Processing ACH/Bank Transfer Payments using mtCharge - MarketTime

Those utilizing mtCharge to process payments can also receive payment via ACH or Bank Transfers.
This also allows the Retailer to enable either "push" or "pull" transfers depending on their needs.

For more information about mtCharge or to enable the ability to accept ACH/Bank Transfers for existing mtCharge accounts, please reach out to mtcharge@markettime.com 

TABLE OF CONTENTS

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Enabling ACH Payment Terms

Processing Payments with "ACH/Bank Transfer" Payment Terms

    Retailer has added their Bank Account 

    Retailer hasn't added their Bank Account

Processing Payments with "Net XX- mtCharge with ACH" Payment Terms

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Video Overview

https://share.vidyard.com/watch/ri69RpePWGgdq4MYUCXVHM?

Enabling ACH Payment Terms

To enable ACH-relevant Payment Terms, navigate to Manage Company to the Order Settings tab.

Here you will enable the relevant ACH Payment Terms you wish to utilize.

Options available to you are as follows:

• ACH/Bank Transfer
• Net 30-mtCharge with ACH
• Net 45-mtCharge with ACH
• Net 60-mtCharge with ACH
• Net 90-mtCharge with ACH

Processing Payments with "ACH/Bank Transfer" Payment Terms

NOTE: Pre-Authorization is not available for orders with the "ACH/Bank Transfer" Payment Term selected.

If you've received an order with ACH-related Payment Terms, you'll see a "bank" icon next to the order:

Similar to other mtCharge orders, using the action button and clicking Shipment Transaction will allow you to proceed with processing:

Here you will fill out the relevant info as you would any other mtCharge order. For details about the various fields shown, see our article on Processing Payments in MarketTime as a Manufacturer.


For orders that contain ACH-relevant Payment Terms, an email is sent to the Retailer to add their bank account when the Salesperson first transmits the order to you. You will have two scenarios depending on the action the Retailer has taken when you process payment:

Retailer has added their Bank Account 

If the Retailer has already added their Bank Account prior to you processing payment, you will be able to fill out the required information and click Process Payment (or Schedule Payment if using an ACH option with Net Terms).
If the Retailer has multiple Bank Accounts added, they will receive an email to choose the desired account for the order.

Retailer hasn't added their Bank Account

If the Retailer hasn't added their Bank Account prior to your processing payment, clicking the Process Payment (or Schedule Payment if using an ACH option with Net Terms) will send an email to the Retailer immediately, requesting they add their Bank Account.
Example email sent to Retailer:

Processing Payments with "Net XX- mtCharge with ACH" Payment Terms

NOTE: Pre-Authorization is not available for orders with Net Terms via ACH Payment Terms selected.

Using the same principle as above and with Net Terms via Credit Card through mtCharge, using the Schedule Payment button will schedule the account to have the amount chosen 30, 45, 60, or 90 days after the button is pressed, depending on the term selected for the order, as seen in the Charge Date field: