Automated Clearing House (ACH) is an electronic network for financial transactions in the United States.
ACH payments are currently available only if you utilize 17hats Payments (or, for Founding Member account, Stripe) as your merchant account option. 17hats Payments is a partnership with Stripe to allow secure payment processing. To set this up, please follow these three easy steps:
First, you'll need a 17hats Payments account. Sign up for one under Account Settings --> Invoice Options and be sure that you have the ACH payment option activated. Already have this completed? Go to #2!
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 payment page, 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 by 17hats
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, with currently about 1,500 available (sorry -- we're still waiting on Stripe's non-US bank integration). Typically the transfer takes 7 business days from Stripe. 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 through 17hats typically cost 0.80% and are capped at $5, meaning any payment over $625 will be charged only $5.00, with no monthly fees or verification 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 be asked to agree to connect to Stripe:
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 17hats Payments tab, select the "Disable Credit Card payments" option below ACH (17hats Payments):
**Please note that you may only utilize a single merchant account option at any given time. Once you have 17hats Payments connected as your merchant account, all online payments will be processed by 17hats Payments.
**You may need to accept the terms of service directly at 17hats Payments or 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 17hats Payments or Stripe. You may read more about 17hats Payments' or Stripe’s ACH payment processing terms here.
KeyWordSearch: ACH, stripe, merchant, payment, invoice, 17hats Payments