Automated Clearing House (ACH) is an electronic network for financial transactions in the United States.
We currently accept ACH payments when you utilize Stripe as your merchant account option. To set this up, please follow these three easy steps:
- First, you'll need a Stripe account. Sign up for one here and be sure that you have the ACH payment option activated. Already have this completed? Go to #2!
- Once you're all set up with Stripe, log in to your 17hats account and navigate to the Invoice Options screen. First, enable Stripe then click the ACH checkbox.
- On your next invoice, make sure the 'Accept Online Payments' is checked, and you're good to go! We suggest performing a small test transaction ($1 for example) and paying yourself so that you may verify you have successfully set up your merchant account correctly.
Your clients will go to the standard invoice page they pay online, but instead of paying via credit card, they can choose ACH. It will then trigger the bank pop-up. Note: This is Stripe's dialog and cannot be modified at this time.
Stripe provides the ultra-secure payment system that allows your client to enter in their bank credentials, choose a bank account, and start the ACH transfer directly to your bank. Out of the gate, Stripe supports the biggest banks in the United States, currently about 1,500, (sorry -- we're still waiting on Stripe's non-US bank integration). Typically the transfer takes 3-5 business days. The banks that can be used for ACH payments are Chase, Bank of America, Wells Fargo, Citi, US Bank, USAA, Fidelity, ONC, Capital One, TD Bank, Suntrust, Navy Federal, Charles Schwab and BB&T.
ACH payments on Stripe cost 0.80% and are capped at $5, with no monthly fees or verification fees. This is paid directly to Stripe (your merchant account) as their processing fees.
Once connected, the payment process for your client is simple! When paying an invoice, the client will now have the default, "ACH (eCheck)" option, with the ability to select "Credit Card" if needed.
Your client will then be prompted to choose their bank from the available options:
You may be asking yourself, what if I ONLY want to accept ACH payments and not allow the payment via a credit card? Simple! To do this:
- Click on your company letters/circle in the top right corner, or the gear icon to go to "Account Settings."
2. Navigate to "invoice options" under Money Matters
3. Under your Stripe connect, select the "Disable Credit Card payments" option below ACH (Stripe):
**Please note that you may only utilize a single merchant account option at any given time. Once you have Stripe connected as your merchant account, all online payments will be processed by Stripe.
**You may need to accept the terms of service directly at Stripe before they will allow you to utilize ACH
**Some ACH users may see a lower transaction limit of $1,000 USD while they establish their account history with Stripe. You can read more about Stripe’s ACH payment processing terms here.
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