What do I need to know about ACH payments?
ACH payments are currently available to users located in the US who are using Stripe as their payment processor. Before getting started there are a couple of important differences between credit cards and ACH payments you should be aware of:
1. Bank accounts must be verified before they can be used. Once a family adds a bank account to their account, two small "verification deposits" will be placed in that account. You (or the family) must edit the saved bank account details and enter those verification deposit amounts to confirm that you have the correct account details.
These deposits will take 1-2 business days to appear on the customer’s online statement. The statement description for these deposits will be AMNTS: and then the values of the two microdeposits that were sent.
2. ACH payments take 3-5 business days to clear. If the family has insufficient funds, it will take 3-5 business days before you (and the family) are notified. There is no instant confirmation of funds like there is with a credit card.
3. When an ACH payment is initiated, the family's account in My Music Staff is automatically credited so everyone knows a payment has been sent. (This is to avoid duplicate payments and confusion during the 3-5 day clearance period.) If the payment fails to clear, My Music Staff will add a refund entry in the family account, effectively undoing the failed payment that was originally added.
Aside from those key points listed above, bank accounts behave the same way as credit card payments. Families can use a bank account to auto-pay their invoices, or they can also use a previously saved bank account to make a one-time payment using the "Make a Payment" button in the Student Portal.