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 secured 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¢
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.
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. |