Before using ACH, you must log into your Stripe account and enable ACH and accept their Terms of Service. Please follow their instructions here: https://stripe.com/docs/guides/ach
Adding ACH Payment Methods
1. Navigate to the client for which you wish to setup ACH payments.
2. Go to the Payments tab
3. Click Setup ACH
4. Populate the boxes for Account Holder Name, Account Type, Account Number, and Routing Number.
5. Click Submit
6. Firm360 will make two small deposits into the client’s account for verification purposes.
7. Once the client advises you of the deposit amounts, go back to the Payments tab and click Verify
8. Enter the deposit amounts in the boxes. Click Save.
9. Once verified, you should see the information below
ACH Verification Process
To complete the ACH setup, the bank account owner must verify two test deposits made to their account. Once these deposits are confirmed, the ACH setup will be finalized.
Verification Timeline:
Micro-deposits must be verified within 10 days.
Reminder emails will be sent daily throughout this 10-day period to prompt verification.
Expiration and Failed Attempts:
If an ACH record remains unverified after 10 days, it will be automatically inactivated, and the payment method will be removed in Stripe.
A deactivation email will be sent to inform the user that verification expired and provide instructions to re-add the account if they still wish to pay via ACH.
If there are 3 failed attempts to verify the deposits, the process must be restarted.
These measures are in place to protect your clients’ bank information. Any online platform that connects to a bank requires this type of deposit verification as a standard security practice.
Related Article
Manage Payment Methods - CC and ACH