Collecting eCheck (ACH) Payments for Your Auction
Bank Transfer (ACH) acceptance is a feature within the LivePayments solution that offers bidders the option to pay invoices directly from their U.S. bank accounts.
You can only accept Bank Transfers (ACH) on LiveAuctioneers if you have LivePayments activated on your account. Offer your bidders a lower cost payment method with fraudulent ACH reversal coverage* by enrolling in LivePayments today, or contact your Account Manager.
How do payments via Bank Transfer (ACH) work?
- On the checkout page, bidders will see an option to enter a new bank account or use an existing bank account on file. When entering their bank account for the first time, bidders are required to authorize payment and accept ACH payment terms and conditions via checkbox. At this time, bank transfers can only be made from U.S. bank accounts.
- While the Bank Transfer is processing, the transaction status will be displayed as “Pending” in the Payments tab. Once the transaction has cleared, the status will be updated to “Pending Disbursement”. We do not recommend releasing items to customers while transactions are still in “Pending” status.
- Due to the nature of the transaction, Bank Transfers can take up to 5-7 business days to clear. Once cleared, disbursements of ACH payments are handled in the same fashion credit/debit card payments are disbursed. There is no delay on disbursements once payment is successful.
What happens when a Bank Transfer is successful?
- Once a bank transfer is submitted successfully, the corresponding invoice is automatically marked as “Paid” in the invoices tab of the auctioneer dashboard.
- The bidder is sent a receipt, which specifies the payment method was Bank Transfer (ACH).
- On the Payments tab, the transaction status will be displayed as “Pending Disbursement”, and “ACH” will be shown in the “Method” column.
- As with credit/debit card payments, you will be sent an email notification that payment has been successful.
What happens if a Bank Transfer fails?
Bank Transfers (ACH transactions) can fail when there are insufficient funds, or if the account number is not accurate. Depending on the type of failure, it can take up to 5 business days for a failure status to be returned.
If a transaction fails:
- The failure status will be displayed on the Payments tab.
- An email is sent to the bidder requesting that payment information be updated.
- The item(s) will be unmarked as paid in the Invoices and EOA tabs.
How long do Bank Transfers transactions take to clear?
Due to the nature of the transaction, an eCheck/ACH payment can take up to 5-7 business days to clear. Once cleared, disbursements of Bank Transfers (ACH payments) are handled in the same fashion credit/debit card payments are disbursed. There is no delay on disbursements once payment is successful.
*To receive fraudulent ACH reversal coverage proof of shipment must be provided, in the form of a tracking number, corresponding to the guaranteed order showing the item was shipped to the shipping address on the order
- Shipment is at least 5 business days after ACH transaction is initiated or after ACH transaction settles, whichever is last
- The shipment date cannot be later than the return notification date
- Copy of the signature of receipt is provided for any orders where the shipping method on the order is BOPIS (Buy Online Pick Up In Store)
ACH Return code must be for No Authorization, Authorized Revoked or Corporate Not Authorized
To begin accepting Bank Transfers with your next auction, enroll in LivePayments today, or contact your Account Manager.