Integrated ACH Payments: Overview

Overview

Users will now have the option to offer ACH as an integrated, encrypted, and secure payment method for their clients. This page will review the benefits, workflow of the integration, and associated costs.

What are the benefits?

• Users can add banking information to the customer's digital wallet in Wise Option

• Users can initiate ACH transactions with the customer's digital wallet

• Once processed, the transaction will automatically be posted to the customer account

• Clients can add banking information via the eBilling portal and initiate ACH transactions

• Users will have the option to add a convenience fee for ACH transactions that would be charged to the client

• A return of a completed ACH transaction can be initiated via the Wise Option application. Once returned, the transaction will be automatically posted to the customer account

What does the process look like?

1. ACH details are entered (via the client on the eBilling portal or user via the Customer Digital Wallet)

2. ACH transaction is initiated (via the client on the eBilling portal or user via the Customer Digital Wallet)

3. The transaction is enter the Status "Pending Settlement"

4. Wise Option automatically checks daily for confirmation from financial institutions

5. It typically takes between 2 to 4 business days for transactions to be confirmed

6. Transactions may be flagged as

   1. Settlement Confirmed: The transaction was successful and funds have been transferred.

   2. Failed: The transaction has failed.

   3. Declined/Denied: The transaction has been denied.

      1. Declined/Denied and Failed transactions are outside of Wise Option's control and are often caused by invalid accounts. account closures, or insufficient funds.

Can I return or void ACH transactions?

Users cannot void ACH transactions.

However, users can return (partial or full) successful ACH transactions (Status: Settlement Confirmed).

The transaction is enter the Status "Pending Return"

Wise Option automatically checks daily for confirmation from financial institutions.

It typically takes between 2 to 4 business days for transactions to be confirmed.

Returned Transactions may be flagged as:

1. Return Settled: The transaction was successful and funds have been transferred.

2. Return Failed: The transaction has failed.

I would like to offer ACH as a payment option for my customers. How do I get started?

This feature is currently under beta testing. If you would like to participate in beta testing of this feature, please send an email to [e-mail] and we'll help you get started! Users will have to sign up for a merchant account with Payment Innovators first. Once the merchant account is created, users will be able to activate this service via the account management portal (WiseOption.com).

Is there a cost associated with ACH transactions?

Yes. These fees are charged to the business (not your clients).

• There is a transaction fee per transaction which is billed by the merchant service.

• There is a Convenience Fee that is billed by Wise Option for transaction management.

  • The Convenience Fee is assessed by a percentage of the monthly total of confirmed transactions and confirmed returns. Convenience Fees are NOT charged on failed or incomplete transactions. The percentage (rate) is determined based on the monthly total of confirmed transactions and confirmed returns. The table below outlines the ACH Rate based on monthly transaction totals.

    • An invoice will be sent by Wise Option on the 10th of each month with the total completed ACH transactions for the previous month, the ACH Rate, and total Convenience Fee.

    • The invoice is sent via email and users have 5 days to dispute any charges.

    • The default payment method on file will be automatically charged on the 15th.

    • No refunds are provided after billing is completed. ACH Progressive Discount Table

Minimum Amount	Maximum Amount	Rate (%)
$o.oo	$100,000.00	1.0
$100,000.01	$150,000.00	0.94
$150,000.01	$200,000.00	0.87
$200,000.01	$300,000.00	0.83
$300,000.01	$400,000.00	0.78
$400,000.01	$500,000.00	0.75
$500,000.01	None	0.70

Can I cancel the ACH service?

Yes. Users may deactivate the ACH service anytime via the Wise Option portal (WiseOption.com)

Transactions already confirmed prior to deactivation are still billed.

---

ACH Account Cancellation Policy

• Final ACH report is generated 10 days after account cancellation.

• Charges are processed 5 days later.

• No data extracts or closure documentation are released until all balances are paid.