Molo supports storing one or multiple bank accounts securely so that you can take payments and deposits using bank accounts via ACH. This is currently only supported for US-based marinas.

How to Store an Account

  1. Navigate to a contact and go to Payment Methods --> Bank Account.
  2. Touch Add New Bank Account.
  3. Account Holder Name, Routing Number, and Account Numbers are required. See the screenshot below for how to extract the routing number and account number from a voided check.
    1. Note: Some bank accounts have 2 routing numbers. One for direct deposit/electronic/ACH and another for wire transfers. Always use the direct deposit/electronic/ACH routing number.
  4. You may also optionally add a Nickname to the bank account that will appear to you when you use this stored account. An example of a useful nickname might be Joint Checking. The bank account name like "Wells Fargo" will always appear so there is no need to add this to the nickname.

How to Verify an Account

Bank accounts entered in Molo must be verified as correct and owned by the individual or company. To do this you need to enter 2 microdeposits amounts into Molo

  1. Navigate to a contact and go to Payment Methods --> Bank Account.
  2. Touch Verify Account next to the bank account.
  3. The microdeposits made into your customer's account will appear as Molo Amts: 2,20. Two deposits will be made in amounts less than $1.00. 
    1. Tip: The bank account statement descriptor will contain the 2 amounts so for the example above, the two amounts are 2 and 20 cents.
    2. Tip: It typically takes less than 24-48 hours for the microdeposits to appear in your customers bank account.
  4. Enter these two amounts into the Confirm Bank Accountpop-up without the dollar sign and without decimals like "2" and "20". Below is a screenshot of 2 actual deposits.
    1. Important Note: You only have 10 attempts to verify an account so if you cannot verify an account after 2 or 3 attempts, remove it and add it back to Molo. You can always contact Molo Support for assistance.
  5. Note: Molo will withdraw the 2 microdeposits in 1 single withdrawal. For the example below of 2 deposits of 20 and 2 cents, Molo would withdraw $0.22 from the customer's bank account.

Why are Microdeposits Required

In Molo, we use microdeposits as a validation method to comply with NACHA Guidelines and ensure that:

    a. An account is valid and can accept withdrawals and deposits

    b. The customer adding that the bank account has access to the account

How can I resend the Microdeposits?

To resend the microdeposits, the account would have to be removed directly in the processor and reentered. To do so, please reach out to and link the customer and account details to be removed.