Adding a new bank account

Schools can add as many bank accounts as they require in order to ensure funds are settled to the correct account. For example, you may settle school meals to your main school bank account (or these may be settled to a caterer account) whilst other items such as trips and uniform may be settled to a school fund account.

In order for a new bank account to receive income through the ParentPay Collection Service it needs to be fully approved. This includes the school providing ParentPay with evidence of ownership of the bank account.

  1. Go to Finance > Manage bank accounts
  2. Select Add new bank account

  1. Complete all of the requested information:
  • Bank name
  • Account number
  • Sort code
  • Bank account name
  • Account nickname (to make the account easy to identify within ParentPay)
  • Payment reference (the reference you want to appear on your statement i.e. ParentPay)
  • Email receipts sent to (where do you want the email receipts to go to each time a payment is made – most schools will either create a brand-new email account for the receipts rather than have them delivered to an administration email. If you do not want the emails to be sent to an address you can enter null@parentpay.com
  1. Once completed click Save details

  1. An overview of the bank account details you are adding will be displayed allowing you to either Confirm new account, Edit details or Cancel. If your details are correct, select Confirm new account

Confirmation of your new account details will appear on screen with the status of Awaiting approval by ParentPay. The account will now be processed as follows:

  • ParentPay Service Desk will set the bank account live – doing this sets the account to live but not yet approved, allowing you to change the bank account on Payment Items so that the money is collected into the correct bank account. However, no funds will be settled until the account is approved.
  • ParentPay Settlements Team will approve the account – doing this will confirm that the account details are correct (as per the evidence you have provided) and allow collected payments to be settled to the account during the next settlement cycle.

Please note: Remember to submit your evidence to ensure the Settlements Team can approve the new account.

 

Evidence required by ParentPay

 

Evidence should be a scanned and emailed, or a faxed copy, of one of the following:

  • Bank account statement
  • Cheque
  • Confirmation letter from the relevant bank (less than 28 days old, including contact details of the bank)

These should be sent to ParentPay using one of the following methods:

The evidence needs to clearly show the account number, sort code, company and bank account name (e.g. Oceania Primary School, Oceania School Fund Account, 11-22-33, 123456789). ParentPay will normally complete all approvals within 3 working days of receipt.