Invoice2go offers a variety of payment options that integrate through our app, so that you can easily send an invoice and receive payment. One of our options to accept online payment is by direct bank transfer from your clients, which will be available on Invoice2go starting in early March 2019 through our payments partner, Stripe.
A bank transfer, also known as an ACH transfer, is a direct way of transferring payment between two bank accounts. With Stripe, you can accept payments by providing a verified bank account, in nearly the same way as you accept credit card payments. Instead of using a card to pay, your end-clients can opt to use their direct bank account to transfer money to pay off an invoice. Stripe uses a partner called Plaid to verify and collect funds through ACH transfer. ACH payments are provided with lower fees than card payments. Note that your bank account must first be verified, and then must be authorized to use. Currently, this feature is only available for US customers.
If you don’t have a Stripe account yet and would like to accept card payments and/or bank transfers, you can create an account for free by enabling your payments and setting up your Stripe account.
- Enable payments by going to your side navigation bar > Settings > Client Payment Settings > toggle ON the bank transfer option
- Make sure your Stripe account is setup and linked
- Create an invoice
- The document will have a toggle to accept bank payments. Make sure this is ON
- Send the invoice
- When the end-client clicks on the View and Pay button in the email, they will see a bank transfer tab in the payment area, which they can then choose to pay
All payment transaction information is available in your Stripe dashboard, and you can check your card payment history, deposit schedule, and all information related to card and bank payments within the same console.
Partnering with Stripe
Invoice2go has partnered with Stripe, a PCI Service Provider Level 1 payment processor, to allow you accept bank transfer and card payments on invoices you send to your customers. From your Stripe account, you can access information like incoming transactions, their associated payment ID number and when they will be deposited into your bank account.
Once you have turned payments on, you will need to link your bank account with Stripe. Stripe requires your bank information to validate your business, deter fraud and comply with government regulations. If you have a PayPal business account with a bank account setup, you may provide this information as your bank information.
If your Invoice2go email is already registered with a Stripe account, the app will prompt you to connect your Stripe account by signing in with your current Stripe login credentials.
Currently, bank transfers will be only available for US customers with US banks. There is a transaction limit of $2,000.
- Download the Stripe app (Apple App Store, Google Play Store) or log into your Stripe dashboard on the web to view all your debit and credit card payment transactions and when your money is expected to be deposited to your bank. *Please note that Invoice2go has no control over how soon your money will be deposited in your account.
- Accepting online payments creates new opportunities for potential customers. The added flexibility of how you allow your customers to pay you makes it easier for people to do business with you.
- Accepting online payments not only saves you time so you don’t have to wait for a check in the mail or spend extra time making multiple ATM trips to deposit cash or checks, but it also minimizes the risk of misplacing your funds.