Getting Paid by Bank Transfer
Let customers pay an invoice straight from their US bank account, from the link in the invoice email. The money lands in your own Stripe account, and Iraca records the payment for you once the bank transfer clears. Works with the Invoicing & Bookkeeping add-on and a connected Stripe account.
What your customer sees
Every invoice you send has a link to its own page. When bank transfer is on, that page shows a Pay by bank transfer button next to the amount due. Your customer:
- Clicks Pay by bank transfer.
- Signs in to their bank through Stripe (instant verification, no test deposits to wait for).
- Confirms the payment.
Their bank is saved for next time, so the following invoice is two clicks.
Bank transfer pays the full amount due, in US dollars only. An invoice in another currency doesn't show the button.
Why it takes a few days
A bank transfer is not instant. Once your customer confirms, the payment is on its way, usually for 3 to 5 business days. While it is:
- The invoice page (yours and theirs) says "Bank payment of $X started on {date}, usually clears in 3–5 business days."
- The invoice stays unpaid and still counts in your A/R aging. Nothing is recorded in your books yet.
- Payment reminders pause for that invoice: nobody gets chased for money that is already on its way.
- The customer can't start a second payment on the same invoice.
When it clears
Iraca records the payment automatically: the invoice is marked paid (and any orders it bills), your customer gets a receipt, and you get an email. In your books the payment is split:
| Debit | Credit | |
|---|---|---|
| Cash (what reaches your Stripe balance) | amount less the fee | |
| Operating expense (the bank transfer fee) | the fee | |
| Accounts receivable | the full amount |
When it fails
If the bank refuses the transfer (not enough money in the account, a closed account), nothing is recorded, the invoice is open again, payment reminders resume, and both you and your customer get an email saying why in plain words. The customer can pay again from the same link.
When the bank returns it later
Rarely, a customer's bank takes a transfer back after it cleared. Iraca then reverses the payment in your books (a negative payment on the invoice), the invoice is owed again, and you get an email and a Needs your attention item until the invoice is settled another way. Stripe charges its return fee to your account; Iraca's fee is not refunded.
What it costs
Bank transfer: 1% per payment, capped at $10. One price on every plan.
| Invoice | You pay |
|---|---|
| $100 | $1.00 |
| $625 | $6.25 |
| $1,000 | $10.00 |
| $5,000 | $10.00 |
That covers everything: Stripe's own bank-transfer fee is included, and so is the bank verification. It comes out of the payment, you pay it rather than your customer, and your customer never sees it. There is no minimum: a bank transfer costs you less than a card at every amount.
The fee is kept if the payment is later returned or you give the money back.
Turning it on or off
Bank transfer is on by default once Stripe is connected and can take payments. To change it, go to Settings → B2B → Online payments and use Bank transfer on invoices. The price is shown right there.
If Stripe isn't connected yet, connect it in Settings → Payments first.
Following a payment
Open the invoice in Finance → Invoices. The Online payments card lists every attempt with its date, status (Checkout open, On its way, Cleared, Failed, Returned by the bank, Not finished) and fee. A cleared payment also appears in the payment history as ACH, with Stripe's payment reference.
At your portal checkout too
The same bank transfer, at the same price, is offered at your customer portal's checkout, with its own switch (Bank transfer at portal checkout). There the order is created as soon as the customer confirms and waits for the money before it can be prepared; if the transfer fails, the order is cancelled. A trade customer with approved credit terms doesn't wait. The details are in Letting customers sign up and pay by card.