4 ms·
I knew a personal shopper who used her own American Express for all purchases (get those points/miles/etc), and then just billed the customer via ACH afterward.
by jermaustin1 7y ago
I knew a personal shopper who used her own American Express for all purchases (get those points/miles/etc), and then just billed the customer via ACH afterward. She would invoice via QuickBooks (Free ACH payments), but there are programmable options out there.
Plaid+Stripe can hook into a bank account, and you can initiate an ACH that way. The ACH fee is only 0.8% with a cap at $5. That might be low enough to eat it. I'm not sure what your business model is though.
- unicornication 7y agoThank you for the comment!! I actually just checked in with Stripe because that sounded awesome! They say that the funds that customers put in via ACH are not able to be drawn upon for up to 5 days, until the transaction "succeeds". We are slightly worried about using a credit card / line of credit as a buffer to that 5 day ACH, as it would be super risky as we could easily blow past a $100K credit line in the few days ACH would take to settle, leaving us high and dry. If customers were to "pre-fill" accounts, that would allow for some really cheap funds, though :O Thank you so much for that tip!
- jermaustin1 7y agoI guess that scale is a little higher than my personal shopper friend. She'd only charge to credit around $25k/mo.