My main issue with Balanced is that since I don't use them to collect payments, it takes forever to get the money moved to them. And it is a manual process.
So every Monday morning I get a file with payments. I have to move that amount over to Balanced. This can take 3 to 5 business days, but almost always takes 5 or even 6. Meaning I cannot pay my customers until the Friday (5 days) or the Monday (8 days) later.
Also, Balanced cannot process ACH for payments from clients. Having to verify an account with micro deposits is simply not workable for our clientele, many of which do not want to take credit cards because of the high fees.
While our volume right now is too low, it is interesting info to have, and something I'll look into further.
Hi theflyingkiwi42. I'm a co-founder of Balanced. Happy to answer whatever questions you have about our product and hear how we can make Balanced's ACH products better, but don't want to derail this thread. Would you mind commenting on one, or more, of our ACH related GitHub issues [1]? Or you can email support@balancedpayments.com to expand on your thoughts here. Cheers!
Basically, anything that's not next business day is a delay due to risk. (well, except for online bill pay, which can be printed checks that are mailed out.)
Depending on the risk profile of the business, we've done an array of things from 0 day simultaneous ACH credits and debits to 3 or more day holds on incoming funds (via ACH) before credits can go out. Obviously, the riskier the business, the more expensive it is to go fast. 3 day holds are pretty common, since any NSF sort of return is supposed to happen in that time frame.
So every Monday morning I get a file with payments. I have to move that amount over to Balanced. This can take 3 to 5 business days, but almost always takes 5 or even 6. Meaning I cannot pay my customers until the Friday (5 days) or the Monday (8 days) later.
Also, Balanced cannot process ACH for payments from clients. Having to verify an account with micro deposits is simply not workable for our clientele, many of which do not want to take credit cards because of the high fees.
While our volume right now is too low, it is interesting info to have, and something I'll look into further.
Thanks!