Anchor makes it easy for service providers to get paid quickly and reliably through ACH or credit card. Here's everything you need to know about payment processing, fees, payout timing, and payment statuses.
Accepted payment methods
Anchor enables clients to pay their service providers via credit card or secure direct payment (ACH).
What is ACH?
ACH (Automated Clearing House) payments are electronic bank-to-bank money transfers processed through the ACH Network.
They allow businesses and clients to securely send and receive payments - even if they use different banks.
You can learn more about ACH transactions here
Cost
Platform fee
Anchor charges a $5 platform fee for every payment received, regardless of the payment method.
Credit card processing fees
Depending on your settings, the credit card processing fees can either be covered by your client or absorbed by your business.
U.S. credit cards: 2.9% + 30¢
International credit cards: 3.9% + 30¢
Processing fees in Anchor
In Anchor, card (credit and/or debit) processing fees are charged and invoiced directly by Anchor to your client, and are not included in the service invoice issued by the service provider.
When signing an agreement and transacting on Anchor, your client receives both:
The underlying services from the service provider
Access to and use of Anchor's platform
The platform includes a range of value-added functionality provided to your client, including:
A secure client portal
Real-time access to agreements and engagement terms
An integrated invoice and payments console
A complete audit trail of activity and changes
Agreement compliance management with the service provider
Additional platform capabilities are introduced from time to time
As a result, these fees are not considered a surcharge imposed by the service provider. Instead, they reflect fees charged directly by Anchor, separate and independent from the service provider's charges, for your client's use of the platform and its associated value-added capabilities.
Your client may choose between:
ACH payments, offered as a standard, no-cost option
Card payments, which provide additional flexibility and convenience, subject to a separate fee charged by Anchor
You may also choose to absorb the card processing fee on your client's behalf.
Payment processing and payout timing
Credit card payments: Funds are deposited to your bank account within 2 business days.
ACH payments: Funds are deposited to your bank account within 3 business days.
Anchor pushes payouts daily at 1 PM PST to your connected bank account. If a payout failed due to your account being closed or a block from the bank, it will be reattempted automatically, too.
Payment statuses explained
Here's what each payment status means in Anchor:
Status | Description |
Payment Awaiting Initiation | Payment processing is about to start automatically. This stage can take up to one hour. |
Payment Initiated | (ACH only) An ACH debit request was sent to your client. They should see the funds pulled from their bank account. |
Payment Collected | Funds have been successfully pulled from your client and are scheduled to be included in your next payout. |
Paid | Funds have been successfully deposited into your bank account. |