Configuring Aloha Stored Value ACH

Aloha Stored Value enables you to transfer funds between store bank accounts via an automatic clearing house (ACH) network. An automatic clearing house network (ACH) is an electronic funds network that enables participating financial institutions to distribute electronic credit and debit entries to bank accounts. The network handles and processes electronic payments and transfers.

If you use Aloha Stored Value ACH, you can now move money between gift card fund pools in a timely fashion and your franchisees can participate in your corporate gift card programs. The fund pool is a central bank account pre-funded and owned by the sponsor of the gift card program. Funds are transferred on a regular basis. This makes for a seamless gift card program for your customers and timely payment for your stores.

How does ACH work?

The Aloha Stored Value system generates a transaction file that contains your daily sales and redemptions. The transaction file contains the cumulative sales and redemptions by card series for each merchant account number for all stores designated for inclusion in the file. Service charges are not included in the ACH transaction file.

Aloha Stored Value submits the transaction file to your ACH processor on a daily basis for multi-settlement of funds among various merchant accounts. Your ACH processor verifies the file information and posts the funds to the ACH network. Normal settlement of funds takes place within 48 hours of when the transaction file is sent to your ACH processor. If you are using Worldpay as your ACH processor and the funds pool is an account with Citizens Bank or Charter One bank, the time for funds transfer is reduced.