What are Micro-deposits?

Introduction

Micro-deposits are small, typically random amounts of money that are deposited into a bank account for verification purposes. They are often used by financial institutions and online services to confirm the authenticity of a bank account and its ownership.

When are micro-deposits used in Exact?

Some Sub-Merchants or Customers may either opt not to verify their banking information through Plaid; or, their banking institution might not be present in the Plaid application. In these cases micro-deposits will be initiated and sent to the merchant's or customer's bank account.

How are micro-deposits initiated?

In the scenario's listed above, two micro-deposits of under $0.20 are sent by Exact's partner Dwolla to the merchant or customer's bank account. An email will be sent to the micro-deposit recipient similar to the one below:

Once the deposits have been sent to the bank, typically one business day after they were initiated, a second email will be received:

How are micro-deposits verified?

Partners will use the endpoint /payment-method/{payment-token}/verify to verify the micro-deposit amounts provided by their sub-merchants or customers. Once these micro-deposit amounts have been submitted through the endpoint above the bank account will be verified.

Note: Micro-deposits do not expire and can be verified any time in the future.