General ACH Questions
What is ACH?
ACH (Automated Clearing House) is an electronic payment system that processes transactions between bank accounts.
How long do ACH payments take to process?
ACH payments typically take 4-6 business days to process, depending on the type of transaction and the banks involved.
What are the fees for ACH payments?
ACH transactions cost 80 basis points (.8%) for Shopmonkey users. Additionally, there is a $5 minimum transaction fee.
Are ACH payments secure?
Yes, ACH payments use encryption and authentication to protect transaction details. Plaid is a third-party integrator used to securely connect customers to their bank accounts. No Plaid information is required for shops.
What should I do if an ACH payment fails?
Check for errors in the account details provided, such as insufficient funds or an invalid account number. Correct any mistakes and resubmit the payment. If the issue persists, contact your bank or payment processor for assistance.
Shop-Specific Questions
How can I set up ACH payments in Shopmonkey?
Enable ACH payments in your settings. Check out our help article Shopmonkey Payments: Accepting ACH Payments to learn more about enabling this in your shop.
Are there any limitations on using ACH with Shopmonkey?
There are no minimum or maximum transaction amounts, but the $5 minimum fee applies regardless of the transaction size. Refunds must be processed within 180 days, and disputes must be initiated within 60 days.
How do I track ACH payments and payouts in Shopmonkey?
You can track ACH payments and payouts in the financial reporting section within Shopmonkey. It provides details on transaction status and history.
What should I do if I encounter issues with ACH payments in Shopmonkey?
Review your account settings and transaction details for errors. If issues persist, contact Shopmonkey support for assistance.
How do I handle ACH disputes or chargebacks?
ACH disputes must be processed within 60 days of the transaction. Shopmonkey and Stripe will handle the dispute resolution process.
What happens if an ACH payment fails after it’s confirmed?
In rare cases, ACH failures can occur even after funds are available in your Stripe balance. Stripe will create a dispute and charge a $4 fee for failed or returned transactions.
Shop Customer-Specific Questions
What information do shop customers need to provide for ACH payments?
Customers need to provide their bank account details, including account and routing numbers, to authorize ACH payments.
Can customers schedule recurring ACH payments?
No, Shopmonkey does not store customer bank account information. All ACH payments will be one-time payments.
What happens if a customer’s bank account has insufficient funds for an ACH payment?
The ACH payment may be rejected or returned due to insufficient funds. The customer may need to provide an alternative payment method or address the issue with their bank.
Are there any fees for customers when using ACH payments?
Generally, customers do not incur fees for ACH payments, but they should check with their bank or payment provider for any potential charges.
Check out our help article Shopmonkey Payments: Accepting ACH Payments to learn more about enabling this in your shop.
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