We often come across business owners who wonder how long does an ACH transfer take. They are unfamiliar with the technology, and the big scary terms like National Automated Clearing House throw them off. Therefore, many of them end up selecting a payment method that is entirely unsuitable for their business. Such inappropriate payment methods eat into their profits and slow down their transaction processes.
So, here we will answer the most common questions about the ACH network to help you understand if it is the best choice for you or not.
ACH transactions were known for being notoriously slower compared to other payment methods. A few years ago, if you chose to send or receive payments through the ACH network, you had to wait for at least 3 to 4 days. However, banks now take significantly less time to process these transactions with modern-day technologies.
Banks now take only 1 to 2 business days to process ACH transactions. Some banks and financial institutions also offer a same-day or next-day ACH transfer facility. Comparatively, wire transfers and credit card transactions are still much faster. They usually take just a few seconds.
So, should you choose ACH even though it is slower, or should you go for the other payment processing methods? Well, as it turns out, ACH might be slower, but it offers other tremendous benefits.
ACH is an underrated technology that can change how you conduct financial transactions for your business. Here’s why more and more business owners are opting for ACH transfers now.
The benefits mentioned above make ACH payment methods very lucrative. They eliminate the need for writing paper checks almost wholly. So, everyone can start using ACH for their fund transfer needs with just a few steps. However, using ACH as their primary mode to send and receive money is highly encouraged for the following cases:
Established business owners offer multiple modes of payments to their customers. They go the extra mile to enable different payment modes so that their customers have the convenience to pay through paper checks, ACH, credit cards, cash, etc. These business owners usually rely on payment gateways like iCheckGateway.com to seamlessly activate these different modes of payment.
If you want to start accepting these payments for your business, you can check out this blog.
ACH as a payment method has been around for decades. With modern technology, Nacha preferred partners are automating and revolutionizing it to be faster, more efficient, and cheaper every day. New business owners can rely on ACH to save money and accept recurring payments automatically from their customers.
Business owners who are new to the world of payment processing can end up in trouble with the federal reserve if they do not have a guide. To ensure that you have the most efficient setup ready for accepting ACH debit transactions on your checking account, you should partner with a reliable payment processor.
At iCheckGateway.com, we can help you set up new payment methods and modernize the existing ones so that you can start using ACH to its full potential. Want to learn more? Reach out to one of our experts here.