Accept Direct Transfers

 

Invoice2go offers a wide range of payment options, so that you can easily send an invoice and receive payment. One of the options to accept online payment is by bank-to-bank transfer from your clients. This is called ‘direct transfer’ in your app. 

 

What’s a direct transfer?

A direct transfer is a way to transfer money between two bank accounts, even between different banks, through the Automated Clearing House (ACH) network in the United States. Banks and other institutions also call these payments ACH transfers and ACH payments. 

Direct transfer payments at Invoice2go are processed by Stripe. If you already use Stripe, setting up direct transfers is quick and easy.

 

What do direct transfers cost?

The following transaction fees apply for direct transfers: 

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Fees for ACH payments are lower than fees for card payments. To offer your customers direct transfers your bank account needs to  be verified and authorized by Stripe. Direct transfers are only available for US customers. 

The maximum amount that can be charged for fees is $15.00.

What does this mean for your clients?

Direct transfers let your clients either

  • follow a link directly from your invoice, log in to their bank account and make a payment, or 
  • use a unique bank account and routing number provided on their invoice to pay you. 

What does this mean for you?

Stripe will provide unique routing and account numbers to each client you send an invoice to once you’ve turned on direct transfers. 

These banking details are unique to each client so that Invoice2go can identify where the money is coming from and then match it to the right invoice. This saves you time reconciling payments manually in your bank account.

 

What you need to do to get paid through direct transfer

You can accept direct transfers after setting up your Stripe account with your banking and company details. 

Providing your banking details lets Stripe deposit to your account when you get paid. 

If the email address you use to log in to Invoice2go is the same one you’ve used to register with Stripe, the app will prompt you to connect your Stripe account by signing in to Stripe within the app. 

 

If you already have a Stripe account and you’ve linked your bank account

If you’ve already connected a bank account with Stripe, perhaps when setting up for card payments, you don’t need to do anything else. You can start accepting direct transfer payments as soon as you turn on direct transfer in your settings. 


How to set up a Stripe account and link your bank account
 

  1. Open the side hamburger menu ☰  > Settings > Client payment options. Tap “Accept direct transfers”, switch the direct transfer option.
  2. Tap the black banner on top of the screen and follow the prompts to link the bank account you’d like Stripe to deposit payments into

Your clients can now pay by bank transfer when they receive your invoices. 

 

Is this available to everyone?

Currently, direct transfers are only available for US customers with US banks. If you’re not sure whether or not this feature is available for you, please contact our support team.

 

Partnering with Stripe

Who is Stripe?

Stripe is an online payment processing company. Invoice2go’s partnership with Stripe gives your customers more ways to pay, and makes it easier for you to manage your payments..

Learn more about Stripe.

 

What can I do with Stripe?

All payment transaction information is available in your Stripe dashboard. From your Stripe account, you can access details like incoming transactions, their associated payment ID number, when they will be deposited into your bank account, card payment history, deposit schedule, and all information related to card and direct transfers within the same page. 


FAQ
 

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Why does my first direct transfer take seven business days?

The first payout for every new Stripe account is made 7 business days after the first successful payment is received. This requirement allows Stripe to mitigate some of the risks inherent in providing credit services and cannot be waived. All subsequent transfers will be disbursed within 5-7 business days after your first transfer.


What will my customers see when I turn on direct transfer?

By clicking on “View invoice” in the invoice email, your customers will be able to pay with direct transfer. Your customers can click on the bank tab and will have the option to pay in two ways: 

  • Clicking the blue button will allow them to log into their bank to make payment
  • Clicking the green button will allow them to copy their unique account number and routing number to paste into their own accounts payable or online banking system.

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How do I manually match a payment to an invoice?

If you have payments to be manually matched, you will see a banner at the top of the invoice list to let you know. By tapping the banner, you can start matching payments to invoices manually. 

  1. Go to Invoice list
  2. Tap on banner at the top of screen

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  3. Select a payment 
  4. Select an unpaid invoice
  5. ‘Remaining amount’ displays the difference between the payment and the invoice amount
  6. Tap on Mark as paid to complete matching
  7. You will be returned to the ‘Select payment’ screen

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My customer paid two invoices with one payment. How do I manually match the payment to the two invoices?

