Invoice2go offers a wide range of payment options so that you can easily send an invoice and receive payment. One of the options to accept online payment is by bank-to-bank transfer from your clients. This is called ‘ACH bank transfer’ in your app.
What is a bank transfer?
A bank transfer is a way to transfer money between two bank accounts, even between different banks, through the Automated Clearing House (ACH) network in the United States. Banks and other institutions also call these payments ACH transfers and ACH payments.
Bank transfer payments at Invoice2go are processed by Stripe.
What do bank transfers cost?
The following transaction fees apply for bank transfers:
Fees for ACH payments are lower than fees for card payments.
The maximum amount that can be charged for fees is $15.00. The minimum fee is $1.00.
What does this mean for your clients?
Bank transfers let your clients either
- follow a link directly from your invoice, log in to their bank account and make a payment, or
-
use a unique bank account and routing number provided on their invoice to pay you.
What does this mean for you?
Stripe will provide unique routing and account numbers to each client you send an invoice to once you’ve turned on bank transfers.
These banking details are unique to each client so that Invoice2go can identify where the money is coming from and then match it to the right invoice. This saves you time reconciling payments manually in your bank account.
What you need to do to get paid through ACH bank transfer
You can accept bank transfers after setting up your Stripe account with your banking and company details.
Providing your banking details lets Stripe deposit to your account when you get paid.
Is this available to everyone?
Currently, bank transfers are only available for US customers with US banks. Additionally, to offer your customers bank transfers, your bank account needs to be verified and authorized by Stripe, and you will need to meet a few other criteria. If you’re not sure whether or not this feature is available for you, please contact our support team.
How to enable ACH bank transfers
iOS and Android
- Tap the Profile Icon in the top right corner of the home screen
- Tap Client payment options
- Tap Stripe-ACH transfers
- Toggle on ACH bank transfers
Web
- Click on your company name in the upper right corner
- Click on Account & settings
- Click on Client payment options
- Toggle on Accept ACH bank transfers
- Click on Save
Your clients can now pay by bank transfer when they receive your invoices.
FAQ
Why does my first ACH bank transfer take seven business days?
The first payout for every new Stripe account is made at least 7 business days after the first successful payment is received. This requirement allows Stripe to mitigate some of the risks inherent in providing credit services and cannot be waived. All subsequent transfers will be disbursed within 5-7 business days after your first transfer.
What will my customers see when I turn on bank transfer?
By clicking on “View invoice” in the invoice email, your customers will be able to pay with a bank transfer. Your customers can click on the bank tab and will have the option to pay in two ways:
- Clicking the blue button will allow them to log into their bank to make a payment
-
Clicking the green button will allow them to copy their unique account number and routing number to paste into their own accounts payable or online banking system.
How do I manually match a payment to an invoice?
If you have payments needing to be manually matched, you will see a banner at the top of the invoice list to let you know. By tapping the banner, you can start matching payments to invoices manually.
- Go to invoice list
-
Tap banner at the top of the screen
- Select a payment
- Select an unpaid invoice
- ‘Remaining amount’ displays the difference between the payment and the invoice amount
- Tap Mark as paid to complete matching
- You will be returned to the ‘Select payment’ screen
My customer paid two invoices with one payment. How do I manually match the payment to the two invoices?
- Select the payment by tapping the banner in the invoice list
- Select one of the invoices the payment belongs to. The system identifies when payment is over the invoice amount and will let you match the entire payment to the invoice selected or to match payment up to the invoice amount.
iOS:
- Select “Match remaining amount to another invoice”
Android:
Do not check “Match remaining amount to invoice”
Payment will be matched up to the invoice amount.
- Tap Mark as paid to complete matching. The select payment screen will be presented with the remaining amount of the payment you did not match.
- Select the remaining payment amount to match the second invoice and complete matching.
My customer paid a deposit on their invoice or partially paid an invoice. How do I manually match this?
This is very much the same as matching a full payment to an invoice. The deposit or partial payment to be matched appear in the banner in your invoice list.
Tap the banner to enter the matching flow and select the deposit or partial payment. Match to the correct invoice. Because the invoice is not fully paid yet the invoice can still be matched when the customer makes the rest of their payment.
When your customer makes subsequent payments to the invoice, select the payment and this partially paid invoice to complete payment matching.
My customer made a payment that is greater than what I invoiced them for. How do I match the entire payment to the invoice?
Select the payment by tapping the banner in the invoice list. The system identifies when payment is over the invoice amount and will let you match the entire payment to the invoice selected or to match payment up to the invoice amount.
iOS:
Select “Match remaining amount to this invoice”
Android:
Check “Match remaining amount to invoice”
The entire payment amount will be matched to the invoice selected. Tap on Mark as paid to complete matching.
My customer says they've paid, but the invoice still says unpaid.
You may need to match the payment to an invoice manually. Bank transfer will automatically match payments to an invoice most of the time, but in the case that payments can not be automatically matched, you can match the payment to an invoice manually.
Go to your invoice list and you should see a banner at the top letting you know that you have payments to be matched. Tap the banner to find the payment and match it to the correct invoice.
How do I know which payment I will need to match to an invoice?
Go to your invoice list. If you have payments to be matched, a banner will appear at the top letting you know how many payments you need to match. Tapping the banner will lead you to the matching flow where you can follow the prompts to select a payment and then an invoice to match the payment to.
Which payments will be automatically matched to an invoice for me?
Pay with bank online
Payments made by customers who log into their bank online will be automatically matched to an invoice.
View bank transfer details
Payments made by customers who used their unique account and routing number will be automatically matched when the customer only has one outstanding invoice and payment. In the case that the customer has multiple outstanding invoices, you will need to find the correct invoice to match the payment to.
I accidentally matched the wrong payment to an invoice. How do I match the payment to the correct invoice?
- Select Invoice that you matched the payment to
- Tap Transaction history
- Select payment that you want to undo match for
- Tap Undo Match
- Go back to invoice list
- Tap banner to select payment and follow matching flow again
I received a payment but cannot find the invoice to match it to
You may need to create an invoice first. Create an invoice for the client you received a payment from to see the invoice in the matching flow.
If this is a payment for an estimate, convert the estimate to an invoice. Once the estimate is converted to an invoice, you can find the invoice in the matching flow to match the payment to.
Refund Support
Refunds for ACH bank transfer payments are initiated through your Stripe dashboard. Log in to your Stripe account and select the payment to be refunded.
The refund will show up anywhere between 5-10 business days after the refund is issued. This is wholly dependent on the national ACH network and the clients’ banks. When you refund an invoice, the fees you paid to process the payments for that invoice is not refunded to you.
What happens to the invoice when I issue a refund?
Refunds for payments that are matched to an invoice will appear in the transaction history of that invoice. A refund is a credit to the invoice and the invoice will be marked as unpaid.
What happens to refunded payments that are not yet matched to an invoice?
Refunds for payments that are not yet matched to an invoice will remove the payment from the payment list in the matching flow.
Helpful Tips
- Download the Stripe app (Apple App Store, Google Play Store) or log into your Stripe dashboard on the web to view all your debit and credit card payment transactions and when your money is expected to be deposited to your bank. Please note that Invoice2go has no control over how soon your money will be deposited into your account.
Are you interested in seeing if you are eligible to offer bank transfers to your customers? Please contact our team at Support@invoice2go.com to learn more.