In banking, ACH stands for Automated Clearing House, which is a network that coordinates electronic payments and automated money transfers.
ACH is a way to move money between banks without using paper checks, wire transfers, credit card networks, or cash.
Plastiq Connect currently supports pulling funds from a customer's bank account or sending money to a bank account.
In the context of Recipients, ACH is a
receivingMethod where funds are sent electronically via bank transfer or direct deposits to bank accounts.
In order to ensure that your customer's Payment to an ACH-funded Recipient is successful, make sure the
beneficiaryName is the name on the receiving bank account details.
To cite an example, a Recipient might do business as "Phiz Coffee Shop" (
businessName), but the payout of funds may go to a bank account where "Phil Smith" is the account holder (
Bank Account Verification
Some banks will verify if the ACH bank account details before crediting funds. Therefore, it is important to provide guidance to customers so that they understand these inputs and provide the correct
routingNumberwhen making a Payment to an ACH-funded Recipient.
Enum [ "ACH" ]
Numeric, 6 - 17 length
Alphanumeric, 9 length
Alphanumeric, 1 - 35 length
You will need to select a categoryId to be used for Recipient creation.
Updated 4 months ago