Comments (19)
Current proposal is $1 fixed (no variable) for ACH debits.
ACH credits will remain 25¢.
from balanced-api.
How about a percentage with a $1 cap? Could work better for smaller transactions.
from balanced-api.
@rmanisha Balanced pays a fixed fee regardless of the transaction size. There could be a business justification to implement such a loss leader, but this can be revisited
from balanced-api.
Finalizing on $1 for ACH debits.
from balanced-api.
ACH rejection pricing discussed at #91.
from balanced-api.
I'm late to this conversation, but the $1 fee puts this at $24 break-even with credit card pricing (2.9% + $0.30). Do I have that right? That's less compelling for my use case, which is for the most part $10 transactions.
from balanced-api.
You have it right, but you have a different use case from most of the people that emailed me. You will have lower transaction sized, but you should also have a larger number of transactions, which is where volume pricing (#57) comes in.
from balanced-api.
Regarding the fees for ACH debits. In the use cases I run into 1% + $.30 could work unless it is higher dollar amounts i.e. > $500. Maybe you could do some type of cap or tier for the charge?
I'd like to mention https://www.dwolla.com/fees ... They charge $0 for payments under
from balanced-api.
+1 for a cap on larger transactions
from balanced-api.
A cap of $5 seems extremely high for my use case. My average debit is between $100-$250. Other ACH processor I've found would charge under $1.50 for these, but with the 1%+0.30 model I break even at $120.
If the cap were changed to $1 ($1.30 w/fixed) then this would be an enticing offering. Thoughts?
from balanced-api.
Hey @ithielnor with 1% + 30¢ you'd pay $2.05 to move $175. How much are you planning to charge your customers? Are you planning to charge a fixed fee only (i.e. $1.50)?
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My client's average charge is $220. They currently get a rate of $1.25 per transaction. I think I could convince them to switch as long as their per transaction fee were not over $1.50.
from balanced-api.
hey @ithielnor we understand the $5 cap doesn't work for everyone, but we heard from many of our existing customers that it does, while still giving Balanced enough upside to merit supporting this technology at the time. My CEO/co-founder, @matin, explains in this comment that the $5 is the current cap, but we're planning to reduce the cost to a fixed fee over time.
Why are you not interested in using the other ACH service you mention that offers $1.25 instead of Balanced?
from balanced-api.
I'd like to use Balanced because you offer tokenized transactions (reduced PCI requirements), much better APIs, marketplace escrow, and the potential to also us Credit Card processing through the same API. In short, you guys offer a compelling feature set.
Basically there are two players in the payments market that I like, Balanced, and Stripe. Stripe does not offer ACH at this time (though I've been told by their devs it is "on the roadmap"). There's not much difference in price for CC, but your escrow features and ACH would be the winning factors for Balanced if only ACH were economical for large transactions. Integrating with another vendor is yet another API to integrate with, and potentially increased PCI requirements.
I'll keep an eye on your prices but for now I'm afraid I will have to choose another vendor.
from balanced-api.
@ithielnor: We plan to continue lowering the price. So far, we've reduced the price from 1% + 30¢ by adding a $15 cap and then a $5 cap. That trend will continue.
from balanced-api.
Volume pricing discounts for ACH Debits being discussed on #473
from balanced-api.
@matin @jkwade I'd like to re-open this issue for discussion. Would it be possible for us to move to a fixed price for ACH debits?
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@martin @jkwade you guys have built an awesome product. Any update on the ACH cap? I want use it to collect rent which will be large transactions so in interested in a lower cap. Thanks!
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@msu03 can you email me at [email protected]?
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Related Issues (20)
- Return links to unsettled credits links from /accounts/{accounts.id}/credits HOT 14
- `Name` should be a required field on BankAccounts
- Dispute Document API HOT 1
- Return the bank account removal reason via noc_reason instead of meta HOT 1
- Add a link from the credit to a settlement HOT 2
- Disputes that come into arbitration should include notes saying why
- Adding ability to enter Payment Details for bank account withdrawals HOT 1
- "/customers/{:customer_id}/orders" returns the entire orders in the marketplace HOT 1
- Flexible search endpoint
- "orders/{:order_id}/holds" link is missing
- Support marketplace settlement of a seller's negative Account balance HOT 2
- Allow filtering logs by settlements
- Create Settlements via Dashboard
- Disputes should expose detailed reason codes when possible
- BankAccountVerification creation issues HOT 10
- Allow validation for emails with the .management TLD as it complies with RFC-2822
- No SAQ A solution (IFrame or full redirect), only SAQ A-EP solutions
- after deleted the card get card api returning card info HOT 1
- Iat and ica support
- IAT Implementation
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