NOTE: This is an add-on module to our Stripe Payments Magento extension, which means that you must have the latest version of Stripe Payments installed before installing this module.
Stripe ACH Payments is a Magento module which integrates with the Stripe payment gateway to allow your customers to place orders and pay using a direct ACH (Automated Clearing House) bank transfer. The ACH payment method works alongside normal credit card payments (which are enabled by the base Stripe Payments module), as well as alternative payment methods offered by other payment networks.
Account & Pricing
ACH payments on Stripe cost 0.80%, capped at $5, with no monthly fees or verification fees. So, a $100 payment incurs a $0.80 fee; any payments above $625 cost $5. Fees which apply to the normal credit card payments do not apply for ACH payments.
Furthermore, to accept ACH payments, you will need to be a U.S. based business with a registered U.S. Stripe account. At the moment, you can only accept orders in the USD currency.
How it works
At the checkout, your customers will able to select ACH as a payment method for their order. ACH payments do not immediately transfer money into your account similar to how card payments work. Instead, ACH payments will require a bank account verification step for first-time customers, as well as a waiting period of up to 5 days before the bank transfer is complete. The payment process in this scenario will work as follows:
- The customer selects ACH as a payment method at the checkout, and fills in their bank account name, account type, account number and routing number.
- The module uses the billing address details, quote currency and country, as well as the entered account details to perform various validations in real time. If the details are typed incorrectly, or there is a currency/account problem, an appropriate error is displayed inline in the form.
- If everything is entered correctly, the customer can place the order normally. They will be redirected to the Magento order success page without an external redirect.
- Stripe will then trigger two micro-deposits into the customer's bank account, with the statement descriptor AMNTS:. The customer will also receive an email which will include a link to a bank account verification form.
- After 1-2 days, the two amounts will appear in the customer's statement. The customer can use the link in their order email to enter the two amounts. The customer does not need to be registered to your website. This will work both for guest and registered customers.
- After the customer verifies their bank account, an asynchronous charge is automatically triggered for each order placed by that customer, for that specific bank account. At this point, it is not yet known whether the charge will succeed or not. A waiting time up to 5 days is necessary before the order is finalized. An invoice will be created for these orders, which will be in Pending status, as it has not yet been paid.
- If the charge succeeds, a webhook event will be sent to your website by Stripe to inform you about the successful charge. The module will then switch the invoice of those orders from Pending status to Paid status. It will also switch the order status from Payment Review to Processing. An order comment will be added about the successful payment, and an email will be sent out to the customer, informing them that the payment was successfully collected and that the order will now be processed.
- If the charge fails, the module will cancel the order, and will add a comment on it explaining the reason that the charge failed. For example, the customer's bank account may not have had enough funds to pay for the order amount. To avoid confusion with customers, an email will also be sent to the customer explaining why their payment has failed, and asking them to place the order again using an alternative payment method.
- Real time account validation: Instant validation of bank account details at the checkout, as the customer types their account details. Avoid misspellings and failed order payments.
- Guest checkouts: Guest customers can verify their ACH bank accounts directly through the order email, without requiring them to register.
- Saved bank accounts: Registered customers that have verified their account once, do not have to do it again. They can reuse their bank account for new orders without a second account verification
- Refunds: Supports full and partial refunds from the Magento admin area.
- Automatic invoicing & verification emails: As soon as a bank account is verified, all customer orders placed with that account will be updated with a new comment about the account verification, charge the verified account for the order amount, and trigger an email with the verification comment and the invoice details for the order.
- Charge failed emails: If for any reason the payment fails, the module will notify the customer with an email clearly explaining the reason that the payment failed, and asking them to place the order again. This ensures that the customer is not confused on why their order is not fulfilled.
TESTING NUMBERS |
ADMIN DEMO |
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Compatibility: Magento 1.4.2 - 22.214.171.124
Cryozonic is a Stripe Verified Partner.