What's the best way to accept customer payments over $2000?
Hi everyone,
I have a questions regarding accepting one time payments over $2000. What's the accepted best practice?
Normally, we have used Stripe for all our online payments so far. Stripe has an ACH restrictions for payments over $2000. You can remove this restriction by reaching out to stripe.
The stripe fees for payments over $2000 are considerable. What is the accepted best practice for SAAS startups in this case? Is there a way to make it hassle-free and automated for the customer?
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Not sure what you mean by "automated for the customer"? It's a one time payment, so what automation is required?
According to Stripes ACH fees it costs...
Not sure you'll find anything cheaper really.
I use FreshBooks but sometimes clients add me to Justworks
Freshbooks probably works well.
Why not direct bank transfer or xoom or transferwise (like below)?
+1 Transferwise
Gocardless is a great option, capped at $4
I use Stripe’s invoicing system and set payment method options to ACH-only (learnt that the hard way). I considered using other systems like QuickBooks for invoicing, but it’s nice to have your billing consolidated in one place - makes accounting processes a little bit easier.
Absolutely. I love Stripe too and I know that if asked, they often remove the ACH limit of $2000. I am considering just doing that.
For payments that size, do you know if it's a business owner who will be signing up for the service, or if it's a bigger business that will have someone in a finance department handling the payments?
$2000 is actually not a lot of money- especially for annual subscription fees. Most of our users tend to go for credit card and it is very convenient.
I totally agree - I sell a 2000 product too 😄 and it's overwhelmingly paid by credit card. The question is who is authorized to pay with other methods and if you can persuade them to choose the less convenient payment option with lower fees.
If you sell directly to business owners they could easily be flexible if you offered even a small incentive to switch to ACH. But if the customer works for a business who needs authorization (often on payments over a certain amount), the effort to outcome ratio may not be in your favor.
Did you check TransferWise?
Since when is TransferWise automated for the customer?
Oh my mistake, he needs automated system, best rates and flexibility.
This comment was deleted a year ago.