How to Configure Basic Settings for Merchant Accounts

For a Wise-Pay merchant account, the following basic account settings must be configured to enable the settlement of payments in your accounting package. These selections define the accounts for different financial transactions like payments and prepayments.

Most of these configurations are done during the on-boarding session. Unless there are significant changes to your accounting application, you may not be changing these settings.

You must have the Is Merchant Admin privilege to manage merchant account settings.


Follow these steps to configure basic account settings for your Wise-Pay merchant account:

  1. Login to Wise-Pay as a merchant. See How To Log Into Wise-Pay.
  2. Ensure that a company is selected from the Company drop-down.
  3. Navigate to Configure > Merchants and click Edit merchant
    Wise-Pay displays the Account Merchant Details page.

  4. Change any of the following if required, and click Save to save the changes.
Account Merchant Payment StatusThis must be Enabled to receive payments through Wise-Pay and process them through the selected payment processor.
Merchant Account TypeDescribes the type of payment processor merchant account used. Wise-Pay supports the following types of payment processing merchants:
  • IntegraPay
  • Stripe
  • Braintree
  • Authorize .Net
You need to have an account setup with the payment processor. The details of your payment processor merchant account are saved as a part of your Wise-Pay merchant account configuration. Wise-Pay subscription varies with the choice of payment processor. Check for details.
Account for Clearing PaymentsSelect the current asset account from your accounting package to hold payments until they are cleared. Following best practices, this should be set to the Wise-Pay Clearing Account.
This drop-down only displays bank accounts with account codes, and Xero accounts for which the PaymentsEnabled option has been selected.
Bank Account for PrepaymentsSelect the bank account to which the prepayments received through Wise-Pay should be allocated.
Account for PrepaymentsSelect the revenue account to which the prepayments received through Wise-Pay should be allocated.  Following best practices, this should be set to the Wise-Pay Pre-Payments Account.
Overpayment Tax CodeSelect the tax code to apply to the overpayments received through Wise-Pay. This field is used when prepayments or overpayments are received through Wise-Pay (mainly in the case of batch payments).
Capture AVS InformationEnable this if you wish to record information for Address Verification System (AVS) used by certain credit card processors in the United States.

To configure Advanced Options, see How To Configure Advanced Settings for Merchant Account.