You can now offer an alternative payment method that will cost you less and give your clients another way to pay! ACH payments, in addition to credit cards, is now available, all you need is a Stripe and bank account.
An automated clearing house (ACH) is a financial transaction network that allows for electronic payments between participating financial institutions. ACH payments only cost .80% of the total amount of the transaction, capped at $5. This is much better than the credit card fee of 2.9% + 30¢ per successful charge.
Your clients can now easily access ACH payments through your Time Tracker client portal.
Here is how to set-up ACH payments:
Step 1: Connect ACH with Stripe
If you do not have a Stripe account create one here. If you already have a Stripe account connected to Time Tracker lLogin and go to Admin > Stripe.
- a) enable both credit cards and ACH as payment options via Stripe, or
- b) enable ACH only as a payment option via Stripe
Click SAVE. Once you have this enabled your clients can access ACH payments from their client portal.
Step 2: Client Portal ACH Payment Setup
The first time the client wants to pay by ACH they will need to register and verify their banking information. To do so they can click on the payment link on the invoice and login to the client portal, then go to Accounting >Make Payment .
The client will need to add the account holder name, select if the account is an individual or business account, and enter their bank routing number and account number then click VERIFY.
Step 3: Client Portal ACH Payment Verification
Check your bank statement for 2 deposits listed as “Verification.” It could take 2 to 5 days for these to show on the bank statement. Once the deposits have been received, add the ‘Payment Amount’ and click on VERIFY.
Step 4: Make an ACH Payment
Now that the ACH payment has been setup and verified the client will be able to select ACH from the payment method dropdown, add the amount to pay and click on PROCESS PAYMENT.
Getting paid quickly is important to all businesses and their cash flow
We also know that online payment options improve the speed of payments for our customers, therefore we hope by providing an additional online payment method the time between remitting an invoice and getting paid only gets faster!
If you or your clients have any issues or questions setting up ACH payments contact us one of our Support Specialists would be happy to help for free!