Do you know all the deets about ACH payments? This helpful article will guide you through how ACH payments work.
Is there a processing fee when a client pays via ACH:
Yes, all ACH + CC payments are subjected to a flat processing fee of 2.5%. This ensures when you are calculating information for yearly earnings, or tax purposes you know that there is one flat percentage rate for both payment forms.
Do clients get charged a processing fee for connecting their bank accounts:
There is no processing fee for processing a payment via ACH. We love 💕 to give your clients the option to use their bank account for no fee, or use their CC for a 2% processing fee and capitalize on getting those bonus points. (WHO DOESN'T LOVE BONUS POINTS)
My client is saying their bank is not accepting via Plaid:
Instead of Verifying Instantly- click on verify via micro deposit. Stripe will deposit into your account- verify your account by entering the amount stripe deposited into your account.
How long does it take for an ACH payment to be deposited into my bank account:
Every deposit is dependent on the financial institution, RPC finds on average businesses will receive the deposit into their account between 2-3 business days.
NOTE- it is important to remember with an ACH payment the funds will automatically clear in 2-3 business days, but will not be deducted from your client account for 7 business days. If there are insufficient funds in your client account the payment will be reversed.