Funding
Q2 BAO allows applicants to fund their business accounts as the last step of the application workflow. New or existing applicants can use a business or personal debit or credit card to fund the account, or they can choose to fund the account at a later time.
There are three workflows that Q2 BAO supports in its application process:
- Fund Later, which allows the applicant to skip funding,
- Core-integrated funding, which allows for business accounts to be opened and funded automatically; and
- Non-core-integrated funding, which allows for funding to be processed, but does not create or fund business accounts automatically.
Funding workflows
Supported statuses for Fund Later workflow
- Applications will be placed into Pending Funding status if the application has been Approved, but the applicant has opted to fund later. The Pending Funding status only applies to applications where all other account opening steps have been completed successfully for all parties and the applicant has opted to fund later.
- If the primary user selected to fund later, and has additional signers or owners, then the status of the application should be Awaiting Signers or Documents Submitted before the application is approved.
- If the primary user selected to fund later, and does not have additional signers or owners, then the status of the application should be Documents Submitted until the application is approved.
Supported statuses for core-integrated or non-core-integrated funding workflows
Application status can vary based on whether FIs use core-integrated or non-core-integrated funding:
- Core-integrated funding—For FIs that utilize core-integrated funding, a business account is opened on the FI's core and a push transaction adds the funds to the business account. Applications are in a Processing Funding status while the funding transactions are processing, then enter the Processed Funding status when the funding transactions are processed, and finally enter the Funded status once the account is opened and the push transaction has completed.
- Non-core-integrated funding—For FIs that do not have core integration through BAO, applications will be in a Processing Funding status while the funding transactions are processing, then enter the Processed Funding status when the funding transactions are processed, and finally enter the Funded status once the FI manually moves those funds from the merchant account to the newly created business accounts. The FI then selects the Confirm Funding button in the BAO Back Office to manually complete the funding process.
When account funding fails, applicants will see a failed funding page that notifies the applicant that their funding has failed. This results in a status of Failed Funding in the BAO Back Office.
Funding integrations
TabaPay
Q2 BAO includes support for a funding workflow for FIs with and without core integration enabled. If core enabled, once a new account is created in the FI's core, Q2 BAO uses TabaPay's Unified API to push funds directly into the new account(s). Below is an image of the PCI-compliant pop-up (iFrame) that BAO renders in the application workflow.
Accounts that are funded successfully with core integration go through the following six steps:
- After the applicant has entered their desired funding method, BAO queries TabaPay to see if the card is eligible to pull funds from.
- An account is created at TabaPay to store the funding transaction.
- A pull transaction is created at TabaPay.
- The TabaPay transaction account is deleted.
- The account is opened on the FI's core. (This step is not applicable to non-core-integrated funding.)
- A push transaction adds the funds to the core account. (This step is not applicable to non-core-integrated funding.)
For more information on the TabaPay funding workflow, see the TabaPay workflow diagram.