We’re happy to announce support for ACH payments via Stripe for US customers. Starting today, your clients can pay invoices via bank transfer (ACH), saving you money on transaction fees and helping you get paid faster.
The Old Way: Big Fees, Slow Payments
Getting paid online for large invoices can be expensive. Credit card transactions typically cost 2.9% in fees. This means on a $10,000 invoice you pay $290 in fees.
To prevent those fees, you might ask a client to send money via check. But the downside is, you’re left waiting days or weeks to get paid.
The New Way: Tiny Fees, Faster Payments
Now with ACH payments, you can get paid fast without incurring those huge fees! If you use ACH payments, that same $10,000 invoice would have a fee of just $5—saving you $285! Stripe charges a 0.80% fee for ACH transactions, and fees are capped at $5 per transaction.
ACH is also a great option for clients who don’t like to charge large amounts to their credit card. You won’t need to wait for a check in the mail and will get notified as soon as an ACH payment is submitted.
Paying an Invoice with ACH
When a client views one of your invoices online, they’ll now have an option to Pay with Bank Transfer (ACH). We’ll guide your client through the smooth process of verifying their bank account and authorizing payment. Once they’ve confirmed their payment, we’ll send them a receipt.
Setting Up ACH Payments
Just head to Invoices > Configure > Online Payment and follow the steps to set up a Stripe account.
Once your account is connected to Stripe, you’ll see an option to enable ACH payments. You can also find more details here in our Help Center.
Some fine details:
- It can take up to 3-5 business days for ACH payments to be approved.
- When a client pays for an invoice with ACH, you’ll be notified instantly by email, and the invoice will be marked as pending payment.
- Once the ACH payment has been approved, we’ll let you know by email, and mark your invoice as paid.
We hope this update helps smooth the payment process for both you and your clients! With faster payment and lower fees, you’ll save both time and money.