Name and/or EIN Change with Merchant Account

Updating Merchant Accounts Due to a DBA, Legal Name, and/or EIN Change

If your company has a merchant account used for settlement funding and is changing any of the following, a new merchant account is required to ensure payments are deposited into the correct account.

• Legal name change
• EIN change
• DBA and EIN change
• Update signers on the application

Important note: For a DBA only change, contact partnersupport@forte.net and allow Forte to guide you through the process.

You will want to consider the timing of changing bank accounts used for online payments that may be used for automatically scheduled transactions, such as rental income.(Example: If rent is due by the 5th of the month, you will want to allow time for the transition of the accounts for payments to settle)

The three changes that will need to take place are:

1. Establishing a new merchant account
2. Cancelling the merchant account no longer being used and
3. Update your Rentec Direct account

The following directions will guide you on how to make these changes.

In your Rentec Direct account:

1. Click on Banking
2. Click on +Add an Account
3. Enter new account information
4. Click on Add Account (this will end back at the list of bank accounts)
5. Right-click on the new Bank Account and select Edit Account
6. Under Online Payment Processing, click the link to Apply Now to apply for a new merchant account
   
   Note: If Forte needs more documentation, they will respond to you and copy Rentec Direct within 14 days.
7. Email success@rentecdirect.com the last four digits of the new bank account that was added for the new merchant account, letting them know you have applied for a new merchant account that will replace an existing one.
8. After the new merchant account is approved
   1. Wait at least five days for pending transactions to clear the account to be closed
   2. Email success@rentecdirect.com, the last four digits of the bank account tied to the old merchant account, letting them know you would like to close it
      
      Note: You will receive an email confirmation from Rentec Direct in 2-5 days, letting you know your account has been updated.
9. Update the Income Account and Expense Account in your properties with the bank account used for the new merchant account.

The following steps will walk you through updating the Income and Expense accounts.

In your Rentec Direct account:

1. Click on Properties
2. Right-click on the property and select Edit Property
3. Under Financial using the dropdown, select the Income Account and Expense Account
4. Click on Update Property

Important Note: There is a $150 early termination fee for merchant accounts closed within the first 12 months of its opening date.

For information on other types of changes to your merchant account, check out the Merchant Account Support Reference Guide | CSG Forte