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    JM Bullion Unveils a New ACH Payment Tool Powered by Plaid.com

    Posted on June 13, 2019

    Starting today, JM Bullion is proud to offer a new ACH payment tool that allows all visitors shopping our online catalog to complete their purchase of precious metals quickly and securely. Powered by Plaid.com, our new ACH payment tool provides shoppers with another option for completing purchases by enabling secure, direct payments from a linked bank account to JM Bullion.

    What is Plaid?

    Plaid is a secure network that allows users to connect bank accounts to mobile apps and online applications for an easier payment process when shopping online. Plaid is already used by other major corporations, such as Venmo, American Express, and Fannie Mae, to help secure online payments between bank accounts and vendors. Most importantly for you, the shopper, Plaid provides a beautiful user experience. Connecting your bank account for payments is quick and easy, and it ensures that your future purchases are hassle-free as well.

    Using our new ACH payment tool powered by Plaid is simple. As you check out, you’ll see an option for ACH payments at the top of the screen. When you select this option, you’ll be asked to link your bank account via Plaid. You can select your bank from a list of major banks, such as Wells Fargo, Chase, Bank of America, and Citi. If you don’t see your bank right away, you can always enter it into the search box at the top of the list.

    Once you find your bank, you’ll be prompted to enter the online banking credentials you use with your banking institution. After logging in, you can select the checking account you wish to use. Please note, JM Bullion will not accept ACH payments from savings accounts. For those users whose banks don’t support instant authorization, you can manually enter your bank information by providing your routing number and your account number.

    Our new ACH tool also provides you the option of completing payments without using your bank login information. You can alternatively use micro deposits to complete your ACH payment. As you checkout, you’ll see the option to continue without a bank login. After you’ve selected your bank in the ACH payment tool, the micro deposit process requires three steps to ensure continued security when shopping online:

    1. Provide your checking account routing number and enter your account number twice. The first entry adds your account number and the second confirms it.
    2. You’ll need to complete your checkout process to initiate two micro deposits to your account to confirm your ownership of that account. Each deposit is less than $1 (USD).
    3. With your transaction now pending, the final step is to check your bank account online within 24 hours. When you see those deposits in your account, return to the JM Bullion site to complete your payment. After logging into your account, you’ll see the option to “Verify” your account and complete the purchase.

    Make sure that you have the numbers associated with those micro deposits in your bank account handy when your log back into your JM Bullion account to complete verification and payment.

    How Do I Know My Data is Safe?

    Plaid takes encryption and security very seriously. Its access controls are role-based throughout each layer of their infrastructure, and multi-factor authentication is required for access to Plaid’s systems. All of its application and user access logs are stored centrally and regularly monitored. Plaid also undergoes regular internal and external network penetration tests to ensure the security of its platform and uses independent auditors to test the design and operational effectiveness of its Information Security programming.

    What are the Benefits of ACH?

    JM Bullion adopted this new ACH tool to open up secure electronic payments to all of our shoppers. Using ACH payments allows you to streamline your checkout process while enjoying the peace of mind that your data is secure. ACH enables one-click checkout to move faster from browsing to buying. The Plaid ACH system stores your bank account information to reduce the chance of keystroke errors when completing purchases. Finally, using a secure ACH platform like Plaid reduces fraud to protect consumers from online threats.

    Additionally, JM Bullion offers you the same 4% discount on all ACH payments that we already offer with paper check and bank wire payments.

    Why Did JM Bullion Adopt this Tool?

    At JM Bullion, we’re constantly striving to improve the user experience with all facets of our website. It is now easier than ever before to shop for your precious metals and complete quick, secure payments courtesy of our new ACH tool. Your security is important to us as well, which is just one more reason we’ve adopted Plaid’s ACH system.

    All Market Updates are provided as a third party analysis and do not necessarily reflect the explicit views of JM Bullion Inc. and should not be construed as financial advice.