Payment technology is transforming business processes across a multitude of verticals and industries. Industries themselves are evolving to become more technology driven, which boasts a variety of benefits. Not only are ACH payment solutions a green initiative—something many businesses are striving for today—they also offer improved security, cost-effectiveness, accuracy, and efficiency. As a result, keeping innovative payment technology solutions top-of-mind is critical for ISVs and ISOs if they want to remain competitive in a digital economy.
As the digitization of payment processing becomes more of an industry standard, ACH processing offers sustainability and provides new opportunities for software platforms and business merchants to accelerate business growth. ACH payment technology offers merchants faster and more accurate payment processing that is far more secure than paper checks, protecting against check fraud, data breaches, and identity theft. ACH also offers a lower interchange rate than credit card processing, keeping costs lower for merchant clients. On the other side of the transaction, customers appreciate the convenience of an omnichannel payment environment that fits into their digital lifestyles.
Read on for five emerging ACH payment trends in today’s digital economy.
The utilization of ApplicationProgramming Interfaces (APIs) allows developers to seamlessly integrate and easily build the payment solutions that individual businesses need. For example, customizable embedded payment pages for eCommerce can be created and integrated simply with the use of APIs and plugins.
When consumers have access to more payment method options, the opportunity for additional revenue also increases. This is especially true for online and internet-enabled payment technology, which allows payments to be processed anywhere, anytime. With global eCommerce on the rise, borderless payment processing allows businesses to expand their reach and offers secure methods to accept payments—regardless of location.The expertise and support of an omnichannel payment processor leads to greater consumer convenience and reduced merchant burden.
As consumer payment technology evolves, we continue to move toward a world where more merchants and consumers are looking for seamless, contactless digital payment solutions that work securely —whether in-person, or remotely. While this technology reduces friction and provides a better consumer experience, the question at hand is how to make payments accessible on any device.
ACH payment processing makes this possible by permitting transactions to go directly from consumer accounts to merchant accounts, even on a recurring basis on an automated schedule. This provides a near instantaneous experience both for merchants and consumers, meaning greater convenience. Moreover, the computerized network makes payments possible without a physical card or check present. It provides improved security using tokenization and encryption, turning cards into codes, that protect consumer and merchant data against hackers and identity theft. A strong focus on improving and ensuring payment security must be a top priority for a sustainable, digital economy.
The digital and tech-savvy Gen Z is entering into their prime spending years. According to McKinsey & Company, last year Gen Z and millennials combined made up “around $350 billion of spending power in the United States alone.” Due to continuously evolving payment technology, it’s clear that businesses will need to innovate their payments and become fully digitized to appeal to these younger generations and to ultimately leverage their buying power. The ability to accept transactions on any device, putting payments at the customer’s fingertips through mobile apps and virtual terminals, ensures a seamless and secure transition into a mobile-focused environment. ACH payment technology features such as SMS text and email solutions, provide an ever-present advantage in a consumer market fixated on mobility.
In a business climate where most companies are conducting daily processes with as little contact as possible, it’s easy to understand the increased demand for contactless payment methods. Contactless payment processing serves to expand revenue opportunities and future-proof businesses against potential disruptions to business, such as a global crisis. With the rise of digital billing and an invoicing revolution for B2B organizations, there is a need for a more accurate, accelerated ACH invoicing process that simplifies billing and gets merchants paid much faster. What’s more, home assistants and smart speakers are transforming the way that consumers make purchases and manage their accounts. This is more often being done through a contactless, digital economic environment
When it comes to processing payments, outdated technology is no longer acceptable for a sustainable digital economy. It can cause delays and a lack of flexibility that leads to decreased revenue. To remain competitive, ISVs and ISOs need to have access to state-of-the-art ACH payment technology solutions.
Businesses typically want simple solutions to the complexities of payment processing. On average, businesses have five gateway processors and four acquiring banks. It can be very difficult to manage all of these accounts, integrations, and payment data. It’s often the best resolution to choose an all-in-one payment platform solution that can grow with your business, offering additional features and functionality along the way. A provider that offers solutions with multiple payment channel technology, accepting more than one payment form, is an ideal partner and will simplify the process for merchant clients.
Digital payments are the future of business as we know it. In fact, implementing innovative ACH payment technology solutions could be the answer to the often unforeseeable changes in modern business processes. It could also be the ideal way for businesses to cater to the needs of increasingly tech-savvy generations as they grow into their buying power. These, combined with many other benefits for staying ahead of the technology curve—increased opportunities for growth, accelerated revenue cycles, and fraud prevention are among the top advantages when becoming prominent in an evolving digital economy. With the latest payment technology solutions, you can provide frictionless payment processing to clients that will help to sustain both their businesses and yours.
If you are looking to partner with a payment solutions provider that can offer an all-in-one solution and a sustainable, frictionless payment experience in a digital economy, Contact iCheckGateway.com to learn more about our omnichannel ACH and credit card payment gateway platform.
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