A client of mine wants to do automated wiring of funds from their bank account to the users bank account.

I know it's possible as Paypal and numerous other online merchant processors do it.

But, I am curious if anyone offers it as a merchant account sort of thing. (Like Authorize.NET) Where I can use their API to connect and send the wires via their systems.

Does anyone know what I am talking about, or think they have a solution?

Most merchant account processor offer ACH as another means to accept money. Check with your processor. It is a bit different than just a merchant account because the funds are transferred thru ACH which is governed by NACHA. And plus you need to have a signature to state it is OK to deposit money into your account.

Well how does Paypal do it then?

How does Paypal do what? Transfer money? Deposit money into a checking account without a signature? Move money from one paypal account to another?

If it is just one account - check with the bank to see what they would charge for a transfer

Sorry for not being as clear. I was curious as to how Paypal deposited money into a checking account without a signature.

I know at Bank of America they allow it.

Go in, request the telephone wire transfer package, and you can setup recurring wires and setup for telephone wires.

You still pay the $20 fee per transaction though.

Well you are "supposed" to have a signature. I canot remember if an electronic signature would suffice or if it is supposed to be a wet signature. (Sorry I missed that in one of those meetings.) The rules of NACHA are pretty interesting as well as some of the rules for each state.

Still doesn't answer my question, as I need internet wires and the $20 fee can't cut it as thats way to much money for just one transfer.

How many transfers/ average amount a month to this customer? Does the customer have a merchant account?

Originally posted by coreybryant
Well you are "supposed" to have a signature. I canot remember if an electronic signature would suffice or if it is supposed to be a wet signature. (Sorry I missed that in one of those meetings.) The rules of NACHA are pretty interesting as well as some of the rules for each state.

And BoA if you complete some forms (package) they allow for wires to be done over the phone. In that package you can put recurring instructions.

Still doesn't answer my question, as I need internet wires and the $20 fee can't cut it as thats way to much money for just one transfer.
I don't *think* you can get around that fee. Wires are generally not for small amounts.