ACH payments with Stripe

Accept bank payments with a few lines of code.

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#3 Product of the DayJanuary 13, 2016
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Ben Tossell@bentossell · newCo
From their announcement: Even though there are many benefits, accepting ACH payments—that is, payments where you charge a bank account directly—has traditionally been pretty difficult. Doing so has generally involved baroque, legacy APIs. There’s additional complexity compared to credit cards because the transaction amounts are typically larger and authorization is subtler. Still, being able to handle ACH payments with Stripe has come up a lot as a feature request over the years. And so, today, we’re delighted to launch support for ACH payments for all U.S. Stripe users.
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Andrew Gertig@gertig · Co-founder of Inflow
@bentossell congrats to the Stripe team! Looking forward to an opportunity to use this.
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Patrick Breitenbach@pbreit · Amex, PayPal, Eventbrite
@bentossell with the microdeposit/plaid requirement this sorta sounds like a non-starter for many/most use cases?
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Emmad Mazhari@momazhari
This is sick! This works primarily with Plaid, who's also building a ton of cool stuff including Plaid Link. Worth checking out: https://blog.plaid.com/plaid-link/
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Mohamed El Mahallawy@mmahalwy · 🔑
@momazhari Plaid is awesome. Truly awesomeness.
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Charley Ma@charleyma · Fintech @ Plaid
@momazhari (I work at Plaid) I'll make sure to pass the compliments to our Link team :)
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Emmad Mazhari@momazhari
@charleyma @momazhari Awesome! Weirdly enough, just talked to Stefan a few days ago about the open design role at Plaid :)
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Charley Ma@charleyma · Fintech @ Plaid
@momazhari awesome!! small world :)
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Benyamin Clayman@yozapli · FileQE
I spoke to them a few months ago when Balanced Payments shut down about their ACH payments. It is on the highest end of cost (your local bank can hands down beat them for cost, but NOT ease of use or integration) and Dwolla is far more flexible if you are looking for ACH for your startup. Overall, they need to radically lower their costs for it to make sense.
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Krithika MuthukumarHunter@krithix · Product Marketing, Stripe
@yozapli (I work at Stripe) Dwolla also charges monthly fees: https://www.dwolla.com/pricing. You need to pay $1,500 a month in order to charge more than 10 bank accounts. In general, most providers have a lot of fine-print. We tried to come up the simplest and fairest pricing we could.
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Jordan Lampe@jslampe · Director of Comms, Dwolla
@krithix @yozapli @krithix @yozapli (I work at Dwolla) Want to jump in and clear up the confusion. Neither Dwolla’s free or paid white label services charge based on the number of bank accounts with whom you move money. So whether you’re moving $5,000 to 500 accounts or $5,000 to 5 accounts, the cost of the services you’ve chosen remains the same. We work with platforms to create a fixed predictable cost that scales their platform. Our customers love it, but I agree it’s not for everyone. That’s why we don’t charge per transaction either. Instead, we offering a range of pricing packages (like, $0 or $1,500/month). With our paid programs, you're buying the additional value and flexibility uniquely made possible by our ACH infrastructure and banking partnerships (which we’ve been exclusively working on for 5 years). As for our “free" API access, they won’t offer the same level of control and flexibility as a paid package, but depending on your needs its still the simplest and most powerful free ACH API on the market. And, as Stripe will attest, both of our pricing models are inclusive of a range of services that, if bought, built, and maintained, could be much more costly and risky for a platform to operate and maintain. I do not fault Stripe for this misunderstanding. Looking at our own pricing page, I think the term “funding sources" could use some clarification. It’s meant to convey the number of bank accounts that the PLATFORM can attach to the Dwolla. So if I was a software Investment platform, I could connect MY 10 bank accounts (aka “funding sources”) to MY Dwolla account, receive next day transfers, higher limits, and move money with an unlimited number of customers for $250/month (also, not $1,500). We’ll work on this right away.
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Patrick Breitenbach@pbreit · Amex, PayPal, Eventbrite
@jslampe @krithix @yozapli This clears up nothing. What the heck is your pricing?
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Mike Mason@tipeveryday · Don't believe everything you think.
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Angel Botto@vozconciente
holy!! awesome :O. use plaid.com? xD
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Mohamed El Mahallawy@mmahalwy · 🔑
@vozconciente Plaid will get you the ACH info, but you cannot do a transfer (as far as I know). I am actually curious how Robinhood or Acorns does the actual transfers
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Jason Barry@jcbarry · VP of Tech., Tradier
@mmahalwy @vozconciente their ACH transactions are typically processed through their clearing relationship.
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Charley Ma@charleyma · Fintech @ Plaid
@jcbarry @vozconciente that's correct! On a side note, Stripe is the first time we've done a direct integration with an ACH processor; historically clients would use Plaid to authenticate and then just pass that information to their processor. With Stripe, we exchange the account information with Stripe directly to generate the bank account token!
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Alex@alxmlv · (\/) (°,,,°) (\/)
US only :(
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Gabriel Hubert@gabhubert · now New Markets @Stripe
@alxmlv (I now work at Stripe) Yes, Stripe's ACH offering doesn’t currently support IAT (International ACH Transactions) and is U.S.-only... But which countries were you most interested in for bank debits?
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Rich Peterson@richp_ · Founder @ Generous Work
@gabhubert @alxmlv Australia would be great :)
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Bastian Kroggel@derkroggel · www.bastiankroggel.com
@gabhubert @alxmlv I totally get your point to start off this new feature in the U. S. at first... but as far as I know the U. S. citizens do have a really strong relationship to the credit card market and use them very frequently. The German market as a opposite traditionally believes more in the electronic cash technology (EC Cards) and often doesn't use credit cards at all. This new stripe feature would totally fulfill their payment needs.
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Martin Otyeka@otymartin · Capsule
@gabhubert @alxmlv Canada. Don't go anywhere else until you take care of us up here first.
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Alex@alxmlv · (\/) (°,,,°) (\/)
@gabhubert EU (UK, Germany, Finland, Sweden, Netherlands and Denmark) would be amazing :) Right now separate bank processes and usually just invoice/transfer for all that's a mess.