What is Plaid?
Plaid works with thousands of reputable companies to connect businesses to users’ bank accounts. You can learn more about Plaid here.
Why is The Business Backer asking me to connect my bank account through Plaid?
Plaid makes it easy to connect your bank account with us. This connection allows us to review your recent account activity (debits, credits and balances) and make decisions more efficiently. This also means that if we need to review your updated bank statements at a later date, we’ll be able to access updated information without requiring any action on your part.
When will The Business Backer access my bank account activity?
Our access and use of your account information varies by our products.
- Purchase of Receivables: We will access your account information in connection with any application for funds. We may also conduct periodic reviews of account activity, which may result in adjustments to your delivery obligations on a prospective basis.
- Small Business Loans: We will access your account information in connection with any application for funds. We may also use your account information to conduct further account evaluations and to determine whether you are facing financial hardship and might benefit from a payment plan.
Am I required to connect my bank account with Plaid?
Depending on your situation, we may require you to connect to Plaid to verify your recent account activity. For all other inquiries, you may choose to connect to Plaid or submit PDF bank statements. If you have questions, please contact your representative.
Can I remove my account that I’ve linked to Plaid?
Yes, you can disconnect your account from Plaid anytime at my.plaid.com. However, keep in mind that we may ask you to provide updated bank statements at a later date. By keeping your account connected to Plaid, we can access updated account information without requiring any action on your part.
Can The Business Backer see my password?
No, we cannot see your password. We will not have access to your login credentials.
Can I change my login after The Business Backer has validated my information?
Yes, your login credentials belong to you and you can change them whenever you like. However, changing your login credentials will prevent Plaid from accessing and sharing your account activity with us. If, in the future, we need to review your bank statements, you may be asked to reconnect to Plaid.
What if I have multiple bank accounts?
We request that you connect your primary business bank account. If you would like to connect more than one bank account so we can combine and review all sources of revenue, you may do so by clicking the “Find My Bank” button and repeating the process.
How do I know my information is secure?
Plaid protects your bank login credentials. You can learn more about how Plaid protects your information here. We do not store your login credentials in our database, nor are your login credentials shared with us. We do, however, store your banking activity information and use a variety of different technologies, such as Norton SecuredTM and McAfee SECURETM, to ensure it is stored securely.