In this article:
What is the ACH payment method and why should I use it?
When paying through Playeasy, you have the option of using a credit or debit card, or ACH. We all know what Credit and Debit cards are, but incase you’re unfamiliar with ACH, it allows you to use your checking account to make payments online. Basically, it’s a digital check.
Why use ACH?
It has lower fees. Many of us use checks, especially for bigger purchases, to save money on the processing fees. This is the same case for ACH. Credit and Debit Cards on average have a 2.9% transaction fee. ACH payments have a maximum fee of only $5. You will be saving at least 2.2% by using ACH instead of a credit card.
Here is an example: You need to make a $10,000 payment:
- If you use a Credit Card, you will be paying $290.00 in processing fees
- If you use ACH, you will be paying $5.00
- By using ACH you would save $285 in this instance.
How to set it up:
ACH has a little bit of a longer set-up process then a
Credit Card, but once it’s set-up it’s available and able to be used with a click
of a button.
- Step 1: Click the "My Payments" tab on the header. Select the "+" button or "Add Payment Method" on your page.
- Step 2: Add your account information. (Name, Routing Number, Account Type, and Account Number)
- Step 3: Verify your account - 2 very small deposits will be entered into yourchecking account by PlayOn Inc. You will need to verify your account by entering the amounts that were deposited.
- Step 4: Start using your ACH payment method!
**Note: It typically takes your bank 24 hours for the small deposits to appear