Set Up
ACH payouts are a quick and easy way to pay your consignors directly from ConsignCloud! To set up ACH payouts, head to Settings>Payouts and toggle on "Integrated ACH." Then click "Set up." In the next screen, choose "Enable ACH Payouts."
A popup will appear with Terms of Service. Read the terms, then choose "I Understand" to continue. This will allow you to enter your bank information and move money into your wallet.
Once your information has been input, your account will need to go through approval and underwriting. This typically takes 1-3 Business Days. Until it's complete, you'll see this notification on the ACH settings page.
Once the review is complete, you can run your payouts as you normally would, and select "Integrated ACH" as the Payment Type.
Consignor View
The first time a consignor receives a payout, they'll see the notification below:
Clicking "Receive Your Payout" will bring the consignor to a screen where they can add and verify a bank account. Consignors do not need to go through underwriting to receive payouts. This notification is only sent if the consignor needs to add a bank account.
Pending ACH Payouts
After sending a payout, you can view the status of the payout from the Consignor's balance history. You can see if it's pending or completed. If a consignor does not add a bank account within 60 days, the payout will be marked as Expired and can no longer be received.
Transfers typically land in 2-4 business days. You can speed up this timeline by pre-funding your wallet. Payouts directly from your wallet typically land the following business day. To fund your wallet, go to Settings > Payouts > Manage under Integrated ACH and press the three-dot menu on the wallet.
When running payouts, for each payout, if the wallet balance is enough to cover the entire payout and the fee, that balance will be used rather than withdrawing from your bank.
For more information on how to run individual and bulk payouts read the article below!