ACH debit origination is offered to all Mineraltree customers through our partnership with Priority Payments (ACH.com), and 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.
Priority Payments - Account Setup
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 may be necessary.
Payment Requirements & Other Information
Customers who have ACH Debit Blocks or Debit Filters set up on their accounts to prevent unauthorized debits must whitelist the following ACH ID with their bank in order to enable ACH Debit payments through the MineralTree product.
ACH ID: 0203050521
We send debit ACH to ACH.com on the hour, every 3 hours (12AM, 3AM, 6AM etc.). After 1 business day, we send credit ACH to ACH.com on the hour, every hour (12 AM, 1AM, 2AM etc.)
The payment settlement time is dependent on the payment size and transaction limit (defined above). All payments within a company's transaction limit will be processed without delay under the standard model. Payments over a company's limit will be subject to a 1-2 day delay and confirmation process.
- Standard Model: 3 Business Days
Payer’s Bank Statement
Payments appear on the MineralTree customer’s (payer’s) bank statement 4 business days after they are submitted.
Payee’s Bank Statement
Vendors (payees) receive funds in their account 3 business days (after payments are submitted.
In addition to a valid US routing number and bank account number, a valid US address is required for all vendors (payees) being paid via ACH origination.