If you just googled “How to set up ACH solutions” to look for a comprehensive guide, you are in the right place! This mini-guide will help you set up ACH technology for yourself or your business to process payments at a low transfer fee quickly.
Step #1: Choose the Right Payment Processor
Choosing a suitable payment processor will help you throughout your ACH journey. The best payment processors offer the following benefits:
Top payment processors like iCheckGateway.com go the extra mile to customize their offering according to your needs.
Step #2: Set up Your Account
The best payment processors offer a seamless setup experience for their customers. They help their clients set up ACH payments processing accounts and educate them on the best practices for an efficient funds transfer process.
The benefits of setting up an account on the ACH network with a reliable partner include:
Step #3: Fill out the Necessary Forms
The partner you choose will ask you to link your bank account to their payment gateway solution and fill up several different forms to speed up the process. A customer-friendly partner will always be available to answer all your questions and help you fill out the forms correctly.
Your payment processor will now complete most of the processes to set up the account at their end. They might ask you to fill up a couple more forms to prevent fraudulent transactions and offer an additional layer of security.
Now that your account is set up, it is time to process your first payment through ACH.
Step #4: Understand and Choose the Right Type of ACH Payment
ACH payments are classified mainly into two types:
Choose the correct type of payment method while processing a new transaction. If you have doubts, you can always reach out to your payment processor for help. The best Nacha preferred partners for ACH solutions stay up to date with the latest changes in the payment processing industry and offer reliable customer services.
Step #5: Understand and Choose the Right Entry Class Code
Depending on the payment type, you have to select the correct entry class code for the financial institution to process the funds seamlessly.
Step #6: Read the Terms and Conditions
Before hitting send or submit, it is good to read the relevant terms and conditions associated with the transfer. The best payments solutions providers will have no hidden terms and conditions or hidden costs to process the payments cost-effectively.
Step #7: Fill Authorization Forms for Transfer
Download and fill out the ACH debit or ACH credit authorization form to start the process. It is a great idea to rely on your payments processor for guidance while filling out this form for the first time. Some of the crucial details that you need to fill on these authorization forms include:
Want to learn more about ACH authorization forms and how to fill them correctly? Check this out.
Step #8: Have Multiple Copies of Authorization Forms
If you are filling the authorization forms in writing, it is good to keep a couple of forms handy. If you make a mistake while writing essential details such as the bank account numbers, you should ideally start over on a new form instead of scribbling on the old one. Banks and financial institutions may reject your ACH payments application if they find the writing on it illegible.
Step #9: Keep a copy of the Completed Authorization Form Handy
It is a good idea to keep the completed authorization forms handy even after completing the transfer process. These forms will come in handy when and if you need to settle any disputes at a later stage.
Step #10: Track Activity and Reports
The world of ACH payment solutions processing is getting more efficient every day. In the last two decades, Nacha has adopted state-of-the-art technologies to offer the best experience to its customers. The ACH payments that took several days before now take only one to two business days.
Want to learn more about the world of payment processing and paper checks? Reach out to us today and see how we can help you take your business to the next level!