Audience: Accounting Manager & MineralTree Administrator
Summary: Reviews ACH.com setup and payment requirements
The article covers the following topics:
Summary
ACH credit origination is offered to all MineralTree customers through our partnership with Priority Payments (ACH.com). MineralTree will work with Priority to create and register accounts on behalf of customers who wish to enable ACH payments. Any US bank account can be used as a payment account for these ACH payments and no additional fees are ever involved.
Setup
Account Setup
Customers must complete the Payments Application, and submit a voided check and photo-ID with it. In addition, the customer authorizes settlement against each account that will be used for ACH payments.
When applications are approved, PPS/ACH.com provides a Client ID to MineralTree to be used during payment processing. Once MineralTree receives the completed application, setup with PPS can take up to 5 business days.
Transaction Limits and Processing Time
As part of the setup process, PPS will establish a transaction limit for every new customer. Payments under this limit will be processed according to the schedule below. Companies can qualify for up to $400k based on the application materials. To raise the limit further, a financial review is necessary.
The schedule for a typical ACH payment made in MineralTree looks like this (all day counts are business days).
Day 0: Payments Approved: MineralTree initiates payments submitted before the daily cutoff time (7:00 pm ET).
Day 1: Debit files processed by MineralTree's processing partner: Validation begins. Debits post after the file is processed. Available balance may be impacted.
Day 2-3: Payment funds debited: MineralTree debits your account to receive funds for payments, ensuring funds are available, funding accounts are whitelisted, and they comply with customer fraud rules.
Day 4: Vendor account credited. Depending on receiving bank, funds may not settle until Day 5.
Note: For example, a payment approved Monday at 2pm ET, will be debited from your account Wednesday or Thursday, and payment will be received by vendor on Friday or next Monday. A payment approved Friday at 5pm ET, will be debited from your account Tuesday or Wednesday, and payment will be received by vendor on Thursday or Friday.
Payment Requirements & Other Information
Vendor Requirements
In order to be paid by ACH.com, vendors are required to have the following:
- Valid US routing number
- Valid US bank account number
This information should be added in the Vendor Details Page in the MineralTree platform by the Accounting Manager.
Debit Blocks
Customers who have ACH Debit Blocks or Debit Filters set up on their bank accounts to prevent unauthorized debits must whitelist ACH.com. They do this by providing their own unique ACH ID along with ACH.com's ACH IDs to their bank. If needed, please contact MineralTree Support for ACH.com IDs.
Positive Pay
MineralTree supports positive pay as long as the service is already set up with your bank. Our team will use an SFTP site to transmit the positive pay file and work directly with your bank to ensure the file format meets their requirements. Please contact MineralTree Support for details on enabling this option.
Please reach out to Customer Support with any questions:
- Phone: 855‑672‑9669
- Email: mtsupport@mineraltree.com