Here’s how to make business payments through ACH direct debit from a US bank account
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We’re always looking for ways to make your money go further for your business. That’s why we’re excited to introduce our new payment method: direct debit from a bank account.
This new service lets you link your bank account directly to Instarem, so you can pay for your transactions straight from the Instarem platform, and without incurring any additional fees.
Plus, it’s even cheaper than other payment options.
In this blog post, we will answer all your questions on direct debit and provide a guide on how to use direct debit through Instarem. This is what we will be covering:
What is ACH direct debit?
Automated Clearing House or ACH is an electronic network for financial transactions.
This network is used by banks and unions in the United States, and it is run by the National Automated Clearing House Association.
ACH processes different types of fund transfers. This includes direct deposits and monthly payments.
You might be interested in: ACH Vs Wire Transfer
Features of ACH direct debit with Instarem
- ACH transactions are capped at USD 12,000 (cumulative in a 30-day timeframe) but can increase to $50,000 over time.
- ACH transfers could take up to 2- 5 days.
- Cheaper than other payment options.
How to pay with direct debit through Instarem?
With Instarem, paying with direct debit is a breeze.
Simply log into the Instarem business portal with your username and password. Fill in your recipient detail, amount of money and click proceed.
Choose “ACH direct debit” as your payment option.
If this is your first attempt, a pop-up will appear. Click on the “Continue” button.
Select the bank of your choice. You will have to enter your bank credentials and select the account of your choice and click “Continue”.
Once you are done, you will be taken back to the recipient page that tells you your bank account has been added successfully. Click “Continue” to proceed with the creation of the transaction.
Input your “Source of funds” and select “company bank account”. Once you are done, click “Continue”.
Key in the verification code number.
You will see the confirmation details.
If you need to check your transaction history, just click on “History”.
You will be able to see the status and details of your transaction.
Ready to make your business transaction?
Login with your username and password to start a direct debit transaction now.
*Disclaimer: All images shown are for illustrative purposes.
Instarem is the trading name of NIUM Inc., a subsidiary of NIUM Pte Ltd, which is the parent company of NIUM subsidiaries globally. NIUM Inc. operates in the United States under a program sponsored by Community Federal Savings Bank to which NIUM is a service provider (NMLS ID No. 1528562).
