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FAQ: Bank details

Answers to frequently-asked questions about connecting your bank account and receiving client payments

Updated over a week ago

What entity type is my business?

When connecting your bank account to HoneyBook, the business entity type you select determines the steps you'll take to complete the process. Choose one of the three types:

  • Individual: You own and run a business, but do not have an EIN (Employer Identification Number). You use your social security number when filing your taxes.

  • Sole Proprietor: You own and run a business and were issued an EIN. If you have filled out an SS-4 Form to register your business with the IRS, you have a government-issued EIN. Alternatively, if your organization is a registered nonprofit, select this entity type when connecting your bank account to HoneyBook.

  • LLC-Partnership-Corp.: You pay taxes as an LLC, partnership, or corporation. If you have filled out an SS-4 Form to register your business with the IRS, you have a government-issued EIN.

Be very careful to select the correct type when connecting your bank account. If there's a mistake, payments to your bank account will not process.


I just updated my business name with the IRS. When should I update my business name under the Bank Details tab in HoneyBook?

The IRS can take up to a few months to send a new SS-4 form after submitting a change request. If you haven't received the new form, keep the old business name in HoneyBook. Update your business name as soon as you receive the new form. Here's how to edit your bank account details.


How do I edit my existing bank account details?

If you need to make changes to your bank account or business owner details in HoneyBook:

  1. From any page, click your profile photo in the top right corner of your screen > select Company Settings from the menu

  2. Select the Bank Details tab

  3. Next to the bank account or business owner for which you need to edit information, click VIEW AND EDIT

    • If you need to delete an entry entirely, click the trash can icon

  4. Edit or re-enter information as necessary and click SAVE

  5. You may be required to complete 2-step verification—learn more about 2-step verification here

📚 Tip

In order to delete a business owner, you need to delete the bank account first.


Why do I need to provide this information to connect my bank account?

All of the information we collect when verifying your business, owner, and bank account details is for identification purposes. We need this information to comply with federal regulations that are in place to protect you and your business from fraud.

The information we collect is required by law, and no other members can access it. If you're located in the United States, learn more about the regulations for banking in the US. If you are located in Canada, learn more about the regulations for banking in Canada.

To comply with these policies, referred to as "Know Your Customer" (KYC), we occasionally review accounts and may need additional information from you. During the review process, any payments you receive will be held until it's completed.


I do not want to accept payments through HoneyBook. Can I turn them off?

At this time payments cannot be turned off. If you receive a payment outside of the system, you can mark it as paid to keep your bookkeeping in order.

Additionally, the payments page cannot be removed from an invoice. If you do not want to prompt your clients to pay, consider sending a smart file with a view-only services block instead.


Can I use my own payment processor to accept payments?

We're not able to process payments through HoneyBook using personal accounts with PayPal, Stripe, Venmo, or other platforms. In an effort to keep all your business information in one place, HoneyBook acts as the payment processor for any card or ACH/bank transfer payments you receive. This means that client payments are sent directly to your connected bank account with no need to manually cash out.

If you do need to accept any external payments (made via cash, check, or another method), here's how to record those payments in HoneyBook.


What are restricted business and how do I know if my business is restricted?

HoneyBook complies with Stripe’s prohibited and restricted business list. You can find a complete list of these business types here.

In order to operate as a payment processing platform, HoneyBook regularly monitors transactions. If your business is flagged as potentially restricted, we may reach out to the email address associated with your HoneyBook account requesting additional identifying information.

Regardless of when an identification occurs, restricted businesses cannot use the HoneyBook platform.


What should I do if my director details can't be verified?

If your directors can't be verified, try these steps one at a time to see if the issue gets resolved:

  1. Update the director details you provided when adding your business owners info

    1. You can do this by selecting View and Edit for your business owners >

  2. Upload documents that match the director details you provided when adding your business owners info

    1. You can do this by selecting View and Edit for your business owners > updating the documents you provided to confirm your company

  3. Confirm that the number of directors you've added matches the number of directors listed on your uploaded documents > add or remove directors as needed

    1. You can do this by selecting View and Edit for your business owners > updating the amount of directors as needed


Still have questions? Feel free to send us a message by clicking the Question Mark icon on any HoneyBook page. Our team is always happy to help!

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