    1. Select the payment by tapping the banner in the invoice list. 
    2. Select one of the invoices the payment belongs to. System identifies when payment is over the invoice amount and will let you match the entire payment to the invoice selected or to match payment up to the invoice amount. 

iOS: 

  • Select “Match remaining amount to another invoice”

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Android:

Do not check “Match remaining amount to invoice”

Payment will be matched up to the invoice amount.

    1. Tap on Mark as paid to complete matching. The select payment screen will be presented with the remaining amount of the payment you did not match. 
    2. Select the remaining payment amount to match the second invoice and complete matching.

My customer paid a deposit on their invoice or partially paid an invoice. How do I manually match this?

This is very much the same as matching a full payment to an invoice. The deposit or partial payment to be matched appear in the banner in your invoice list. 

Tap on the banner to enter the matching flow and select the deposit or partial payment. Match to the correct invoice. Because the invoice is not fully paid yet the invoice can still be matched when the customer makes the rest of their payment.

When your customer makes subsequent payments to the invoice, select the payment and this partially paid invoice to complete payment matching.


My customer made a payment that is greater than what I invoiced them for. How do I match the entire payment to the invoice?

Select the payment by tapping the banner in the invoice list. System identifies when payment is over the invoice amount and will let you match the entire payment to the invoice selected or to match payment up to the invoice amount. 

iOS:

Select “Match remaining amount to this invoice”

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Android:

Check “Match remaining amount to invoice”

Entire payment amount will be matched to the invoice selected. Tap on Mark as paid to complete matching. 

 

My customer says they've paid, but the invoice still says unpaid.

You may need to match payment to an invoice manually. Direct transfer will automatically match payments to an invoice most of the time but in the case that payments can not be automatically matched, you can match the payment to an invoice manually. 

Go to your invoice list and you should see a banner at the top letting you know that you have payments to be matched. Tap on the banner to find the payment and match it to the correct invoice. 

 

How do I know which payment I will need to match to an invoice?

Go to your invoice list and if you have payments to be matched, a banner will appear at the top letting you know how many payments you need to match. Tapping the banner will lead you to the matching flow where you can follow the prompts to select a payment and then an invoice to match the payment to.

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Which payments will be automatically matched to an invoice for me?

Pay with bank online

Payments made by customers who log into their bank online will be automatically matched to an invoice.

View bank transfer details

Payments made by customers who used their unique account and routing number will be automatically matched when the customer only has one outstanding invoice and payment. In the case that the customer has multiple outstanding invoices, you will need to find the correct invoice to match the payment to.

 

I accidentally matched the wrong payment to an invoice. How do I match payment to the correct invoice?

    1. Select Invoice that you matched the payment to
    2. Tap Payment
    3. Tap View transaction history
    4. Select payment that you want to undo match for
    5. Tap Undo Match
    6. Go back to invoice list
    7. Tap banner to select payment and follow matching flow again

 

I received a payment but cannot find the invoice to match it to.

You may need to create an invoice first. Create invoice for the client you received a payment from to see the invoice in the matching flow. 

If this is a payment for an estimate, convert the estimate to an invoice. Once the estimate is converted to an invoice, you can find the invoice in the matching flow to match the payment to.

 

Refund Support

 

Refunds for direct transfer payments are initiated through your Stripe dashboard. Log in to your Stripe account and select the payment to be refunded. 

 

The refund will show up anywhere between 5-10 business days after the refund is issued. This is wholly dependent on the national ACH network and the clients’ banks. When you refund an invoice, the fees you paid to process the payments for that invoice is not refunded to you.* 

 

What happens to the invoice when I issue a refund?

Refunds for payments that are matched to an invoice will appear in the transaction history of that invoice. A refund is a credit to the invoice and the invoice will be marked as unpaid.

 

What happens to refunded payments that are not yet matched to an invoice?

Refund for payments that are not yet matched to an invoice will be remove the payment from the payment list in the matching flow.

 

*Note: This reflects changes to Stripe's policy that were enacted 9/14/2017. If you set up Stripe through your Invoice2go account prior to 9/14/2017, the fees will be refunded in full — after charging and then completely refunding a payment, the net cost is zero. Additionally, prior to 9/14/2017, if you had a payment process through Stripe but did not complete underwriting for your account, the payment, including all fees, will be refunded to your client after 21 days. 

 

Helpful Tips

  • 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.


 

Are you interested in seeing if you are eligible to offer direct transfers to your customers? Please contact our team at Support@invoice2go.com to learn more.

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