Getting paid from customer using bank ACH method

[rydods]

ACH is the way all payments should be processed until the next best thing comes along. Less of a Pain in the A** for you and your customer than dealing with checks, and no or probably less fees than the credit card companies.

 

[caribmike]

My new, probably one-time, customer wants me to get set up in their payment system so they can deposit payments directly into my bank account (ACH). In order to do this I have to register and set up an account with their system. I have to give them my bank info - routing number and bank account number as well as other tax information. I am sure this is just going to be a one-time sign sale and will probably not get any repeat business. The sign job will run a couple thousand dollars. This seems to be a trend with certain types of businesses. Is it worth it for me to jump through these hoops and put my info "out there"? Any thoughts?

As I was taught, if someone wants to give you money, you take it! I'm happy to take almost any type of payment; ACH, checks, any credit cards, bitcoin. But cash is my favorite so I'll take USD, CDN, AUS or EUR because I have one kid in Canada, another kid in Australia and we love to travel in Europe! If you have money to spend, I'll find a way to take it!

 

[Albert Cyrus]

Good job being cautious with all the scams going around. Amazon accounts getting "hacked", pretend credit card refunds, or someone posing as customer service helping you secure your "compromised" credit card. And of course the Nigerian prince needing 3,000 blue banners.

But yeah, as you've probably figured out by now, ACH is legit. I used to work at a company which regularly sent $50k+ payments with ACH. A couple of times a month.

 

[Billct2]

I have several clients that pay with a system that generates a one time cc# for that specific transaction.

 

[MrSherlock]

I've had mixed experiences with ACH payments, too. Some customers love the convenience, but others drag their feet, and chargeback risks are always there. I’ve looked into High risk credit card Processing as an alternative, especially for customers who tend to delay payments.

It gives businesses a bit more security because funds clear faster than ACH, and there’s more protection against disputes. Might be worth considering depending on your customer base.

 

[Lux]

I like getting paid via ACH. The merchant service fees on a recent $3700 invoice cost me $104, the client paid with Visa. If the client had paid via ACH thru my payment system online the fee would have cost me $5. We use Stripe for merch services, it is not the cheapest, but it was easy to set up and it is easy for clients to pay. If that invoice was paid via ACH through the clients payment system it would have cost me zero to get paid. Still it is good to be nervous about these systems. In a one case a client sent us a few dollars to confirm banking information was correct.

 

[TopFliteGraphics]

I have several large customers that only pay through ACH and others that use a service called Paymode-X. I know for a fact I get a lot of work because I am already "in their systems." Yes, sometimes I have to wait 30-60 days to get paid but I have built up to a point where it is a steady revenue stream. Also, all incoming payments go into a dedicated "Income" account to keep my operating account a little more secure. Started doing his when I set up my "Profit First" strategy based on Mike Michalowicz's book. If you don't already use this type of strategy, do yourself a favor and read the book. It can change you life.

 

[netsol]

You would think....

We have lots of customers that pay this way and it stills falls under their "we only run payments on every other blue moon etc." excuse.

and, you know, every bank has restrictions, they can only send to certain companies on certain days. payments are delayed by this as well