Banks

You may use your discretion as far as how many bank accounts to open and which banking institutions to use. You may choose to have all transactions flow through one account, or you may want to maintain individual accounts for specific items such as taxes and payroll.   

Some examples of banking activity:  

• Payroll  

• Credit Card Deposits (you’ll have this setup once you set up your merchant processor)   

• Cash / Check Deposits   

• Withdrawals for your fees  

• Funding from web sales (netted by fees and adjustments)   

• Sales tax collection from sales and payment to state / town / etc.  

When opening an account:  

• The account(s) must be under your legal business name (Please see “Business Entity Naming and Use Guidelines” in the “New Store Set Up” chapter)  

• Edible requires that the account to be used for fee collection is set up with an Automatic Draft Agreement, so Edible is able to automatically withdraw your fees.  

• Ensure checks are clearly imprinted with business name and address  

• Assign signatories accordingly, you may want your bookkeeper to be a signer also  

Edible’s web funding is processed via Goldman Sachs Transactional Banking. Funds will be credited within 2 business days in most cases.    

Account Changes:  

Any changes to your bank accounts for which either web funding or fee collection is affected, must be communicated to Edible immediately via the 

Debit Authorization Form