Setting Up Your Payments Powered by OEC Account

KB Article #7024

OEC has partnered with Stripe to provide Payments Powered by OEC, a payment processing service for buyers and sellers. To utilize this service, dealers must follow a setup process through OEC and Stripe and add a bank account for payouts.

IMPORTANT: Payments Powered by OEC is currently only available to:

Dealers using RepairLink
GM dealers using D2DLink

Note: The navigation menu on the Payments tab will include additional options once enrollment is complete.
1. Log in to the Dealer Portal and go to the Payments tab. Note: Alternatively, from the D2DLink or RepairLink tabs, click Application Setup > Payments.
2. Click Account Setup from the left-hand navigation.
3. Review the information you will need to set up your account. When ready, click Register for Payments Powered by OEC. This will open the Terms and Conditions.
4. Check the I agree to OEC payments terms and conditions box to agree.
5. In the new window, enter your Email. Important: This must be an email that only the Stripe account holder can access.
6. Click Continue.
7. Create a 10-character Password, then click Submit.
8. Set up two-step authentication. Choose an option below to continue:
  - To use Google Authenticator, Microsoft Authenticator, or Authy, you have two options:
    - Scan the QR code using your authenticator app and follow the instructions to complete the authentication.
    - Click Enter code manually instead to enter the code generated by Stripe.
  - 1. Click use Your Phone.
    2. Type in a Phone Number you can receive text messages on, then click Send Text.
    3. Enter the 6-digit code you received.
    4. Record your Stripe-provided emergency backup code in a secure location. This can help you get back in to your account later if you need to recover it.
9. Click Next to continue.
10. Enter your Legal business name, Business name (Doing Business As) if needed, and Employer Identification Number (EIN).
11. Fill in the Business address and Business phone number.
12. Enter the web address of your Business Website.
13. Enter a brief Product description.
  
  It should include:
  1. What your business sells
  2. Who your customers are
  3. How/where the products are sold
    
    Sample Description
    
    My business sells auto parts to wholesale customers and repair shops through OEConnection’s RepairLink Platform.
14. Click Continue.
15. Enter the business representative’s personal details to confirm their connection to the business and their authorization to sign on behalf of the organization. IMPORTANT: If the representative is not an owner, do not check the I own 25% or more of the company box.
  1. If the “I own 25% or more of the company” box was selected previously, your information will show here.
  2. If this was not selected previously and you would like to add an owner now, click Add a business owner and follow the prompts.
16. Click Confirm and continue.
17. Set up your bank account. Choose an option below to continue:
  - 1. Select your banking institution or use the search feature.
    2. Review the Terms and Conditions, then click Agree and Continue.
    3. Log in using your banking username and password.
    4. Select the account you would like to receive payments to, then click Connect Account(s). Note: To remove an account, click to deselect it.
    5. Once the tab closes, you’ll see a summary of the account where your deposits will go.
  - 1. Select Enter bank details manually instead.
    2. In the new window, enter your Routing number and Account number.
    3. Click Save.
18. Add public details for customers. This information will be visible to your customer on statements, invoices, and receipts.
19. Provide Customer support information that will be shown on receipts for your shop.
20. Click Continue.
21. Review all the information you provided. If Stripe identifies missing or invalid information, click Edit to update the fields.
22. When ready, scroll to the end of the information and click Agree and Submit.
Once confirmed, a dealer account is created on the OEC Stripe platform. Your OEC ID will be tied to this account.

The account status is displayed on the Account Setup page in the Payments tab of the Dealer Portal.
Before signing up for a Stripe account, the person enrolling via the OEC Dealer Portal should gather the following information from their Account Representative. An incomplete enrollment or unverified bank account will prevent payouts to your bank account from processing.

The following pieces of information are required during the Stripe enrollment process:
1. Business Details
  - Legal Name of Business
  - Employer Identification Number (EIN)
  - Registered Business Address
  - Business Phone Number
  - Industry
  - Business Website
  - Product Description
2. Business Structure
  - Registered Business Address (including country)
  - Type of Business (Corporation, Individual/Sole Proprietorship, Non-Profit, Partnership - the selection here determines additional required details)
3. Business Representative
  - Legal Name
  - Email Address
  - Job Title
  - Date of Birth (DOB)
  - Home Address
  - Phone Number
  - SSN (or government-issued ID)
  - Yes/No for "Do they own more than 25% of the company?"
4. Bank Details
  - Currency
  - Financial Institution Name
  - Routing/Transit Number of Account
  - Account Number