Overview
To help manage card payments, Forma store purchases, money movements, and regulatory compliance, Forma partners with two third-party financial services providers, Stripe and Unit:
- Post-tax cards and Forma Store purchases are managed by Stripe
- Pre-tax cards are managed by Unit
Because we work with two different vendors, finishing your Forma implementation will be slightly different depending on the benefits you’re offering your employees, and optional features like the Forma Card, Forma Store and direct deposit.
Regardless of the platform, all require that you complete a Know Your Business (KYB) verification process.
Learn more: What is KYB and why is it needed?
If you:
- Do not offer your employees the Forma Card (for employer-sponsored benefits)
- Do not offer your employees the Forma Store
- Do not offer any pre-tax benefits
- Reimburse your employees via payroll
Then you will not need to complete KYB with Stripe or Unit. Since your employees won’t be using the Forma Card or Forma Store and they’re already set up through your payroll system, you don’t need to work with either Stripe or Unit.
If you:
- Do not offer your employees the Forma Card (for employer-sponsored benefits)
- Offer your employees the Forma Store
- Do not offer any pre-tax benefits
- Reimburse your employees via payroll
Then you will not need to complete KYB with Stripe or Unit. Your team will be required to fund 10% of the total covered benefits budget for the year (as indicated in your contract).
This amount will be calculated once your program design is finalized. Funding is required so that Forma Store transactions process successfully. This dollar amount will be invoiced and remitted prior to launch.
After that, monthly invoices will be sent to you for the amount that was spent in the Forma Store for the previous month to maintain the 10% minimum threshold. These top-up invoices are to be paid on receipt, unlike the Net 30 schedule for platform subscription fees.
If you:
- Offer your employees the Forma Card (for employer-sponsored benefits)
- Do not offer your employees the Forma Store
- Do not offer any pre-tax benefits
- Reimburse your employees via payroll
Then you’ll need to complete KYB on Stripe, and won’t need to open a Deposit Account. After completing KYB, your team will be required to fund 10% of the total covered benefits budget for the year (as indicated in your contract).
This amount will be calculated once your program design is finalized. Funding is required so that card transactions go through. This dollar amount will be invoiced and remitted prior to launch.
After that, monthly invoices will be sent to you for the amount that was spent on the card in the previous month to maintain the 10% minimum threshold. These top-up invoices are to be paid on receipt, unlike the Net 30 schedule for platform subscription fees.
If you:
- Offer your employees the Forma Card (for employer-sponsored benefits)
- Offer your employees the Forma Store
- Do not offer any pre-tax benefits
- Reimburse your employees via payroll
Then you’ll need to complete KYB on Stripe, and won’t need to open a Deposit Account. After completing KYB, your team will be required to fund 10% of the total covered benefits budget for the year (as indicated in your contract).
This amount will be calculated once your program design is finalized. Funding is required so that card transactions go through and Forma Store purchases are processed. This dollar amount will be invoiced and remitted prior to launch.
After that, monthly invoices will be sent to you for the amount that was spent on the card in the previous month to maintain the 10% minimum threshold. These top-up invoices are to be paid on receipt, unlike the Net 30 schedule for platform subscription fees.
If you:
- Do not offer your employees the Forma Card (for employer-sponsored benefits)
- Offer your employees the Forma Store
- Do not offer any pre-tax benefits
- Reimburse your employees via direct deposit
Then you’ll need to complete KYB on Unit and open a Deposit Account. Once KYB is completed, your team will set up a Deposit Account in Forma and link an external account to it to fund the account.
Your team will be required to fund 10% of the total covered benefits budget for the year (as indicated in your contract). This amount will be calculated once your benefits program is finalized.
Funding is required to ensure direct deposit reimbursements happen in a timely manner. Once these amounts are determined they will be provided to you. Your team will transfer the requested funds from the linked external account to the Deposit Account. Your team will receive an invoice and remit payment for the Forma Store pre-fund.
Each week after that, Forma will send an email notification to designated customer contacts with the amount needed to replenish the Deposit Account. Each month, you’ll also receive an invoice with the amount spent in the Forma Store.
