settings section within the Payment Methods tab to select which payment method you would like to use as your default. 
    • When you have made the appropriate selections, click "Save Changes.”
Important: Re: Payroll Contribution Processing
The above instructions apply only to changing the form of payment for invoices related to services LRS provides. If you need to change the bank account that contributions (ex. Payroll) are deducted from a different process is required. Contributions: Adding Bank Account for ACH Deposit - Leading Retirement Solutions (smartertrack.com)
Article ID: 162, , Modified: 7/24/2024 at 1:56 PM

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