College Consortium (“CC”) payment accounts are activated in a few easy steps and allows you to collaborate and pay or charge any institution on the platform once wired up. The process to get set up is as follows:

Please note: 100% of payments on CC are ACH debit or credit, without exception. 

1) Primary Finance Contact (“PFC”) established: 

Each institution is required to establish a primary contact at their institution to handle all financial affairs for activity using CC’s platform, referred to as the Primary Finance Contact (“PFC”). This individual will verify the account with a CC admin during an initial set up period, will receive all email notifications of activities per transaction including invoices, and will act as the point person to CC admins for any payment related questions. Note: multiple recipients can receive the payment-related emails sent by the system.

2) Payments account created:

All institutions will have an account created for them on our payment processor Stripe. This account will connect to the institution’s bank account via providing CC admins with their institution’s ACH banking information over the phone. This information serves to guarantee CC payments can be withdrawn or deposited based on institution activity on the platform. The account creation is handled over a 30-60 minute phone call where any questions around the payments set up and process on the platform are answered.

3) Payments account verified via Stripe and tested:

Once the Stripe account is created for the institution, the bank account attached to it must be verified and tested. This is done via three follow up items handled after the initial set up call:

  1. Test deposits: Stripe will deposit two random, sub-$1.00 deposits simultaneously into the attached bank account. These deposits typically appear within 24-72 business hours after the account creation, but can take as long as 7 business days. Once the institution sees these deposits they must notify CC via email of the exact dollar value per deposit (e.g., $0.88) as well as the order in which they were received. These deposits will be debited (i.e., removed) after a 4-7 business days.
  2. ACH Authorization: Institutions must have their bank authorize Stripe for ACH transactions (debits and credits) for the connected bank account. Institutions who have access to an ACH filter via their bank can do this directly, or otherwise the institution can simply forward the ACH IDs to their bank rep via email. Here are the specific ACH IDs and corresponding entity names that must be authorized for both ACH debits and credits:

    WFMSTRIPE1 - Stripe Inc.

    1800948598 - Stripe Payments Company
  3. Test Payment: Once the above two steps are confirmed CC will run a test payment where we will debit $5.00 from the account, and then credit that amount back in a refund. This is distinct from the stripe test deposits, which are used to assure Stripe that we are working with someone who has access to the account. The goal for this test payment is to ensure that all payment operations are working fine with the account so that no issues arise when actual payments are to be made.

Once the test payment is processed and refunded, the Institution will be fully wired up and ready to operate on the platform. Any annual software fees are first charged after the account is wired up, and all subsequent payments are handled via ACH debit through this account. Please ask the CC admin specifically about which annual software fees apply for your institution.

Please see here for more details on how payments work in practice and the communications sent to schools around such payments.

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