If you:
- Offer your employees the Forma Card (for employer-sponsored benefits)
- Do not offer your employees the Forma Store
- Do not offer any pre-tax benefits
- Reimburse your employees via direct deposit
Then you’ll need to complete KYB on Stripe, and won’t need to open a Deposit Account. After completing KYB, your team will be required to fund 10% of the total covered benefits budget for the year (as indicated in your contract).
This amount will be calculated once your program design is finalized. Funding is required so that Forma Store purchases are successful and direct deposit reimbursements happen in a timely manner. This dollar amount will be invoiced and remitted prior to launch.
After that, monthly invoices will be sent to you for the amount that was spent on the Forma Card and claims reimbursed via direct deposit in the previous month to maintain the 10% minimum threshold. These top-up invoices are to be paid on receipt, unlike the Net 30 schedule for platform subscription fees.
If you:
- Offer your employees the Forma Card (for employer-sponsored benefits)
- Offer your employees the Forma Store
- Do not offer any pre-tax benefits
- Reimburse your employees via direct deposit
Then you’ll need to complete KYB on Stripe, and won’t need to open a Deposit Account. After completing KYB, your team will be required to fund 10% of the total covered benefits budget for the year (as indicated in your contract).
This amount will be calculated once your program design is finalized. Funding is required so that card transactions go through, Forma Store purchases are successful, and direct deposit reimbursements happen in a timely manner. This dollar amount will be invoiced and remitted prior to launch.
After that, monthly invoices will be sent to you for the amount that was spent on the card, in the Forma Store, and claims reimbursed via direct deposit in the previous month to maintain the 10% minimum threshold. These top-up invoices are to be paid on receipt, unlike the Net 30 schedule for platform subscription fees.
If you:
- Do not offer your employees the Forma Card (for employer-sponsored benefits)
- Do not offer your employees the Forma Store
- Do not offer any pre-tax benefits
- Reimburse your employees via direct deposit
Then you’ll need to complete KYB on Unit and open a Deposit Account. Once KYB is completed, your team will set up a Deposit Account in Forma and link an external account to it.
Your team will be required to fund 10% of the total covered benefits budget for the year (as indicated in your contract). This amount will be calculated once your benefits program is finalized.
Funding is required to ensure direct deposit reimbursements happen in a timely manner. Once this amount is determined it will be provided to you via email. Your team will transfer the requested funds from the linked bank account to the Deposit Account.
Each week after that, Forma will send an email notification to designated customer contacts with the amount needed to replenish the Deposit Account. This will be to cover the direct deposit reimbursements from the previous week. Forma will set up an auto top-up after the initial deposit that will transfer funds to the Deposit Account each week to maintain the 10% threshold.
If you:
- Only offer pre-tax benefits (no employer-sponsored benefits)
- Reimburse your employees via direct deposit
Then you’ll need to complete KYB on Unit and open a Deposit Account. Once KYB is completed, your team will set up a Deposit Account in Forma and link an external account to it to fund the account.
Your team will be required to fund 10% of the total covered benefits budget for the year (as indicated in your contract). This amount will be calculated once your benefits program is finalized.
Funding is required to ensure direct deposit reimbursements happen in a timely manner. Once this amount is determined it will be provided to you via email. Your team will transfer the requested funds from the linked external account to the Deposit Account.
Each week after that, Forma will send an email notification to designated customer contacts with the amount needed to replenish the Deposit Account. This will be to cover the direct deposit reimbursements and pre-tax card spend from the previous week. Forma will set up an auto top-up after the initial deposit that will transfer funds to the Deposit Account each week to maintain the 10% threshold.
If you:
- Offer your employees the Forma Card (for employer-sponsored benefits)
- Offer your employees the Forma Store
- Offer pre-tax benefits
- Reimburse your employees via direct deposit
Then you’ll need to complete KYB on both Stripe and Unit. Unit will be used for all pre-tax accounts and post-tax direct deposit reimbursements. The weekly top-up emails will include line items for both pre-tax and post-tax to distinguish between them.
