Payments Migration FAQ

1. Overview & Timeline

Why is Ottimate upgrading VendorPay's payment platform?

• Ottimate is upgrading to Stripe to deliver faster processing, higher transaction limits, enhanced fraud protection, and better platform reliability.

Is this migration required?

• Yes. All VendorPay customers are required to complete this one-time transition to Stripe.
  
  

Why do I have to do this now?

• Completing the migration during your assigned window prevents interruptions to your payment operations.
  
  

When will my company migrate?

• Migration occurs in waves starting in July, with target windows and next steps communicated in advance.

What happens if I don't complete the migration?

• Organizations that miss their assigned deadline may experience delays sending payments through VendorPay.
  
  

2. Onboarding & Requirements

What should you expect during migration?

• Most organizations need to confirm contact details, complete a brief KYB/KYC verification, provide requested documents, and join a guided onboarding session if needed.

Who should complete the migration?

• An authorized financial contact, such as an AP Manager, Controller, Finance Manager, Treasury Manager, CFO, or Business Owner.

How much time will onboarding take?

• Onboarding typically takes 30–60 minutes, with pre-populated information available for review.

What information should be ready before onboarding?

• Business Details: Legal name, address, industry, employee count, annual revenue, fiscal year-end, website.

• Financial Representative: An authorized manager/signer available to complete verification.
  
  

Will I need to upload documents during onboarding?

• Most business information is verified automatically; additional document uploads are rarely needed.

Can someone else complete onboarding for my company?

• Yes, as long as they are authorized to act on behalf of the business and have access to the necessary records.
  
  

3. Identity Verification & Compliance (KYC/KYB)

Why am I asked for personal identification?

• Federal regulations require financial institutions like Stripe to perform Know Your Business (KYB) and Know Your Customer (KYC) checks on owners (25%+ ownership) or authorized representatives.

Why is employee count, revenue, or fiscal year-end requested?

• Standard financial regulations require Stripe to collect and confirm this business data.

What documents may be required?

• Personal ID: Driver's license, passport, or photo ID.

• Business Documents: IRS EIN confirmation letter, Articles of Incorporation, utility bills, or bank statements.

What if I don't have requested documents available immediately?

• Your progress saves automatically so you can resume later, and alternative documentation may be accepted.

What happens if Stripe requests additional information?

• Prompts and instructions will appear within the VendorPay onboarding interface, and if you have additional questions, email migration@ottimate.com for assistance.

How long does Stripe approval take?

• Most organizations are approved within minutes, though manual reviews can take up to 48 hours.

4. Payments, Limits & Banking Configuration

What is changing with payments?

• While backend processing shifts to Stripe, day-to-day payment workflows and interface experiences remain the same.

Will payment speeds change?

• Virtual Cards: Initiated within 24 hours.

• ACH Payments: Delivered in 2–3 business days (Same-Day ACH debits).

• ACH Over $1M: Takes up to 5 business days per network rules.

Will transaction limits change?

• ACH limits expand up to $10 million.

• Virtual Card limits expand up to $1 million total ($750,000 max per swipe).

Is FastACH still available?

• Yes, FastACH remains available up to a maximum limit of $1 million.

Will Virtual Cards (vCards) or vendor experiences be disrupted?

• No, Virtual Cards will function continuously without interruption, and vendors will experience no changes.

Will banking information change or need re-verification?

• Funding accounts will need to be verified during migration, though bank account configurations remain unchanged.
  
  

• Re-onboarding is not required for every bank account; one submission covers multiple accounts linked automatically.

Does my bank need to authorize Stripe for ACH debits?

• Yes, if your bank uses ACH Debit Blocks, Positive Pay, or Fraud Filters, you must authorize/whitelist Stripe's Company IDs (1800948598, 4270465600, STRIPE6096, STRIPE6088).

Is my money safe during migration?

• Yes, Stripe maintains top-tier industry security, fraud protection, and regulatory compliance standards.
  
  

5. Technical, System & Interface Impact

Will users need new logins?

• No, existing login credentials will continue to work.

Will the VendorPay interface or workflows change?

• No, core workflows remain unchanged except for initial Stripe onboarding screens and updated disclosures.

Will there be downtime or lost payment history?

• No downtime is expected, and all historic payments, vendors, and data will remain intact

Will reporting or ERP integrations change?

• Invoices, reporting, and ERP integrations will continue working as they do today.

What if technical questions arise?

• Reach out to migrations@ottimate.com to resolve technical questions.

6. Support & Contact Options

Who do I contact for help?

• Migrations Email: migrations@ottimate.com 

• VendorPay Support: support@ottimate.com  or vcardsupport@ottimate.com

Are office hours or walkthroughs available?

• Yes, regularly scheduled group office hours and 1-on-1 personalized onboarding walkthrough sessions are available.