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Is there a maximum fee for ACH bank transfers?
kendallwatson
Member Posts: 3
I've noticed all descriptions written by Wave Apps outlines the $100 example -- if you invoice $100 we take 1% of your invoice, and will charge you a $1 fee. But what about larger transactions that are 5, 10, 15k in size? Most platforms have a maximum ACH fee of $10, and I want to confirm this before allowing someone to pay my $10k invoice and I lose $100 in ACH fees.
Really hoping there is a max, as this platform has everything I need but I won't use it if I am forced lose that much money in fees. Quickbooks and countless others cap at $10 per ACH.
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Hey @kendallwatson !
As you mentioned, the fee for ACH bank payments is only 1% with a minimum fee of $1. This applies to all payment amounts.
Hey @kendallwatson !
Sorry if my previous message wasn't clear. That's right. The same processing fees are applied to all payment amounts and there is no maximum at this time. I apologize for the inconvenience.
I would encourage Wave to reconsider their position on ACH fees. Similar to the original poster, I collect large payment amounts. For a small fee per payment (e.g., $10), I would be willing to accept ACH payments from my customers. But 1% of large payment amounts really adds up so it's a non-starter for me. If Wave would cap the ACH fee to something reasonable, I'm guessing it would end up being a net revenue boost to the company because the volume of ACH payments would increase materially.
@JulianP @Orchard I second that. My transactions although simple, are very bulky. I cannot justify 1% of all of my transactions, and honestly haven't seen this be an uncapped number. I have found ways around it because I refuse to pay it, although you capping it at $10 so I could process straight through Wave would make my life so much easier. I cannot justify $1,000+ in ACH fees per month!
I third that!
agreed, considering the multitude of other payment option that cap ACH fees it is impossible to justify using wave invoices for that, which would be preferable as it would then be a one stop shop. If you capped ACH we would definitely use your invoicing service.