Skip to content
  • There are no suggestions because the search field is empty.

Merchant Account

A Merchant Account is your location’s account for accepting online payments in Residex. Once it is set up, the Stripe-powered online payments feature is enabled for that location. Residents and their designated billing contacts can then pay directly in Residex, and funds are deposited to the bank account on file for that location. This removes the need for a separate payment processing system and makes paying easier for both the operator and the payer.

How Payouts Work in Residex

Overview

When residents or their payers make a payment through Residex, the funds are processed by our payment partner, Stripe, and then paid out to your community’s bank account. This article explains how payouts work, what to expect for timing, and where to find your fee details.

Fees

Fees apply to payments processed through Residex. For a full list of fees, see your Residex Contracted Payment Fees. These are listed in your agreement with Residex. Fees are deducted according to your contracted terms, so the amount deposited to your bank may differ from the total payment amount collected.

Your First Payout

Stripe applies special rules to the first payout on a new account.

  • Stripe typically schedules your initial payout for 7-14 days after you successfully receive your first payment.
  • This is a standard Stripe verification and risk-review period. It is not specific to Residex, and Residex cannot shorten it.

Subsequent Payouts

After your first payout, payouts follow your account’s payout schedule. For U.S. accounts, funds from card payments generally become available about 2 business days after the payment is captured. Timing can vary based on your account status, payment method, and Stripe’s risk review.

Payouts Are Not Instant

Payments are not paid out the moment they are made. Please keep the following in mind when reconciling deposits against payments:

  • Processing time applies to every payment. There is always a gap between when a payment is made and when funds reach your bank.
  • Weekends and bank holidays are not business days. Payouts are processed on business days only, so payments made near a weekend or holiday may arrive later than expected.
  • Your bank also needs time to post the deposit. Once a payout is sent, it can take additional time to appear in your account.

ACH Payments

ACH (bank transfer) payments take longer than card payments.

  • When an ACH payment is initiated, funds are pulled from the payer’s bank account on the pull date.
  • There is a delay between the pull date and the date the funds reach your bank. The ACH network requires additional time to settle and to allow for possible returns, such as insufficient funds.
  • Because of this, an ACH payment made early in the week may not be deposited until the following week.

Table of Contents:

  1. Merchant Account

  2. Payouts
  3. Settings

Merchant Account

To setup your facility's merchant account, navigate to:

  • Billing > Merchant Account
  • Choose Business type and Business structure and click Continue

Enter the following information:

  • Legal business name
  • Business name (Doing Business As) if different from legal name
  • Employer Identification Number (EIN)
  • Business address
  • Business phone number
  • Industry (Choosing “Medical Services” will give you an option to select the type of medical service)
  • Business website (if your business does not have a website, select “Don’t have a website? Add Product description instead.” Then enter your product description)
  • Click Continue

IMPORTANT: All fields must be completed during merchant account setup. Leaving any field blank may cause transaction processing issues.

Enter the following information for the person who is authorized to sign on the business’s behalf:

  • Legal first and last name
  • Email address
  • Job title
  • Date of birth
  • Home address
  • Phone number
  • Last 4 digits of SSN or click “Provide a government-issued ID number” instead.
  • Select Continue

 

Note: Depending on what business type you have selected, additional information may need to be entered for business owners.

Choose the bank that you want payouts to be deposited into and follow the onscreen prompts to enter the bank account information.

Before submitting, review the information entered. A red flag indicates that required information is missing, and you will need to select the edit button and enter any required information before submitting. Once this is complete, click the “Agree and submit” button.

Payouts

Setting Up Your Payout Schedule

Use the Payouts tab to choose your preferred schedule for transferring funds to the facility’s bank account. These transfers appear on the facility’s bank statement as a deposit from Residex.

Note on “Daily” payouts: Selecting a daily payout schedule does not mean funds arrive in the facility’s account immediately after a resident makes a payment. Daily means that processed funds are disbursed to the facility’s bank account each day as they become available. Stripe’s processing and pull time still applies, so there will be a delay between when a payment is made and when the deposit lands in your account.

Settings

The Settings in Merchant Account lets you choose how online payments are applied to unpaid invoices in Accounts Receivable. Use the Auto-apply Option dropdown to select the behavior that fits your community’s billing workflow.

  • Leave Unapplied: Online payments are received but not applied to any invoice. Your team applies them manually.
  • Oldest first: Payments are applied to the oldest unpaid invoice first, then to each next-oldest invoice.
  • Newest first: Payments are applied to the newest unpaid invoice first, then to each next-newest invoice.
  • Most recent, then oldest: Payments are applied to the most recent invoice first, and any remaining balance goes to the oldest unpaid invoices.

CleanShot 2026-10-14 at 12.54.27@2x 1

We are required to verify the identity of the business receiving funds. Once the facility’s payment volume reaches a certain threshold, we will request additional information to confirm the account holder’s identity and business details. This is a standard compliance requirement and not a sign of a problem with your account.

How you’ll be notified: Residex displays this information on the Merchant Account tab so you know when additional details are needed. A notification also appears in Billing > Process Billing to alert staff that requires more information, and to let staff with the CFO role know that action is needed.

Items such as the legal business name, tax ID (EIN), business address, bank account details, and identifying information for the account representative or business owners. If the requested information is not provided, payouts to the facility’s bank account may be paused until verification is complete.

To avoid delays, we recommend completing the Merchant Account information in full during setup and having a staff member with the CFO role respond promptly when there are requests more details.