Setting up ACH Payments
Your clients (US Studios only) now have the ability to select a payment method when paying an invoice. They will continue to have the Credit Card option but can now select Band Transfer.
Please note: Stripe has a limit of $2000 at one time, for ACH transactions. However, if you are a user whose payments might exceed this limit, you must contact Stripe to increase your limit on accepting money.
To get in contact with Stripe support click here, and you will see the option to contact their support on the right. They will give you a few options on how you would like support.
Set up your Plaid and Stripe accounts
You'll need accounts at both Plaid and Stripe in order to use the Plaid Link + Stripe integration. You'll also need to connect your Plaid and Stripe accounts so that Plaid can facilitate the creation of bank account tokens on your behalf.
First, sign up for a Stripe account if you do not already have one and then verify that it is enabled for ACH access. To verify that your Stripe account is ACH enabled, head to the ACH Guide when you are logged in to your Stripe account. If you see:
your account is not enabled. Click 'Accept Terms of Service' to enable your Stripe account for ACH. If you do not see the 'Accept Terms of Service' button, your Stripe account is already enabled for ACH access and you do not need to take any action.
Next, verify that your Plaid account is enabled for the integration. If you do not have a Plaid account, create one here. Your account will be automatically enabled for integration access.
To verify that your Plaid account is enabled for the integration, go to the Integrations section of the account dashboard. Scroll down until you find the option for stripe:
Click the 'Connect With Stripe' button to connect your Plaid and Stripe accounts.
Once your Stripe account is connected, you'll see:
Your Plaid account is now set up for the integration!
Paying Invoices with Bank Transfer
This selection allows the client to link their bank account as well as save it or other payment methods for future use. The client must select to "link bank account" in order to pay with this method, but they do not need to save the method for future use.
When the client selects to link their bank account, they will be displayed the option to continue and selecting their bank.
Once the client selects to continue, they will have the ability to choose from a list of financial institutions and credit unions. The most popular are displayed, but the client can also use the search option if they do not see their financial institution or credit union.
One your client has selected their financial institution, they will be prompted to log in. Upon logging in they will be able to select the account they would like the funds to be transferred from, which will lead them back to the invoice in MyDoma for them to confirm the payment on the invoice.
If they have multiple invoices they will want to select which account the fund will be pulling from.
After selecting the account they will be able to click "Pay this payment."
ACH Bank Transfer Fees
With all integrated payment processing, there are fees associated. In MyDoma we do give you the ability to pass these fees to the client if that is legal in your area. Please consult a law or finance professional serving your area to find out more about the legalities of passing fees along to your clients in your area.
With constant changes and security updates to payment processing, it is possible that your clients may receive an error message when trying to process and ACH payment in studio. This will occur if you have not accepted the terms and conditions within your stripe dashboard. (See error below)
To accept these terms and conditions, please visit this link and review the instructions.
Pro Tip: Stripe has a limit of $2000 at one time, for ACH transactions. However, if you are a user whose payments might exceed this limit, you must contact Stripe to increase your limit on accepting money.
If you need any additional support, click the question mark in the upper right-hand corner to chat with a member of our team.