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The GoCardless content team comprises a group of subject-matter experts in multiple fields from across GoCardless.The authors and reviewers work in the sales, marketing, legal, and finance departments. All have in-depth knowledge and experience in various aspects of payment scheme technology and the operating rules applicable to each.The team holds expertise in the well-established payment schemes such as UK Direct Debit, the European SEPA scheme, and the US ACH scheme, as well as in schemes operating in Scandinavia, Australia, and New Zealand.
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Last editedJun 2023 — 3 min read
Running your business finances effectively means being able to account for every penny that goes into and out of your company. Financial modelling can give you some perspective on where your finances are (and will be), but sometimes you need to get a little more granular.
If your business uses the Automated Clearing House network for bank-to-bank transactions,you are probably using an online platform to help you manage these payments. You can also use these platforms to trace payments, so you can get a granular perspective on where your money is going.
Businesses use ACH transactions for a variety of reasons. You’re probably using them right now, even if you usually refer to them by a different name. Because they cannot be stolen, lost, or get lost in the post, they are instrumental in facilitating fast payments and maintaining healthy cash flow. Businesses most commonly use them for:
Paying bills to utility providers
Paying vendors
Paying your employees
Receiving payments from customers (particularly in the B2B space)
How to collect ACH Debit payments with GoCardless
1.
Create your free GoCardless account, access your user-friendly payments dashboard & connect your accounting software (if you use one).
2.
Easily set up & schedule ACH Debit payments via payment pages on your website checkout or secure payment links.
3.
From now on you'll get paid on time, every time, as GoCardless automaticallycollects paymenton the scheduled date. Simple.
Get started in minutes
Learn more
Why would you need to track an ACH transaction?
Tracking ACH is good financial practice. It always pays to know exactly where your money is going to and coming from. However, there are some specific circ*mstances under which you may need to track a transaction of this sort.
For instance, you may need to track a transaction if:
An employee did not get paid correctly or on time
An employee has not been reimbursed for their business expenses
A payment to a vendor has been sent but not received
A customer can prove that they have paid you, but the payment is not visible on your business bank account
Although these scenarios can be distressing, there are ways in which you can track transactions using your preferred online payment platform and get to the bottom of such discrepancies.
Tracking an ACH transaction
First, it’s important to remember that ACH transactions are not instant. They can take up to three days to process. So it’s vital that you wait for three days from the transaction date before a payment can be described as missing.
If the payment is still unaccounted for after three days, here’s how you can track the ACH transaction and determine what has happened.
Find the ACH transaction trace number. Every ACH transaction has two Trace IDs, including one for the source and one for the destination. You should be able to find these ACH transaction trace numbers listed in your online banking or payment account, listed under a heading such as ‘transaction details’.
Contact the bank. If you are the one waiting to receive a payment, you should contact your own bank with the ACH trace number. You may have to contact the payer for these details. If the payee is the one waiting for the transaction to clear, they should contact their bank. Sometimes, the transaction’s date and amount will be enough for the bank to trace the payment.
Track the payment. Unfortunately, end users don’t have access to the tracing system, so at this stage you’ll simply have to let the bank do the work for you. The bank representatives might ask for some additional information if it’s proven to be lost in the system, including the type of transaction. Yet in most cases, they will be able to pinpoint the transfer’s journey and location within the ACH network.
How to find the trace ID number(s)?
If you are trying to locate a payment you have made, use your preferred online platform to access the transaction. There is usually a section called “Transaction details”, although its location on the interface will vary depending on your platform.
Here you will be able to access the transaction’s Trace ID. There are usually two Trace IDs – the “source” ID and the “destination” ID. The former can be traced the day after the transaction has been initiated. The latter is accessible when the payment has made its way into the destination bank account.
Reply to the intended recipient with this ID and encourage them to contact their financial institution. This should be enough to determine the transaction’s location and status.
Tracking ACH payments with GoCardless
If you've set up payment collection with GoCardless, you'll be able to see the status of the ACH debit transaction from your dashboard. Along with a list of all the payments you have due, you can check and even filter by the status of each one: whether it's been created, submitted to the customer, confirmed by the customer, and paid out (or, rarely, failed).
Businesses around the world find that GoCardless takes the pain out of getting paid, by automating payment collection using bank debit. Customers love it too, as it's one less thing to think about.
We can help
GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc or recurring payments.
Automate payment collection with ACH Debit to lower costs, reduce failed payments and save time on financial admin.
If the transaction appears to be lost within the system, the bank representatives may request additional details, such as the transaction type. However, in most instances, they will successfully trace the journey and whereabouts of the transfer within the ACH network.
Yes, transaction IDs are different, as their formatting depends on the processor used for the transaction. This is one of the reasons transaction IDs are so hard to trace. In order to trace a T-ID, one would need to know the exact transaction number and the processor that facilitated the transaction.
Banks leverage sophisticated rule-based detection systems that monitor transaction patterns and flag anomalies. These systems analyze factors such as transaction frequency, amount, and geographical location, comparing them against established customer profiles and historical data.
You can contact the merchant, your bank, or other payment processor to request the details of the transaction. They should be able to provide you with information such as the name and address of the buyer, the item purchased, and the date and time of the purchase.
Account holders and merchants who encounter issues with ACH payments can stop or reverse them, unlike wire transfers which are usually irreversible. You need to act quickly if you make an error with your ACH payment details, need to update your information or suspect fraudulent activity.
Because ACH transactions do not process in real-time like a credit or debit card authorization, they can be returned or rejected after the transaction is assumed complete.
A transaction made using an offshore bank. Another way is using Layering, that is very expensive and time-consuming, transferring from one bank to another.
Indeed, POS transactions can be traced, but it's imperative to clarify that this tracing is typically carried out by authorized entities for legitimate purposes: Transaction Records: However, financial institutions, businesses, and payment processors maintain meticulous records of all transactions.
ACH debits, such as bill pay or withdrawals, generally take 1-3 days to process, while ACH credits, such as direct deposits or vendor payments, generally take just one day to process. Same-day ACH, which typically requires an additional fee, processes the same business day.
Bank investigators will usually start with the transaction data and look for likely indicators of fraud. Time stamps, location data, IP addresses, and other elements can be used to prove whether or not the cardholder was involved in the transaction.
Banks can only locate the merchant of the last transactions, not the card itself. Debit and credit cards don't have built-in tracking technology. In cases of lost or stolen debit cards, getting a new card is often a safer choice since the card's information may have become compromised.
A Trace number is a mandatory unique 15 digit reference number given to each ACH transfer, which can be used to investigate and track missing transfers. A Trace number will be required if we have to reach out to our funding provider.
One of the most convenient ways to track your money is through your bank's online banking service. Once you've completed a transfer, you can log in to your account to view the transaction status. Most banks provide real-time updates on the transfer status, such as 'processing,' 'pending,' or 'completed.
Customers can dispute ACH payments for reasons such as incorrect or duplicate transaction amounts and fraud. If the bank decides the customer's dispute is legitimate, they will reverse the transfer.
No one can check your bank statement without your permission. Unless you give out your account number, banks do not release information regarding your bank statement to unknown third parties without your consent.
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