Save up to 60% on typical payment processing fees
What are the potential savings?
In the USA, Industry standard credit / debit card processing rates are are 2.9% plus 30c a transaction. If you typically process around $10,000 a month you might be paying around $320.00 a month in processing fees.
The rate for ACH is 1.2% with no "per transaction" fee so on the same $10,000 volume the cost would typically be as low as $120.00
This would represent a saving of over $200.00 reducing the overall payment processing fees by 62.5%.
What is ACH?
ACH stands for Automated Clearing House and is an electronic network for financial transactions in the United States.
Instead of entering credit or debit card details, your client links their bank account to Pet Sitter Plus in the client portal. In doing so they authorize you to take payments directly from their account.
Once a client has linked their bank account, Pet Sitter Plus payment processing options are the same as if the client had entered their credit card. All the same functionality is available such as
Bulk payment processing - take multiple payments from multiple clients in a single action.
"Pay Now" option enabling clients to make payments in the client portal.
What is Plaid?
Plaid is a company that partners with Stripe to make the ACH solution easy to use and quick to implement.
Benefits of Plaid
Adding bank account details made easy. Entering router codes and account numbers is not user friendly. Plaid enables clients to add their bank account details without having to enter their router code and account details.
Instant account authentication. Plaid authenticates accounts instantly, meaning that there is no delay in being able to take payments from a newly linked account. Older methods used micropayments to authenticate accounts which could take up to two weeks. Plaid replaces micropayments providing instant account verification.
Plaid works with stripe. Plaid has partnered with Stripe to tokenize ACH for maximum security.
Limiting NSF fees. Plaid checks bank balances in real time to limit "NSF" (None sufficient funds) fees.
Can I use ACH outside the USA?
ACH is an electronic payments network for financial transactions in the USA. If your pet sitting business is based outside the USA, it is unlikely that you will be able to use ACH.
If your Pet Sitting Business is based outside the USA you may be able to use ACH provided that your business was incorporated in the USA, that your Stripe account is based in the USA and that you have a USA based bank account in US$.
Do I need a Stripe account?
Yes - ACH has been implemented to work with your Stripe account. If you do not have a Stripe account you will need to apply for one first. Click this link for help on applying for a Stripe account.
Can I use an ACH service from another payment processor?
No, our implementation of ACH requires that you have a Stripe account.
How long does it take for an ACH payment to reach my bank?
ACH payments take up to 5 business days to receive acknowledgment of their success or failure. Because of this, ACH payments take up to 7 business days to be reflected in your available Stripe balance.
Basic ACH Setup Instructions
If you do not have a Stripe account you will need one.
Click this link for more instructions about setting up your Stripe account.
If you already have a Stripe account
Please do the following to enable your Stripe account to accept ACH payments with Plaid.
Log into your Pet Sitter Plus account.
Click ADMIN > SUPPORTING DATA > PAYMENT CREDENTIALS > Stripe
To enable ACH with Plaid, check the box "Use ACH with Plaid" and click "Update".
Once you have followed the above procedure your clients will see the option to add their bank account details (as well as being able to choose to add a card) under "Settings" in the client portal.
Check this box if your would like your clients to be offered the option to add their bank account first. Its a way of making the interface "biased" towards the entry of a bank account as opposed to a card. Use this option if you want to promote and encourage the use of ACH. Clients will still find the option to add a card, but it is a bit more tucked away out of sight.
Do not allow new cards
Check this box If you want to restrict clients to only adding their bank account (meaning that they can only pay with ACH). With this option checked, new clients will only be able to pay using ACH. Existing clients will be able to use their existing card on file until it expires at which point their only option will be to add a bank account.