Connecting multiple bank accounts to one Dashboard is helpful in those cases in which businesses have several Momence accounts, one for each location, and want to consolidate them into one Dashboard. Also, it may be the case that you have all your studio physical locations already in your Dashboard and want to segregate funds for each location's sales.
How to set up multiple bank accounts?
The very first step is to create a new Stripe account and verify your account by providing your business and account details.
Once you have your new Stripe account, you will want to make sure you copy all the customer card and direct debit details from your previous Stripe account to the new one so that both locations have access to your customer payment details. You can do this following this guide: Self-serve Customer Copy.
Once this is done, send an email to [email protected]. In your email, include both your Stripe account IDs (these can be found by going to Settings > Account Details in each of your Stripe accounts), and the corresponding location it should be linked to. For example:
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Once we get back to you, you will be able to connect the new Stripe account to your Momence Dashboard, and you will be all set!
Why use multiple bank accounts?
Using multiple bank accounts allows you to use one Momence dashboard for all of your operations while routing payments into multiple bank accounts. The most typical use case for this is when you have multiple physical locations which each have their own unique business entity or owner. In this case, connecting multiple bank accounts to one Momence dashboard will allow you to route payments into the bank account associated with each respective location. This will save you time and money on end-of-period accounting and ensure that each business entity always receives the funds it should receive.
Using one dashboard when having multiple business entities is advisable if all of your locations operate under the same brand. For instance, using one dashboard allows you to offer one version of an Unlimited membership that can be used across all — or some — of your locations without needing to duplicate it or manage it in separate dashboards. If your business operates as a franchise, using one dashboard isn’t advisable; please get in touch with us about access to the Corporate dashboard.
Currently, we only allow multiple bank accounts to be used with Stripe as the payment processor. Since Stripe only allows you to connect one bank account per Stripe account, the first step is to create a unique Stripe account for each of your business entities. Creating a Stripe account is free. Once you have a Stripe account created for each of your business entities, you can then connect each Stripe account to your Momence dashboard. If you don’t see the option to connect multiple Stripe accounts in your dashboard, please reach out to [email protected] to have it connected.
Customer home locations
A customer home location is the location that a given customer belongs to, allowing you to send marketing messages and filter reports by home location. You can enable home locations under Settings > Locations > Location settings > Enable home locations.
Customer home locations play an important role in routing payments to the multiple bank accounts that are connected to your Momence dashboard. More on this later in this article, but in order to be able to connect multiple bank accounts to one Momence dashboard, you need to enable customer home locations and required customers to select a home location when new customer accounts are created. This will ensure that each of your customers has a home location assigned to them, thus allowing each of your payments to be routed correctly for online purchases.
When connecting a new Stripe account to your Momence dashboard, you will be asked to indicate which Home location the given Stripe account belongs to. Ultimately, this is where you indicate which bank account belongs to a given location.
How payments get routed
Once you have multiple bank accounts connect to your Momence account and support for multiple bank accounts has been enabled in your Momence dashboard, payments will be routed to the appropriate Stripe accounts as follows:
When making a sale through the Point of Sale, you will be asked to indicate which location you are making the sale from. All sales from the Point of Sale will be routed to the Stripe account that belongs to the selected location. Note that you will only be able to select from Home locations.
Purchases that are made by customers online for classes (including payment plan payments), appointments and retail products that take place at a home location will be routed to the Stripe account that belongs to the given location.
All other purchases that are made by customers online will be routed to the home location of the customer. The most popular case for this is when a customer purchases a membership online: the purchase of the membership and all subsequent renewals will be routed to the Stripe account connected to the customer’s home location
If Momence isn’t able to determine a specific Stripe account to route a particular payment to, the default Stripe account that is connected to the Momence dashboard will be used.
Managing payment methods on file
When using multiple bank accounts it is important to remember that each payment method that is stored on file for a customer belongs to the home location where it was created. This means that, for instance, if a customer makes an in-person purchase at Studio A, their card on file will be accessible when making subsequent sales at Studio A. Conversely, the card will not appear on file when making sales at Studio B, unless the customer adds the card on file themselves or makes a subsequent purchase at Studio B. This is important to remember when changing the home location of a given customer. You will see an alert if you are at risk of running into an issue with the payment method on file management while changing a customer’s home location.
Reporting
You are able to filter all of your sales reports by Home location. When filtering a sales report by Home location, you will see all the sales made by customers who belong to that Home location. Note that this is distinct from filtering sales reports by Location, which instead shows all the sales that were made for classes and appointments that belong to that given Location.
You will also be able to run a report that indicates which Bank accounts individual sales have been routed to in the Bank account reconciliation report.