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Auto Payment of Invoice via ACH
petes
Member Posts: 21
I have a client that is paying a recurring invoice by credit card. He would like to do it by ACH. I know I can switch to manual payment then he could use the bank routing and account numbers to do ACH, but will he be able to set this up so it will be paid automatically like the credit card does now?
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HI @petes at this moment, recurring/automatic ACH payments are not available in Wave. This requires bank participation and additional changes under the hood to remain in compliance with banking standards. However, I'll bring this up to the team to let them know our users are interested in this!
Hey there @NicolasG
ACH automated payments are not currently something our payments team is looking into. There are several issues at play when it comes to connecting an ACH payment for automatic payments. Typically liability accounts are best suited for this type of transaction mostly for the chargeback procedure. If a user decides to create an invoice and charge someone's credit card on file for automatic payments on a recurring invoice, the client has the ability to chargeback an invoice if it's not within their contract. This becomes a bit more tricky for ACH bank payments. Hope this gives a bit more context to your question!
This would be a great feature considering the lower transaction rate. This combined with wave banking's free ACH transactions would save my business a bundle each month - enough to use Wave end-to-end. In the meantime, I can't sacrifice the consistent cash flow that automated cc payments provide, and the move from my current banking would be a hassle.
I agree with the others. This would make a big difference. I have clients who would prefer to use ACH over credit card. I really hope this is a feature to be implemented in the near future.