Real Time ACH

Real-Time ACH (Automated Clearing House) is a system for processing electronic payments quickly and securely. Integrating Real-Time ACH with QuickBooks Enterprise and QuickBooks Online can enhance your payment processing capabilities, allowing for faster and more efficient transactions.

Integrating Real-Time ACH with QuickBooks Enterprise and QBO

1. Understanding Real-Time ACH

Real-Time ACH enables faster settlement of ACH transactions, providing almost immediate transfer of funds between banks. This is beneficial for both businesses and customers, reducing delays in payment processing.

2. Setting Up Real-Time ACH

For QuickBooks Enterprise and QBO:

• Payment Processor: Choose a payment processor that supports Real-Time ACH. Examples include TodayPayments.com, Real-TimePayments.com, Plaid, Dwolla, and Stripe.
• Integration: Ensure your chosen payment processor integrates seamlessly with QuickBooks Enterprise and QBO.

3. Configuring Real-Time ACH in QuickBooks

For QuickBooks Enterprise:

1. Enable ACH Payments:
   • Go to Customers > Create Invoices.
   • Enable the option to accept ACH payments.
   • Configure the payment method with your Real-Time ACH provider.
2. Set Up Bank Feeds:
   • Go to Banking > Bank Feeds.
   • Set up your bank account to receive Real-Time ACH transactions.

For QuickBooks Online:

1. Enable ACH Payments:
   • Go to Sales > Invoices.
   • Enable the option to accept ACH payments.
   • Configure the payment method with your Real-Time ACH provider.
2. Set Up Bank Feeds:
   • Go to Banking > Bank Accounts.
   • Connect your bank account to receive Real-Time ACH transactions.

4. Creating and Managing ACH Payments

For Both QuickBooks Enterprise and QBO:

1. Create Invoices:
   • Generate invoices as usual in QuickBooks.
   • Ensure the payment option includes ACH.
2. Send Payment Requests:
   • Use the Real-Time ACH integration to send payment requests.
   • Customers can authorize payments via their bank or payment processor.
3. Track Payments:
   • Monitor the status of ACH payments through the payment processor dashboard.
   • Reconcile payments in QuickBooks once they are received.

5. Automating Recurring Payments with Real-Time ACH

For QuickBooks Enterprise:

1. Memorize Recurring Transactions:
   • Go to Customers > Create Invoices.
   • Memorize the invoice to recur at specified intervals.
   • Enable ACH payment options for these invoices.

For QuickBooks Online:

1. Set Up Recurring Transactions:
   • Go to Gear Icon > Recurring Transactions.
   • Create a new recurring invoice and enable ACH payments.

6. Ensuring Security and Compliance

• Data Encryption: Ensure all payment data is encrypted and secure.
• Compliance: Verify that your Real-Time ACH provider complies with NACHA rules and any other relevant financial regulations.

7. Customer Communication

• Payment Notifications: Set up automated notifications to inform customers about payment requests and confirmations.
• Support: Provide customer support for any issues related to ACH payments.

Implementation Example

1. Choose a Payment Processor: Select a Real-Time ACH provider like TodayPayments.com, Real-TimePayments.com, Plaid or Dwolla.
2. Integrate with QuickBooks:
   • QuickBooks Enterprise: Enable ACH payments and set up bank feeds.
   • QBO: Enable ACH payments and connect your bank account.
3. Create Recurring Invoices:
   • QuickBooks Enterprise: Memorize transactions for recurring ACH payments.
   • QBO: Set up recurring transactions with ACH payment options.
4. Automate Payment Requests: Use your Real-Time ACH provider to send payment requests.
5. Track and Reconcile: Monitor and reconcile payments in QuickBooks.
6. Ensure Security: Implement encryption and ensure compliance with financial regulations.
7. Communicate with Customers: Set up notifications and provide support.

By following these steps, you can effectively integrate Real-Time ACH into both QuickBooks Enterprise and QuickBooks Online, improving your payment processing efficiency and customer satisfaction.