Faster ACH FAQs
- What is the difference between ACH and Faster ACH?
- Can I use Faster ACH?
- How do I start using Faster ACH?
- Which banks are supported?
- Can I use Faster ACH and get paid out in another currency?
- How much does Faster ACH cost?
- What are the maximum transaction limits for Faster ACH?
- Will my customers be comfortable switching to FasterACH payments?
- How do I know when I will receive funds?
- Can I use Faster ACH for all my transactions?
- Can I stop Faster ACH and use standard ACH for all my transactions?
- What is Same Day ACH?
- Who can I contact for support?
What is the difference between ACH and Faster ACH?
Faster ACH is our latest enhancement for GoCardless ACH that enables you to get paid up to 2 days quicker than conventional ACH.
Can I use Faster ACH?
Faster ACH is included by default in all Advanced and Pro pricing plans. If you are on a Standard plan then you will need to upgrade.
How do I start using Faster ACH?
If you're already on an Advanced or Pro plan, you don't need to do anything. Just create ACH payments as you usually do:
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If you use GoCardless via partner software that gives you the option to select a charge date, then select the earliest charge date possible. Alternatively if your partner software does not give you this option then it will automatically select the earliest charge date possible, which will be Faster ACH
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If you use the GoCardless API then there are three options:
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Specifying "faster_ach: true" in your payment creation request
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Specifying a “charge_date” equal to the "next_possible_charge_date" returned on the mandate object and omitting "faster_ach"
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Omitting both "faster_ach" and "charge_date"
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If you use the GoCardless dashboard, then just choose "Collect as soon as possible" when creating your payment.
Which banks are supported?
All US banks that use ACH are supported.
Can I use Faster ACH and get paid out in another currency?
Unfortunately, you can only use Faster ACH if you have a USD bank account based in the United States.
How much does Faster ACH cost?
Faster ACH is already included in your transaction fees (which varies depending on whether you have an Advanced or Pro plan).
What are the maximum transaction limits for Faster ACH?
The transaction limit for Faster ACH is $1 million. Collections and payouts that are $1m will be routed using standard ACH.
Please note that the transaction limit for your organisation may be set lower than this. You can request an increase by contacting support.
Will my customers be comfortable switching to FasterACH payments?
There is no change or impact on the customer experience, all collections are the same as standard ACH but you will receive the payment sooner.
How do I know when I will receive funds?
If your bank is based in the United States, and your payout is less than $1 million, then you will normally receive your funds two business days after your customer has been charged, usually by the early afternoon.
If your payout is more than $1 million, then it will take an extra business day for your funds to arrive.
If your bank account is outside the United States, then it will take an extra 1-3 business days for your funds to arrive, depending on the country and any foreign exchange applicable.
Can I use Faster ACH for all my transactions?
You can use Faster ACH for all US Dollar transactions that are $1 million or less.
Can I stop Faster ACH and use standard ACH for all my transactions?
Yes, if you specify a charge date in the future then the funds will normally be collected with Standard ACH.
If you're an API user, you can explicitly request this by specifying "faster_ach: false" in your payment creation request.
What is Same Day ACH?
Same Day ACH is the faster payment method for ACH in the US. This is what powers Faster ACH. More information about this can be found in NACHA’s resource centre here.
Who can I contact for support?
Please get in touch with our specialist team who can help you with any questions you have about this feature.