Opus1.io supports Bank Account / ACH (Automated Clearing House) payments. Once enabled, businesses can accept payments directly from customers' bank accounts.
You can take Bank Account / ACH (Automated Clearing House) payments through Opus1.io. With ACH payment processing enabled, you can take payment from your customers' bank accounts.
Opus1.io supports ACH with both Stripe and Clover Connect. If your business is using Clover Connect, you must request to open an ACH processing account with BluePay for ACH to be enabled for your account, and additional paperwork may be required. If you need assistance, please contact support@opus1.io.
There are several pros and cons to using ACH for payment processing when compared with credit cards:
ACH:
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- Pros: lower fees when compared with credit cards.
- Cons: all transactions take 3-5 days to settle, partial refunds are not supported, and cannot be used for self-booking
For example, this means that if a client pays with ACH the invoice won't be marked as paid/closed for 3-5 business days, during which they won't be able to self-cancel lessons and get make-up credits, and your bank account will take several days to get funded.
Credit Cards:
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- Pros: instant authorization, can be used for self-booking, much faster funding (24-48h), allows partial refunds
- Cons: higher fees when compared with ACH