ACH Payments
Saving time, reducing errors, providing better transparency to investors, and taking advantage of specialized workflows
ACH and Its Functionality
Distribute Investor Earnings
SyndicationPro is thrilled to announce that sponsors will now be able to distribute their investor earnings directly from the platform via ACH transfers and checks. Sponsors will now be able to completely eliminate the need to manage distribution payments offline, thereby making the investment management process much more organized and precise.
Save Time and Reduce Errors
Integrating ACH payments into SyndicationPro comes with immense benefits that include saving time, reducing errors, providing better transparency to investors, and taking advantage of specialized workflows.
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Frequently asked questions
1. What is ACH Payment?
ACH (Automated Clearing House) is a network used for electronically moving money between bank accounts across the United States. Payment processing via the ACH network has existed since the 1970s. ACH moved financial transactions worth more than $61.9 trillion in 2020, an increase of almost 11 percent from the previous year. These included government, consumer, and business-to-business transactions, as well as international payments.
2. How long does it take for an ACH payment to be completed (or settled)?
While the payment is instantly processed from within the platform, it may take up to four to five business days for the transaction to be completed.
3. How can we expedite transfers for our business?
There is currently no way of expediting the transfer of funds from one bank account to another through ACH payments.
4. What happens when an ACH transaction fails?
When a transfer fails, an automatic transfer failure webhook with an ACH return code is sent out. In such a scenario, you can either try the transaction again. In case a debit has been wrongly made, you can revert the amount back to your original bank account from your SyndicationPro wallet.
5. What are the common reasons for ACH transaction failures?
There are two main reasons as to why an ACH transaction might fail - having a lower bank balance than the amount you’re trying to distribute to your investors, and if there are issues with the bank account of your investor(s).
6. How does SyndicationPro ensure the security of its clients?
SyndicationPro ensures end-to-end encryption of all sensitive data by following the industry best practices and standards like - AWS Web Application Firewall. All the transactions are secured by 2FA (Two-factor authentication). A rigorous KYC protocol is followed to authenticate the validity of each business organization. We also run logistical checks to ensure that the cheques you distribute are being mailed to the correct addresses.
7. Is there a transaction fee for ACH payment?
SyndicationPro charges $0.49 per transaction for Wire Transfer and $5 for Check Payments that are both printed and mailed out to your investors.
8. How to complete the KYC or Account Verification on SyndicationPro?
In order to verify yourself and your business within the platform, you will need to fill up the form within the portal with all your personal information. Once the details have been filled in, you will need to produce documentation that pertains to your business organization. Completion of the KYC process might take up to 2-3 business days.
9. How to add bank accounts to your verified business?
In order to add your bank account details, you will need to add your bank account information. Once your information is added, two micro deposits of less than $1 will be sent out to your bank account within 1-2 business days. Once you receive the microdeposits, all you need to do is add the two micro-deposits to your platform and your bank account will be verified.
10. What is the limit per ACH Transaction?
Currently, you can distribute up to $25000 to your investors from the platform. If your transaction amount to an investor exceeds $25k, the transaction will be broken down into multiple parts. There is no such limit to cheques.
11. What is the cost of enabling ACH transactions on SyndicationPro?
Currently, you can distribute up to $25000 to your investors from the platform. If your transaction amount to an investor exceeds $25k, the transaction will be broken down into multiple parts. There is no such limit to cheques.Pricing for enabling ACH is simple - you’ll have to pay $50 per month to access this feature for unlimited distributions.