Setting up Payout (Bank) Accounts on CityGrows
Governments can set up and manage their own payout account information in CityGrows. Once your bank account is connected, funds will be transferred from our payment platform (Stripe) where funds are held in a sub-account specific to each local government Team, to the specified municipal payout account on a schedule which you select..
To enter or update your payout account, you must first log in (or set up) a CityGrows government account associated with a Team. The primary administrator for your government can do this on their own, provided they have access to the government’s bank account information. However, we recommend including a representative from your organization’s Finance/ Accounting department on your Team(s).
As you’ll see from the list below, some of the information needed for setup is likely only known to your finance department.
At the end of this document, you’ll find a worksheet you can share with your finance team or supervisor to get the necessary bank account information, or they may want to complete this process themselves.
Hover over the small arrow in the upper right hand corner and select “Teams”. This will bring up the following screen. Usually, there will only be one team listed, but select whichever Team you would like to work on if there is more than one available.
You’ll see all the teams you have access to.
Click on the Team Name, and you’ll land on a screen that looks like this:
Select “Payout Preferences” to get to the payout account screen, and select “Add a payout account.”
At minimum, you will need the following information to add a payout account:
- Your business name (the way your government’s name appears on your bank account documents)
- Government tax ID number (EIN)
- Official government mailing address
- Representative’s name (the user who is setting up the account)
- Bank Account number
- Bank routing number
See the last page of this packet for a worksheet that you can share with your financial administrators to gather the necessary information.
This information is required in compliance with KYC regulations to prevent impersonation or misrepresentation and required by our banks. Governments cannot receive payouts without providing the required information.
Enter the required company information and hit submit.
The exact screens you see will depend on the information you provide and the fraud detection system of our payment processor, but the general information you will have to provide remains the same.
Once you have a payout account set up and verified, payouts will be tracked in the “Transaction History” tab of the Teams page (more detail below).
White-labeling our payment processor with your bank
Many government’s bank accounts are set to automatically refuse unauthorized direct deposits. Please check with your bank to determine if there are any necessary authorizations to enable Stripe to make deposits into your account. Usually this consists of whitelisting the following Stripe ACH Company IDs:
WFMSTRIPE1, 3270465600, 1800948598, and 2270465600.
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