⚠️ 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:
Only available for businesses based in the United States.
Requires the "Pass on Credit Card Fees" feature to be enabled.
Requires use of the New Client Portal.
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?
Both Spectora Payments and Square charge 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 takes to receive my funds?
Unlike credit cards, bank transfers are a delayed payment method, meaning they do not settle instantly.
Payments made via bank transfer up to 7 BUSINESS DAYS to settle and be paid out.
Settlement time can be up to 6 BUSINESS DAYS.
Once the payment has settled, it will pay out the next business day.
The cutoff time for payments made via bank transfer is 5:00 pm ET. This means that any payments made AFTER that time will be submitted the NEXT BUSINESS DAY.
Depending on when a client submits their payment, it could be anywhere from 5 to 8 days before you receive payment in your account due to weekends and holidays.
👀 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, Stripe/Square immediately removes the funds 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.
🎛️ What options do I have when accepting bank transfers as a payment method?
Notification of failed payments
When bank transfers do fail, you can be notified via email. To do that, enable the "Receive an email for failed bank transfers" option and add the email address you want alerts to be sent to.