Step 1: Access FactorPay
Email help@factorapp.com or chat us in the live chat to request access. Once you’ve requested access, a Factor Product Specialist will enable your ability to sign up. Once enabled, you’ll find the Factor Pay section in the Your Firm tab within the settings area. From there, click the Sign Up for Factor Pay button to begin the application process.
Step 2: Complete the Merchant Application
Clicking the sign-up button will redirect you to a merchant application form provided by Payrix, Factor’s payment processor. Follow these key steps:
Business Overview:
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Business Details:
- Enter your legal business name exactly as it appears on legal documents like bank accounts, EIN numbers, or TIN numbers.
- Add a DBA ("Doing Business As") or statement descriptor, which will be the cleaner version of your business name shown to clients in the payment portal.
- Choose the industry (there is only one option which is Architectural- Engineering & Surveying).
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Verification Documents:
- Provide details such as your EIN or Social Security Number, depending on your business type.
- Ensure all entered information matches official records to avoid delays.
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Payment Methods:
- Specify how your business currently processes payments (e.g., online, in-person, or manual entry).
- Specify how your business currently processes payments (e.g., online, in-person, or manual entry).
Business Details:
In this section, provide:
- Secondary Descriptor: This is for you to more easily identify the disbursements that will go into your bank account.
- Goods & Services: This is where you could put something like "Professional Services" or "Architectural Services".
- Establishment Date: Enter the date your business was founded.
- Annual Processing Volume and Average Transaction: Estimate your yearly processing total and typical invoice amount to help with setup.
Business Address:
- Use your office address rather than a personal address.
Owner Information:
In this section, it is important that you input this information about an owner who directly or indirectly owns 25% or more of your business.
- Enter their personal address, phone number, and email.
- Create a Payrix account username and password. Note that this account is separate from Factor and QuickBooks Online and is primarily used for troubleshooting purposes.
- Enter Business Owner #1 address information. You can also add additional owners if desired, though it’s not mandatory.
Step 5: Input Bank Account Details
Enter the following to ensure disbursements can be processed:
- Bank routing number.
- Bank account number (with confirmation).
- Account type (checking or savings).
Step 6: Review and Confirm
Review the terms and conditions provided by Payrix. Confirm your agreement by checking the necessary boxes to finalize your setup.
Key Reminders
- Legal Business Name: Must match legal documents for verification purposes.
- DBA/Statement Descriptor: This is the name visible to clients in the payment portal.
- Owner's Information: the info entered must be for an owner that owns at least 25% of your business so we can verify their identity and validation
- Payrix Account: This account will be confirmed by emailing the owner's email address. This account will not be used to login to Factor or QuickBooks Online but you should keep it safe and secure for troubleshooting purposes.
Need Help?
Check out this video in our video library which walks you through the sign up process as well. If you encounter any issues or have questions during the sign-up process, don’t hesitate to reach out. Email us at help@FactorApp.com or use the live chat feature within Factor for assistance. We’re here to support you every step of the way!