Zelle makes the money available immediately in the recipient’s account and settles the transfer later with ACH. Some payment services, including Zelle, offer instant bank-to-bank transfers via ACH (and other networks) without additional fees. Typical ACH payments take one to two business days to process, though ACH offers a same-day service that usually comes with a higher fee for the payer. ACH transfers are processed within bank business hours based on cutoff times each day (your platform will tell you when to expect a transfer to be processed and hit the receiving bank account).Depending on the platform, you might pay a fee to receive the transfer, or the payer will cover the fee or you’ll pay a flat fee to use the software and no per-transaction fee.Schedule the payment to process-this could be on a scheduled payday or as soon as possible.Enter the payment amount into the platform.Generally, this collection happens through a third-party platform, such as Gusto or Stripe. You need a bank routing number and account number for both the payer and payee. Collect the customer’s bank account information (or, often if you’re acting as a vendor, give your bank account information to the client).To set up an ACH payment with a customer: Automated transfers among your financial accounts-for example, from your checking account into an IRA at a different institution-usually take place through ACH, too. If you’ve ever been paid through “direct deposit” from a job or client, the payer likely used the ACH network to facilitate it. They’re facilitated by the Automated Clearing House network, a hub connected to thousands of banks around the country. Use a rent payment platform such as Avail to let tenants pay online through a bank transfer, and get the money deposited automatically into your account.ĪCH payments are electronic transfers from one bank account to another, almost exclusively within the U.S. Make it easy on all parties by accepting ACH payments. Neither you nor your tenants want to bear the fees that accompany a credit card payment for several hundred or thousands of dollars, and cash and checks are outdated, slow and inconvenient. If you run a subscription for a publication, an online community or a yoga or fitness studio, look into adding an ACH payment option for your customers. And they’re less likely to change bank accounts than to cancel or max out credit cards frequently, so you have less troubleshooting to do over broken payments. Subscriptions and MembershipsĬustomers only have to enter their information once, so it’s not a burdensome task. If you’re a one-to-one service provider such as a coach or therapist, you probably have to facilitate payments on your end, and clients might be less likely to have their bank information on hand than their credit card. Businesses that pay lots of vendors often have a payment system set up to facilitate ACH payments, so all you have to do is give them your bank information. This is often easy if you’re a freelancer, consultant or contractor working with established companies. Whether you’re a freelancer, coach, consultant, massage therapist or construction company, bank transfer is a smart way to collect payments. If you sell services and invoice for your work, ACH transfers are a great way to get paid. If you’re in one of these types of businesses, ACH payments are probably a good fit for you. Both businesses and customers have a lot of reasons to love ACH payments, but they’re not a perfect fit for every kind of business.
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