About bank transfers
Bank transfers, also referred to as ACH transfers, provide a direct payment option from your clients' bank accounts. Compared to online credit card payments, bank transfers typically come with lower fees, making them a favorable choice for larger transactions.
Note: This is only available for customers based in the United States.
Advantages & Considerations
Lower Fees: A major advantage of bank transfers is their cost-effectiveness. Processing fees are generally lower than those associated with card payments.
Timing: Keep in mind, bank transfers aren't the speediest option — often taking around 7-10 business days to complete. The processing timeline can vary depending on factors such as:
The time of day the transaction is initiated
Weekends and holidays
The processing period of both the client's and your financial institutions
Despite the wait, the savings on processing fees make this a go-to choice for budget-conscious users.
Getting Paid Made Easier: By offering a variety of payment methods, including bank transfers, you’re likely to get paid more promptly because clients appreciate the convenience.
How to activate bank transfers
Getting started with bank transfers is straightforward:
1. Navigate to Financial Management > Invoices and select 'Edit Payment Methods':
2. In the pop-up window, you'll find the option to toggle 'Bank Transfer' on or off according to your preference:
What your clients will see
Once you’ve enabled Bank Transfer as a payment method:
Your clients will see a “Online Bank Transfer” option during invoice checkout:
Upon selecting this method, they'll be guided to link their bank account through Plaid, our secure banking authorization partner. Plaid offers a familiar interface, widely used across various financial apps. Here's a look at what your client will see:
After a secure bank login and account connection, your client will simply verify the invoice amount to initiate the transfer. And just like that, you're all set to receive your payment:
We hope this guide makes bank transfers a breeze for you. If you have any questions about this process, please feel welcome to reach out to our support team.