Note: This feature is available for customers using the QuickBooks Payments payment processor.
When confronted with credit card processing fees, it may seem like a significant portion of your hard-earned revenue is being relinquished. ACH payments offer a valuable and cost-effective alternative to credit cards, facilitating faster payment processing compared to physical checks. Novi AMS enables you to seamlessly accept ACH payments, providing a more economical solution for your transactions.
What is ACH?
From QuickBooks Online:
An Automated Clearing House (ACH) payment is a method of transferring funds electronically. ACH payments can be used to move money from one account to another at the same bank or between two separate banks.
Learn more about ACH payments with QuickBooks Online.
The Benefits of ACH
There are several benefits to using ACH with Novi and QuickBooks Online.
Cost savings: It's no surprise that the main benefit is that it is more cost-effective for most organizations. Visit QuickBooks Online to see their current ACH rates compared to credit card fees.
Automation: Users can save their ACH payment method on their Member Compass for easier checkouts.
Secure transactions: ACH adheres to the same financial regulations and security that credit card processing does through QuickBooks Online.
Accepting ACH Payments in Novi
This new payment feature is available to frontend users checking out on the website.
Note that the user's phone number is required in both cases, and frontend users are required to enter the account number twice for verification purposes.
To start using this feature, navigate to your QuickBooks Online account:
Select Account and Settings.
Then, select the Sales tab on the left and scroll down to Invoice Payments to ensure that Accept ACH is turned ON.
If needed, navigate to Novi (NOTE: This setting will already be ON by default):
Click the ⚙️ icon at the top right of the backend of your site and select Association Settings.
Select the Payment Processing tab on the left and scroll down to the Payment Limits section.
Select "Allow ACH Payments"
Adjust your settings: You can set both a minimum and maximum payment amount for ACH transactions. (You can do the same separately for credit card limits).
Novi's default maximum payment amount is $50,000 per transaction.
The minimum amount can be set as low as $0. The maximum minimum amount possible is $10.
You can now process ACH payments on the frontend of your Novi site!
Important ACH Feature Information
QuickBooks Payment Method: When ACH is turned on, a Payment Method in QuickBooks Online named “ACH” must exist. If one doesn’t already exist, Novi will create it for you.
How ACH transactions are recorded: ACH transactions are logged as invoices with corresponding payments.
Managing Payment Methods:
Members manage their own payment methods via their Member Compass.
For security reasons, admins cannot save ACH accounts to a member’s record or remove them on their behalf.
Secure storage: ACH bank accounts saved in the Member Compass are securely stored in QuickBooks, just like credit cards.
Recurring payments: ACH can be used for auto-pay and subscription renewals.
ACH Troubleshooting: Disputes or Other Issues
If there is a problem with an ACH payment (i.e. the customer disputes it or other issues), QuickBooks Online shows a Bank Alert with instructions on what to do next on their homepage.
The transaction will NOT automatically change - it will still say paid. The bookkeeper should look for these alerts in QuickBooks Online.