How to Pay Using ACH

This article will guide you through the process of making a payment using ACH.

Important Information:

• Estimated approval time: 4-5 business days
• Transaction cost: No additional fees. 

Start the Payment Process and Select ACH

1. Once you select ACH, the following views will appear. You’ll need to choose a bank from the list (go to Step 2) or decide to link with account numbers (go to Step 4).

Linking a Bank Account and Verifying

2. If you select a bank, you'll be prompted to enter your credentials to proceed.

   Note: Some banks may require two-factor authentication (2FA), which is set up in your bank account, not by Ontop.

3. You’ll see a list of accounts associated with those bank credentials. You can only select one to proceed. If everything goes well, a success message will appear and the account will be added. In some cases, you may also need to confirm routing and account numbers.

   If everything is correct, you'll see a confirmation message in Plaid and on the Ontop platform.

Linking with Account Numbers

4. If you choose not to use bank credentials and decide to link with account numbers, you’ll see instructions and need to input routing and account numbers (the account number must be entered twice).
5. Select the account type and provide a name that matches the one associated with the account.
6. Authorize a 0.01 USD deposit to be made to your account within one business day. This deposit will include a three-letter code.

7. Depending on Plaid's connection with the bank, verification may be automatic or manual.

   • If automatic, no button will appear.
   • If manual, you’ll see a button labeled “Verify payment method”. Clicking it will take you to Plaid, where you’ll need to input the three-letter code.

   Important: If the account is not verified within a week, it will expire and disappear from the platform.

Key Points About ACH Payments:

• Bank Statement: To add 3 or more ACH accounts simultaneously, you'll need to provide a certified bank statement for approval.

  Bank Statement Conditions:

  • Must be dated within the last 90 days
  • Must be signed or stamped by the bank
  • Must display the bank's name and logo
  • Must show the address, account number, and account holder’s name
• Identity Verification: When adding an ACH payment method via Plaid, our system will also receive information regarding account ownership. If the account holder’s name doesn’t match any of the names collected during KYB, the payment method will undergo manual review by our Compliance team.
• Balance Verification: When attempting a payment with an ACH account verified by Plaid, we will check if the account has enough available funds. If not, the transaction will not be processed to avoid overdrafts and additional bank fees.