Say goodbye to high credit card transaction fees for your creative agency (or losing a sale!) because you don’t accept ACH transactions. ACH is a convenient payment method and is becoming increasingly trusted and used globally, and today we’re excited to share that with Growth Suite, you can accept ACH as a payment option! ACH is still in beta, simply to ensure your experience is seamless. As always, let us know if you have any questions.
New to Growth Suite? Check out all it has to offer for your agency!
Please note: You can only accept funds in USD and only from US bank accounts. In addition, your account must have a US (USD) bank account to accept ACH payments.
Here’s a closer look at ACH.
What is ACH?
ACH transfers are a way to move money between accounts. ACH transfers are electronic, bank-to-bank money transfers processed through the Automated Clearing House (ACH) Network. To put it simply, ACH payments are a cost-effective and simple payment solution that reduces potential barriers for your customers to pay via credit card.
What does ACH solve for?
There are many benefits of utilizing ACH as a form of payment and sometimes, it’s the preferred method of payment. Here’s a look at the pain points ACH solves for:
- Stripe credit card processing fees are high (2.9% + $.30 per transaction) and and with no cap. ACH transactions have fees of .8% with a $5 cap. We’ll break it down further in the article on the potential cost-savings here.
- There is a risk of losing a client, due to not accepting ACH (not anymore!)
- Some clients prefer to pay with ACH over credit/debit, meaning improved sales conversion for you and better client relationships.
- ACH is the future of payment options – its quick, easy, and saves you money.
- Cards expire and require updating. With ACH, once your client sets it up, the work on their part is done.
ACH fees compared to credit/debit fees
How to incentivize your clients to pay via ACH instead of credit card
Make sure you let your customers know that ACH transactions are available and easy to use! Here are a few ideas for getting the word out.
Growth Suite and ACH
ACH payments are incredibly convenient for both you and your clients. Until now, clients have only been able to pay via credit/debit card — now, they can pay you via ACH or debit/credit card. They have options!
With Growth Suite’s ACH feature, you’ll save money and pay less processing fees to Stripe
How it works
Your clients will now be able to select ‘Bank’ as an option when adding a payment method in the client portal.
Upon Bank selection, your client will read and agree to authorize Stripe to debit their bank account upon invoice due date. They will then log into their bank, and select which bank account they’d like to connect. Once the connection is successful, the client can submit payment through bank transfer.
For a complete walk-through of your client’s experience setting up ACH, please read through our help doc!