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With bank debits, you can pull funds directly from your customer’s bank account for both one-time and recurring purchases. Bank debits are often used by:
- Businesses collecting recurring payments from other businesses.
- Retail and services businesses that want a low-cost alternative to cards for large consumer payments, like rent or tuition.
Bank debits might not be a good fit for your business if:
- You deliver goods immediately after checkout because payment confirmation takes 3-7 days.
- Your business is sensitive to disputes—consider other payment methods because some bank debit methods favor the customer during disputes.
Stripe users in Canada and the United States can accept pre-authorized debit payments (PADs) from customers with a Canadian bank account using the Automated Clearing Settlement System (ACSS).
- Customer locationsCA
- Presentment currencyCAD, USD (in rare cases)
- Payment confirmationBusiness-initiated
- Recurring paymentsYes
- Payout timing5-7 days
- Dispute supportYes
- Refunds / Partial refundsYes / yes
Most bank accounts in Canada hold Canadian dollars (CAD), with a small number of accounts in other currencies, including U.S. dollars (USD). It is possible to accept PAD payments in either CAD or USD, but choosing the correct currency for your customer is important to avoid payment failures.
Unlike many card-based payment methods, you may not be able to successfully debit a CAD account in USD or debit a USD account in CAD. Most often, attempting to do so will result in a delayed payment failure that will take up to 5 business days.
To avoid these failures, it is safest to take PAD payments in CAD unless you are confident your customer’s account will accept USD debits.
Why use Stripe PAD vs Stripe?
PAD payments on Stripe cost 1% + 30¢, capped at $4, with no monthly fees.
- Allows payment with bank account number, institution number and transit number. (No credit card required!)
- Verifies account with micro-deposits or instantly
- Works along with official WooCommerce Stripe integration
- Processing payments from unregistered users
- Auto refunds via PAD Stripe
- Trusted Customers
- WooCommerce Subscriptions support!
- WooCommerce Blocks support!
- Friendly Support
- Requirement to add and verify an account
- Immediate order processing for verified accounts
- Immediate order processing for all accounts
- Trusted Customers
- Selecting the verification method