Start accepting ACH payments at 1.8%, capped at $15. A $100 payment incurs a $1.80 fee. ($1.00 minimum fee)
Stripe, as a payment gateway, supports ACH payments, allowing businesses to accept payments directly from customers' bank accounts. This can be an alternative to credit card payments and can be particularly useful for recurring payments, subscription services, or other situations where direct bank transfers are preferred.
This feature is available in the Pro plan.
Start with enabling the ACH Power up Under Addons > Stripe
There are two available ways to add an ACH bank account to a customer profile:
You can invite your customer to add a bank account via email by simply clicking on the "Email ACH Invitation" option.
The 'Add Bank Account' button will redirect the customer to the customer portal, allowing them to independently add their bank account.
You can also add a bank account for a customer by going to the customer profile, and then navigate to the Account tab. Scroll down to the Payment Method section.
Enter the necessary bank account information such as the:
Account Name
Account type (Individual or Company)
Routing number
Account number
Confirm account number
After adding the bank account, the next step is verification. Stripe will initiate a micro deposit within 24 hours to the bank account, and you will need to obtain the descriptor code associated with the deposit. The code starts with "SM" followed by a 4-6 digit code.
The added bank will initially be in a "Pending Verification" status until this process is completed.
To verify the bank account, you can either:
On a pending bank, click on the three dots, and it will give you the option to verify by confirming the 6-digit code in the statement descriptor.
The customer will need to verify the microdeposit made by Stripe in their bank account. It appears in the description and under the merchant name, starting with "SM" followed by a 4-digit code.
Example:
You can also collect the code via email by sending an Email Verification Reminder. This will direct the customer to a landing page where they can enter the verification code directly for you.
The customer will need to verify the microdeposit made by Stripe in their bank account. It appears in the description and under the merchant name, starting with "SM" followed by a 4-digit code.
Example of the deposit:
Once successfully verified, a "Verified" label will appear next to the account number.
The three dots on a verified bank account allows you to:
Set a bank account to be the default whenever you use ACH as a payment method
Delete the bank account from the list
Now, you can use the bank account linked for ACH as your payment method when adding a payment to the invoice.
An ACH invitation template is already available. You can make changes to the template under the "Settings" menu, specifically within the "Emails and SMS Templates" section. Navigate to "System" and select the "ACH Invitation Template" for customization.