Each month, you’ll also receive an invoice with the amount spent on the post-tax card and the amount spent in the Forma Store.
If you:
- Do not offer your employees the Forma Card (for employer-sponsored benefits)
- Do not offer your employees the Forma Store
- Offer pre-tax benefits
- Reimburse your employees via direct deposit
Then you’ll need to complete KYB on Unit and open a Deposit Account. Once KYB is completed, your team will set up a Deposit Account within Forma and link an external account to fund pre-tax card transactions and pre-tax and post-tax reimbursements through direct deposit.
Your team will be required to fund 10% of the total covered benefits budget for the year (as indicated in your contract), which will be calculated once Forma receives the pre-tax open enrollment file and your post-tax benefits program is finalized. Funding is required so that card transactions go through without issue and to reimburse employees via direct deposit for approved claims.
Once this amount is calculated it will be provided to you via email. Your team will transfer the necessary funds from the linked bank account to the Deposit Account. Each week thereafter, Forma will send an email notification to designated customer contacts with the amount needed to maintain the threshold of the Deposit Account. The amount will be equal to direct deposit reimbursements and pre-tax card transactions from the previous week. Forma will set up an auto top-up after the initial deposit that will transfer funds to the Deposit Account each week to maintain the threshold.
If you:
- Offer your employees the Forma Card (for employer-sponsored benefits)
- Offer your employees the Forma Store
- Offer pre-tax benefits
- Reimburse your employees via payroll (for employee-sponsored benefits)
Then you’ll need to complete KYB on both Stripe and Unit. Unit will be used for all pre-tax accounts. The weekly top-up emails will include pre-tax top-up amounts.
Each month, you’ll also receive an invoice with the amount spent on the post-tax card and the amount spent in the Forma Store.
If you:
- Do not offer your employees the Forma Card (for employer-sponsored benefits)
- Offer your employees the Forma Store
- Offer pre-tax benefits
- Reimburse your employees via payroll (for employee-sponsored benefits)
Then you’ll need to complete KYB on Unit and open a Deposit Account. Once KYB is completed, your team will set up a Deposit Account in Forma and link an external account to it to fund the account.
Your team will be required to fund 10% of the total covered benefits budget for the year (as indicated in your contract). This amount will be calculated once your benefits program is finalized.
Funding is required to ensure direct deposit reimbursements happen in a timely manner and Forma Store transactions process successfully. Once these amounts are determined they will be provided to you. Your team will transfer the requested pre-tax funds from the linked external account to the Deposit Account. Your team will receive an invoice and remit payment for the Forma Store pre-fund.
Each week after that, Forma will send an email notification to designated customer contacts with the amount needed to replenish the Deposit Account. This will be to cover the direct deposit reimbursements and pre-tax card spend from the previous week. Forma will set up an auto top-up after the initial deposit that will transfer funds to the Deposit Account each week to maintain the 10% threshold.
Each month, you’ll also receive an invoice with the amount spent in the Forma Store.
If you:
- Do not offer your employees the Forma Card (for employer-sponsored benefits)
- Offer your employees the Forma Store
- Offer pre-tax benefits
- Reimburse your employees via direct deposit
Then you’ll need to complete KYB on Unit and open a Deposit Account. Once KYB is completed, your team will set up a Deposit Account in Forma and link an external account to it to fund the account.
Your team will be required to fund 10% of the total covered benefits budget for the year (as indicated in your contract). This amount will be calculated once your benefits program is finalized.
Funding is required to ensure direct deposit reimbursements happen in a timely manner. Once these amounts are determined they will be provided to you. Your team will transfer the requested pre-tax funds from the linked external account to the Deposit Account. Your team will receive an invoice and remit payment for the Forma Store pre-fund.
Each week after that, Forma will send an email notification to designated customer contacts with the amount needed to replenish the Deposit Account. The weekly top-up emails will include line items for both pre-tax and post-tax to distinguish between them. Each month, you’ll also receive an invoice with the amount spent in the Forma Store.