Pay consignors directly from SimpleConsign

ACH stands for Automated Clearing House, an electronic fund transfer made between banks and credit unions. ACH transfers enable various types of transactions, including direct deposit of payroll, payment of bills, business-to-business transactions, and person-to-person payments. Transactions processed through ACH are typically low-cost and efficient, offering an alternative to paper checks and wire transfers.

We have a few flexible options to choose from! They include ACH and direct deposit, checks, and store credit. You can easily set payouts on an immediate or delayed basis. 

Take the first step by ensuring you have all the necessary documents and permissions in place. KYC, or "Know Your Customer," serves as a due diligence procedure financial institutions utilize to authenticate customer identities. Meeting KYC criteria entails supplying evidence of identity and address, including ID card verification, facial recognition, and/or document verification. Common examples of KYC documents include passports or driver’s licenses.

ACH is how people make payments across all businesses from bank to bank so it is the commonly accepted secure way to transfer money via wire transfer. In some ways, ACH is safer than writing checks. You only need to enter your bank account information once in order to establish an ACH, whereas with paper checks you expose your bank information each time you write a new check. SimpleACH securely stores banking information within our partner's system. SimpleConsign enhances permissions within our system to restrict payout completion to approved users only. Editing of consignor bank accounts is exclusively accessible from the customer's end.

SimpleACH can take 2-5 business days to appear in the consignor's bank account, depending on the bank. Payouts will not go out on holidays or weekends and must be submitted before 3:30 p.m. central time to meet the 2-5 business days deadline.

SimpleACH is our ACH payout integration. This allows consignors to receive their payouts directly into their bank accounts after completing the setup process with the associated store. 

Payouts can be made from as little as $5.01 and up to $10,000 per payout transaction. 

Yes! This is a common practice where stores add a small premium to consignors’ payables if they choose to take their payables as store credit.