Account Settings
...
Proceeds
Direct Deposits

Information needed for direct deposits

6min

There are a few bits of information needed if your organization would like to set up direct deposit (instead of paper checks) as your payout method within Ludus. Ludus works with Strip to provide simple and secure credit card payment processing and deposit funds into your bank account. Check out the list below to see what information is needed to set up direct deposits.

Necessary Information for Direct Deposits:

  • Organization name
  • Organization address
  • Organization phone number
  • Organization EIN - Suggested Article: EIN/Tax IDs
  • Organization website (if applicable)
  • Organization bank account number and routing number
  • SSN
  • Title of owner
  • Full first and last name of individual
  • Date of birth for owner

Learn more directly from Stripe here.



Why is all of this information needed?

By law, Stripe must ask for your SSN to make sure you are who you say you are, and that you're authorized to act on behalf of an entity (your school, organization, or business). Your SSN is for identity verification ONLY; Stripe is federally required to officially know someone connected to the account as part of KYC, a component of the United States Patriot Act, including implementation of the FinCEN Customer Due Diligence rule, which requires identification of those individuals with control over a financial account. This is something that cannot be avoided and what you'll find with other processors such as PayPal and WePay when using services like GoFundMe or Shopify.

These requirements are intended to prevent individuals from using complex schemes to hide terrorist financing, money laundering, tax evasion, and other financial crimes.

Stripe is asking for my bank’s login information — can I manually enter my routing and account number instead?

Yes! Stripe asks for your bank login to make the connection easier, however, you can certainly select to manually enter your routing and account number.

Will my personal taxes be affected?

No! This information is used to check against IRS records provided to Stripe by the IRS and does not reflect on personal records.

I don't feel comfortable providing this information, is there an alternative?

While this information has to be provided to receive direct deposits, you can choose to receive paper checks at the end of your event instead. For paper checks, we need to know where to send checks, to whom/what to make them out, and the organization's EIN.

What is an EIN?

An EIN stands for Employer Identification Number. Here's our help article that explains this in more detail. Suggested Article: EIN/Tax IDs



Note: You may receive a text message from Stripe verifying your first Deposit. If this text does not go through, go to Reports -> Proceeds to see and reconcile all deposits.