Note: FactorPay is currently only available for US-based firms. Accounting integration for FactorPay is only supported with QuickBooks Online.
Prerequisites
Before beginning setup, you will need to ensure you have the following completed and available to proceed:
Request access to FactorPay from Factor. A Factor Product Specialist must enable the merchant application for your account.
Have your legal business name, EIN (or SSN for sole proprietors), and business bank account details ready.
Identify a business owner who holds at least 25% ownership - their personal information is required.
Step 1: Start the Merchant Application
After a Factor Product Specialist enables FactorPay for your account, click the button to begin the merchant application. This will open the Payrix application form.
Step 2: Complete Business Overview
Business Type - Select the option matching your official business structure. Most Factor users will select "Limited Liability Company" or "Corporation."
Legal Business Name - Enter your business name exactly as it is registered with the federal government. This must match precisely for verification.
DBA / Statement Descriptor - Enter a cleaner version of your business name. This is what clients will see when they make a payment.
Industry - This will already be pre-selected because Factor serves a specific industry type.
Business Verification - Select the type of identifying number you will use. Sole proprietors can use a Social Security Number; otherwise, use your EIN. Enter the number in the provided field.
Step 3: Enter Processing Estimates
Average Monthly Processing Volume - If you do not currently take credit card payments, select the manual entry option.
Secondary Descriptor - This helps you identify disbursements to your bank account. For example, enter "Factor Pay" or a location identifier if you have multiple locations filling out separate applications.
Business Description - Describe what your business processes payments for and how goods/services are sold (e.g., "professional services").
Date Business Established - Enter when your business was founded.
Annual Processing Volume - Provide an estimate.
Average Transaction Amount - Enter the amount of a typical invoice.
Step 4: Enter Business Address
Enter your office address - not a personal address. The form will highlight any fields with errors, making it easy to see what needs to be corrected.
Step 5: Create Owner / User Account
This step creates a Payrix account. Important details:
This is a separate account - it is not your Factor login or QuickBooks Online account. It is a third, distinct account for Payrix.
You cannot use an email address as the username; create something unique.
You will rarely need to access this account. The only time you may need it is for troubleshooting.
Step 6: Enter Business Owner Information
Enter the personal address and details for Business Owner 1. The individual listed here must own at least 25% of the business. You can add additional owners, but this is not required unless you want multiple owners to have access.
Step 7: Enter Bank Account Information
Enter your business bank account details. This is required for disbursement of funds - without it, Payrix cannot send you payments.
Step 8: Review and Submit
Review the terms and conditions (accessible via links on the form), then submit the application. Key items to double-check before submitting:
Legal business name matches your federal registration exactly
DBA/statement descriptor is what you want clients to see
Owner information is for someone who owns at least 25% of the business
The owner's email address is correct - account confirmation will be sent there