Overview

After adding a vendor to Mysa, the next step is adding their bank account details which requires completing a two-step verification process. This secure verification includes OTP authentication and account owner confirmation to protect all payment transactions.

Steps to add bank account

Adding bank account information can happen from multiple points within the Mysa platform:

• During vendor creation

• From the vendor detail view

• From the Finance review screen

Once you have added a vendor to Mysa only then can add a vendor bank account.

To add a vendor bank account, you'll need to provide:

1. Account number: As the name suggests, this is the vendor vendor bank account number

2. Name on the account: You can add the name that can make the account easily identifiable.

3. IFSC code: IFSC code of the bank

Once these details are entered, Mysa automatically retrieves the Bank name, Branch name and Bank city for your review.

Two-Step Verification Process

For security purposes, Mysa implements a comprehensive verification system for all bank accounts used to make payments within the platform. This verification occurs both during initial onboarding and whenever you add new payment accounts.

Our bank account verification follows a secure two-step process:

Step 1: OTP Authentication

When adding a bank account, you'll receive a one-time password (OTP) to the registered contact number and email address associated with your profile. This ensures that only authorized users can initiate the account addition process.

Step 2: Bank account verification

After OTP validation, Mysa automatically retrieves the account holder's name directly from the banking system. This additional security measure allows you to verify that the account number belongs to the intended recipient before completing the beneficiary setup.

Alternatively, you can choose to add the bank account instrument later and move on to just add the vendor in the Mysa vendor directory.

This multi-layered verification approach helps protect your financial transactions while ensuring payments reach their intended recipients.

Mapping the vendor in ERP - ZOHO

Once the vendor has been added to Mysa, they can be added to the Zoho.
If the vendor doesn't exist in Zoho, a new vendor is created in Zoho with the same details as entered in Mysa.

If the vendor exist in Zoho then can simply map the Mysa vendor to the one in Zoho.

FAQs

1. Can a payment be created to for a non-verified vendor bank account ?

Yes the payment can be created for a vendor account whose bank account is not verified.

2. Unable to Verify Bank Account

Bank account verification is an essential security protocol implemented to ensure that your payments are directed to the intended recipients. However, certain technical limitations may occasionally prevent successful verification. Below are the possible reasons why verification might fail and recommended next steps for each scenario.

1. Bank Server Down

When a bank's verification system is temporarily unavailable or experiencing technical issues, Mysa cannot establish a connection to verify account details.

Solution: Please wait for some time (typically 30-60 minutes) and attempt the verification process again. These server issues are usually temporary and resolve on their own.

2. If you are using Virtual Account

Due to technical limitations, vendor bank accounts cannot be verified when using virtual accounts as the payment source.

Solution: If you're using a virtual account, you'll need to proceed with payments without the standard verification process. Click 'Add without verifying' to proceed.

3. Account Blacklisted

Some accounts may be flagged or blacklisted for your particular source account, preventing verification through our system.

Solution: This account will not be verified., You can continue to add the vendor account without verifying by clicking on the ' Add without Verifying'

If you continue experiencing verification issues, please contact our support team who can provide further guidance based on your specific situation.