How to Navigate and Manage Multiple Settlement Accounts Over Your Business
This article will teach you how to navigate the new Settlement Accounts features in the Admin Panel. Settlement Accounts are what allows your business to receive payouts from Quivers. You will be able to manage your business payouts by assigning individual settlements to specific Storefronts.
These updates have replaced the previous set-up under the Settings -> Accounting and Settings -> Bank Accounts sections in the Quivers Admin Panel. Bank account details, contact information, and settlement verification is now in one central location under "Settlements" on the left-hand Quivers menu.
How to Create a New Settlement Account
Your first step before navigating to and editing your settlement accounts will be to create them. To do so, follow these steps:
Navigate to the left sidebar, and click on Marketplaces -> Storefronts.
Once the page has loaded, click on any storefront.
Navigate to the top section of the storefront settings and click on the Payouts tab. All settlement accounts will be present here for connection to the storefront.
Next, click on the blue button labeled Add New Account.
Here you can add Account Name, Description, Type of Settlement Account, Country, and Contact Information.
You can edit and maintain your accounts by adding more details based on the gateway type. Note that Stripe and Paylution are Payouts, while External AP (if you are using your own payment gateway) is considered a Pay-In gateway. This means they will be listed in the Settlements tab in the admin panel under Pay-In.
Each account may require different information to be correctly setup:
A Stripe account not only needs contact information for the account holder, but it also requires valid bank account information, and a verified Stripe status to be complete.
A valid Paylution account only requires accurate contact details; the same goes for all External AP accounts.
How to Navigate Settlement Accounts
First, you will notice a new tab labeled Settlements on the left sidebar on the admin panel. This tab will open a dropdown menu that lists two different options; Payouts and Pay-Ins.
By selecting Payouts, you will be redirected to a new page that will list the Stripe or Paylution accounts you have created, whereas by choosing Pay-Ins, you will be redirected to all External AP accounts. There will not be many accounts except the Stripe/Paylution account(s) your business had set up before this feature release.
Selecting an account type:
Stripe accounts can only be used on storefronts connected to an eCommerce plugin
Paylution can be used on any storefront attached to the Quivers Pay settlement system
Additionally, the only storefronts that can use External AP are storefronts that have their settings set to External Gateway for settlements
*Helpful Tip: When creating a new business set as a Merchant, new fields will appear asking for settlement contact information. By filling out these required fields, your business will be created with default settlement accounts to help you set up your business.
*Note: That if you have no storefront set to External Gateway as a payment option, the option to create a settlement account with External AP will be greyed out and un-selectable.
How to Use Settlement Accounts
Once you have created your settlement accounts and verified them completely, you can maintain them within the Quivers Admin Panel. To view your settlement accounts, follow these steps:
Navigate to the left sidebar on the Admin Panel and click on Settlements -> Payouts/Pay-Ins
Look to any settlement account and click on Edit located in the bottom right
Once loaded, you will notice that your settlement account details are listed.
The large number posted on the top of the page is your current balance to be paid upon the upcoming settlement period. This number will fluctuate depending on what orders are currently shipped and will update until the period closes.
You can select to view reports in the bottom left, which will bring you to the Reports -> Settlements page in the admin panel. Additionally, there will be listings of your recent settlements and a small button next to each labeled Reports. When clicked on, this button will redirect you to the Reports -> Settlements page in the admin panel.
To the right, your settlement account details such as your Stripe verification, contact details, and bank account information will be listed in a safe and easy to read format. You will be able to edit and redefine any portion of the details previously provided to match your needs.
*Helpful Tip: If you have multiple Storefronts connected to a settlement account and navigate to Marketplaces -> Storefronts -> Payouts, you will notice that all of those storefronts will be listed on the connected settlement account. By clicking on the names of the Storefronts, you will be able to switch between them quickly.
*Note: If your Stripe account is not verified, that settlement account will not function as intended and will need to go through the verification process. Fortunately, the admin panel has made this an easy task, as all that you must do is click on the Get Verified button present in the settlement account details.