⚠️ Please review the following requirements ⚠️
Accepting payments via bank transfer (ACH) is easy for both you and your clients!
But first, there are a handful of requirements before you can accept payments via bank transfer, so take a moment to review and make sure you qualify:
Requirements
Only available for businesses based in the United States.
Requires the "Pass on Credit Card Fees" feature to be enabled.
Requires payments to be enabled.
All set? Let's go 🚀
🏦 How do I enable payment via bank transfer?
Ensure that the "Pass on Credit Card Fees" feature is enabled.
Once enabled, check off the "Enable ACH payments" box.
💰 How much does it cost to accept payment via bank transfer?
There is a flat fee of $3.99 per transaction for bank transfers. This is a significant savings over our already low credit card rates.
⌛ How long does it take to receive my funds?
Unlike credit cards, bank transfers are a delayed payment method, meaning they do not settle instantly.
While you'll see your payout within 2 BUSINESS DAYS, it takes up to 4 BUSINESS DAYS for the payment to finish processing.
The cutoff time for payments made via bank transfer is 2:00 pm ET. This means that any payments made AFTER that time will be submitted for processing the NEXT BUSINESS DAY.
Depending on when a client submits their payment, it could be anywhere from 2 to 5 days before you receive payment in your account due to weekends and holidays.
🎛️ What options do I have when accepting bank transfers as a payment method?
Mark inspections as paid only when ACH payments settle
It's crucial to note that bank transfers have the potential to encounter failures at any stage within their processing period, which normally takes 4 BUSINESS DAYS. This option keeps your reports locked until the payment has settled successfully and ensures that you've received your payment before your clients and agents can see their reports.
If this setting is enabled and you would like to allow your client to see their report before their payment has finalized, you can unlock their report.
Send me a reminder when the bank transfer payment is available in my account
You can be notified via email when a bank transfer is successful. After the payment has been submitted, enable the "Send me a reminder when the bank transfer payment is available in my account" option in the Internal box of the Inspection Details page.
👀 What does this look like to my client?
When paying for an inspection, your clients will see a "Pay via Bank Transfer" option.
After clicking the "Pay via Bank Transfer" option, your clients will be presented with a window to connect directly to their bank to verify their account and pay for the service. Spectora uses Plaid to securely connect to your customer's bank to initiate the transfer.
↩️ How do I refund a bank transfer?
To refund a payment made via bank transfer, you'll follow the same steps as you would for a credit card payment. However, because a bank transfer payment takes multiple days to process, you'll need to wait until the payment settles before issuing the refund.
🤔 What happens if a client disputes a payment made via bank transfer?
Disputes on ACH payments are fundamentally different than those on credit card payments. If a customer’s bank accepts the request to return the funds for a disputed charge, the funds are immediately removed from your account.
Unlike credit card disputes, you can’t contest ACH reversals. You must contact your customer to resolve the situation. The ACH network allows 60 days for consumers to contest a debit. Business accounts only have 2 business days, but because there is no way to be sure if the account is a business or personal account, don’t rely on this as a way to reduce risk.
Looking for further information? Write into our chat bubble, our Client Success Team will be here to help!
