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.
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.
The client will have the option to save their payment method for future use if they are logged in. They can also manage their saved payment methods and delete any they no longer use.
If they choose to manage their payment methods, they will be directed to their client profile to remove the method they choose.
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.
Updated August 21st 2019
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.