How to send and receive ACH transfers with Slash

Overview

Slash lets you send and receive bank transfers using the Automated Clearing House (ACH) network as an option. The Automated Clearing House is a U.S. banking network that facilitates interbank domestic transfers. ACH transfers are electronic payments that move money between bank accounts without the need for paper checks, wire transfers, or cash.

There are two different types of ACH transactions:

ACH Credit: A payment where you initiate the transfer of funds from your account to someone else's. This is commonly referred to as a "push" transaction.
ACH Debit: This is a "pull" payment where funds are withdrawn from another party's account with their authorization.

ACH relies on batch processing to lower processing costs for users. This means that network banks receive payment details from multiple sources, pool them, and then send them out in a single batch. As a result, transfers won't be instantaneous, and processing times depend on the batch schedule of participating banks.

How to Send an ACH Transfer

After logging into your Slash account, follow these steps to send an ACH transfer through the Slash dashboard:

Step 1: Navigate to the Payments Page

Locate the Payments section in your Slash dashboard. This is where you'll manage all your transfer activities.

Step 2: Select 'Transfer Funds'

Click on the 'Transfer funds' button to begin initiating a new transfer.

Step 3: Select or Add Your Recipient

If you've sent funds to this recipient before, select them from your saved recipients list.
For new recipients, click 'Add new recipient' and enter their banking information.

Make sure all recipient details are accurate to avoid delays or errors.

Step 4: Select 'ACH Transfer' When Adding Payment Details

When prompted to choose a payment method, select 'ACH transfer' from the available options. This ensures your payment will be processed through the ACH network rather than as a wire transfer or other payment type.

Step 5: Create an Email Confirmation for the Recipient (Optional)

You can choose to send an automatic email notification to the recipient informing them that a transfer has been initiated. This step is optional but recommended for transparency and record-keeping.

Step 6: Review Payment Information

Carefully review all details before submitting a payment to prevent processing delays, returns, or accidental payments:

Recipient name
Recipient account information
Transfer amount
Transfer type

Step 7: Click 'Send Payment'

Once you've confirmed all information is correct, click the 'Send payment' button to submit your ACH transfer. You'll receive a confirmation message once the transfer has been successfully initiated.

How to View Incoming ACH Transfers

After logging into your Slash account, follow these steps to monitor ACH transfers you've received:

Step 1: Navigate to the Transactions Page

Locate the Transactions section in your Slash dashboard. This is where you can find all inbound and outbound transactions across your organization

At the top of your transaction list, you can find options to filter which transactions appear in the list. The 'Method Is' dropdown menu allows you to select which payment rail populates on the list, including ACH, wire, card authorization, and more.

Step 3: Select 'Inbound ACH Transfer'

Inbound ACH refers to all ACH payments your organization received into a Slash account.

Step 4: Review Transactions

Once you press 'Apply,' your transaction page will update with only inbound ACH transactions. From there, you can apply additional filters to identify payments that meet more specific parameters.

Additional Features and Considerations

Same-Day ACH

Slash supports same-day ACH processing for eligible transactions. Contact support or check your account settings for more information about same-day ACH availability and any associated requirements or fees.

SEC Code Information

ACH transactions use Standard Entry Class (SEC) codes to identify the type of transaction. Slash automatically assigns the appropriate SEC code based on your transaction type. Understanding these codes can help you track and categorize your transfers more effectively. Visit www.slash.com/ach-return-code for a complete list of ACH return codes, along with information about why your payment was returned and how to resolve the issue.

Pricing and Fees

Pro Subscription Users: No per-transaction fees for ACH credits.

Standard Users: $1 fee per ACH credit for users without a Pro subscription. This fee applies to each individual ACH credit transaction you initiate

Need More Help?

Transfer delays: ACH transfers typically process within 1-3 business days due to batch processing. Same-day ACH may be available for eligible transactions.

Failed transfers: Identify the ACH return code accompanying the failed payment and refer to https://www.slash.com/ach-return-code to determine how to resolve the issue. If your payment requires additional assistance, the Slash support team is available 24/7 by phone or email.

International transfers: Read our guide 'Sending and Receiving International Payments with Slash'.

If you encounter issues during the crediting or debiting process, or have questions not covered in this guide:

Contact Slash customer support through your dashboard
Check your account notifications for any alerts about your transfers

How to Send and Receive ACH Transfers with Slash