Audience: Accounting Manager & MineralTree Administrator
Summary: Reviews ACH.com setup and payment requirements
The article covers the following topics:
ACH credit origination is offered to all MineralTree customers through our partnership with Priority Payments (ACH.com). MineralTree will work with Priority to create and register accounts on a behalf of a customer desiring ACH payments. Any US bank account can be used as a payment account for these ACH payments and no additional fees are ever involved.
Customers must complete the Payments Application, and submit a voided check and photo ID with it. In addition, the customer authorizes settlement against each account that will be used for ACH payments. Please contact MineralTree support to enable this feature.
When applications are approved, PPS/ACH.com provides a Client ID to MineralTree to be used during payment processing. Once MineralTree receives the completed application, setup with PPS typically takes 48 hours.
Transaction Limits and Processing Time
As part of the setup process, PPS will establish a transaction limit for every new customer. Payments under this limit will be processed without delay (see below). Companies can qualify for up to $400k based on the application materials. To raise the limit further, a financial review is necessary.
In order to be paid by ACH.com, vendors are required to have the following:
- Valid US routing number
- Valid US bank account number
- Valid US address
This information should be added in the Vendor Detail page in the MineralTree platform by the Accounting Manager.
Customers who have ACH Debit Blocks or Debit Filters set up on their bank accounts to prevent unauthorized debits must whitelist their unique ACH ID with their bank in order to enable ACH Debit payments through the MineralTree product. If you do not know your ACH ID, please contact MineralTree support.
Payments made through ACH.com must be made by 6:00pm ET in order to be begin processing the next business day. The payment settlement time is dependent on the payment size and transaction limit (defined above). All payments within a company's transaction limit will process within 3 business days.
Payments over a company's limit will be subject to a 1-2 day delay and confirmation process.
Buyer: Payments appear on the buyer's bank statement 4 business days after they are submitted.
Vendor: Receives funds in their account 3 business days after payments are submitted.