Connecting a patient’s bank account for payments shouldn’t be a multi-day errand. Until now, the process could take several days and sometimes required help from the clinic.
That’s why we’ve introduced instant bank setup. Most patients can now connect and verify a bank account in seconds, almost as easily as adding a credit card. ACH payments also settle sooner, giving clinics earlier access to their funds.
Bank Account Setup in Seconds, Not Days
Clinics can send patients a secure request by email or SMS, or patients can connect an account through the Patient Hub.
Stripe handles the secure connection and can instantly connect and verify more than 97% of U.S. bank accounts. Most patients can complete setup in seconds without entering their routing and account numbers, and their bank login information is never shared with Atlas.md or the clinic. That also means clinic staff no longer need to coordinate verification deposits for most patients.
ACH Payments Settle in Two Business Days
ACH payments typically settle in two business days instead of four, bringing settlement time much closer to credit and debit card payments.
Updated ACH Pricing
Stripe has retired the legacy pricing option that allowed us to offer some ACH payments for little or no processing fee. As a result, ACH payments are now processed at 1.1% per transaction.
For about 5% of clinics currently using ACH, this represents a modest increase from their previous processing costs. However, the percentage fee for ACH remains one percentage point lower than for credit and debit card payments, which remain at 2.1% + 30¢ per transaction.
That means a clinic saves $100 in processing fees for every $10,000 in payments moved from cards to ACH.
See our pricing page for current payment processing rates.
For more information about how ACH works, check out our support article. And if you have any other questions, please don’t hesitate to drop us a line at support@atlas.md.