Automated Clearing House (ACH) is a network for financial transactions that allows practitioners to accept payment using a customer's bank account and routing number. There are similar payment methods in countries around the world, such as direct debit, SEPA, and electronic funds transfer (EFT).
Once you've set up your Stripe Online Payments account, you can begin processing client credit card payments without worrying about bank transfers or using card readers. This is a great way to help boost cashflow and the overall financial performance of your practice.
Use this guide to make sure you're set up for success when processing credit cards from your Carepatron workspace.
In this guide, we'll cover the following:
Are electronic payments like ACH, direct debit, or electronic funds transfer better than credit card processing?
ACH and similar electronic payment methods are not necessarily better than credit card acceptance. Here are some of the differences or similarities between ACH and credit cards in the US.
You use the customer's bank account details for ACH transactions instead of their credit card number.
With ACH, payment details will not expire unless the account numbers change.
ACH payments take 5-7 business days to pay out to you whereas credit cards take 2-3 business days.
Accounting for ACH can involve more steps than reconciling credit cards. In the US, you will track deposit details, investigate fees, and see statements in a processor's portal.
ACH is not real-time, meaning you will not know whether your customer has available funds and that you have entered the banking information correctly for at least 5 business days after you submit the transaction. When running a real-time credit card transaction, you know immediately if the card has sufficient funds and that the account details were entered correctly.
All sales that can be completed with a credit card in your site can also be completed with ACH, including recurring payments. You can do this by setting up Autopays to debit either the credit card on file or the bank account.
Process an ACH payment
After your Stripe account has been set up, you can send bills to your clients for ACH Payments anytime by:
Select the bill you would like to process a payment
Select Send Payment Link button
Press Send
Your client will complete the ACH payment and save for future use.
Process a payment with a saved ACH Debit
When a client's ACH is saved on record, you can process payment anytime with a single click. Reducing friction and bill shock for your clients while saving you time. To do this:
Navigate to the Billing Page
Select the bill you would like to process a payment
Select Add payment button
Select ACH Debit account
Click Pay button
Our team will be available to answer any further questions you may have. Just reply via messenger through the Help channel in your workspace.