ACH is a great way to help save on processing fees! You may be wondering, "how does a member set up ACH?" Before we get to the "how-to", let's take a look at the difference:
PLAID is an instant verification that occurs by connecting a member's bank online immediately by using a banking online username & password.
Two-Step Verification is a manual process where the bank will deposit two micro-deposits into a member's account and then enter those on your profile page.
Here are the steps:
As a staff member or owner, you can add a member's ACH information similarly to the member.
As a staff member:
Step 1: Click Members > on the member to go into their profile.
Step 2: Click on Finances > Payment Method > Add ACH
Step 3: Choose Verification Method:
PLAID (Instant Verification)
Two-Step Verification (Manual Verification)
Since you are doing this at a computer, the member needs to be in front of you and you'll need to turn the computer or tablet around for the member to log in. Another option is to have the member log into their online member portal and complete the steps on their own.
Why choose Plaid over Manual Verification?
Plaid, instant verification, is an easy way to get a bank account verified without a delay in processing. Until the bank account is verified, the member will be unable to charge anything using their bank account.
Manual Verification can take anywhere from 24hrs to 5 days depending on the bank.
Micro-deposits will be emailed to the member and sometimes get lost along the way causing further delays.