Canadian businesses with Opus1.io can use ACSS Direct Debit to collect payments from customers' bank accounts via the Automated Clearing Settlement System (ACSS) and Stripe.
ACSS Direct Debit Payments in Canada
Overview: Canadian businesses can use ACSS Direct Debit to collect payments from customers' bank accounts via the Automated Clearing Settlement System (ACSS). This method requires businesses to obtain a mandate from the customer, authorizing debits from their account. Stripe supports ACSS Direct Debit integration, simplifying the payment collection process.
Key Features:
- Reusable Payment Method: Ideal for recurring payments.
- Delayed Notification: Payment confirmation can take up to 5 business days.
- Transaction Limits: Contact Stripe support to adjust default limits.
- Country Availability: Only available for Canadian bank accounts.
- Currency: Primarily CAD, with limited support for USD.
- Refunds: Available and can be processed for partial amounts within 180 days of the original payment.
Payment Flow:
- Customer selects pre-authorized debit at checkout.
- Customer provides bank details and accepts the mandate.
- Customer receives a notification upon payment completion.
Verification Requirements: Businesses must complete identity verification to use ACSS Direct Debit. Stripe guides users through these steps during the payment method setup.
Dispute Process: Customers can dispute ACSS Direct Debit payments within 90 days for personal accounts and 10 business days for business accounts. All disputes are final, and Stripe automatically deducts the disputed amount and fees from the business's account.
Mandates: A mandate is required to authorize debits from the customer's account. Customers can cancel mandates at any time, and new mandates must be established for additional payments.
Refunds: Refunds must be issued within 180 days and typically take 3 business days to process. They appear as credits on the customer's bank account statement.
Statement Descriptors: ACSS Direct Debit payments display the merchant's name on the customer’s bank statement. Businesses can customize these descriptors for each transaction.
Setting Up ACSS Direct Debit:
- Integrate Payment Methods: Use Stripe’s front-end products to automatically determine relevant payment methods.
- Activate Methods: Configure and activate ACSS Direct Debit via the Stripe Dashboard.
- Send Notifications: Notify customers when a mandate is established and for each debit. Customize these notifications as needed.
Helpful Links:
For more detailed information, refer to the Stripe ACSS Direct Debit Documentation.