Automated Clearing House (ACH) payment processing is quickly becoming the preferred mode of payment for business owners. The massive technological advancements in modern-day ACH solutions make it a lucrative option for all kinds of big and small transactions.A reliable ACH processing partner can help you leverage this technology to its full extent for seamless payments. Here we’ll discuss the benefits of using ACH payment solutions and partnering with a reliable payment processing partner.
Benefits of Using the ACH Technology
Save Money with Low Processing Fee
Credit and Debit card transactions are instantaneous and effortless. However, this ease comes at a cost. Usually, paying through these methods can set you back anywhere between 2 to 3% of the total transaction amount. So, they are ideal for smaller transaction amounts. On the other hand, ACH payments usually attract a flat 25 to 50 cent fee per transaction.
Leverage Easy Bulk and Recurring Payments
Businesses and individuals can use the ACH technology to carry out recurring transactions cost-effectively. They can automate transactions for bulk payments set at a regular frequency without issuing a new check/entry for every payment. This is why most business owners use ACH solutions to pay their employees and vendors on a recurring schedule.
Payment processing through ACH is highly secure and backed by Nacha (National Automated Clearinghouse Association) through multiple levels of checks and security. Any changes in the payment schedule and amount always go through several verification levels to ensure that your payment is processed correctly to the right person/business.
Save Time and Reduce Human Error
Processing each payment individually, especially for large organizations, is a mammoth task. Imagine you have thousands of employees across the globe, and you need to process their salaries every month. You will probably need an entire team of accountants to process the payment correctly. Luckily, with ACH, you can process and schedule payments for the foreseeable future with minimal effort. So, you can save plenty of time and reduce any room for human error while processing these payments.
Fast Processing Time
ACH payment solutions are known to be slower than conventional wire transfers or credit card payments. However, with technological advancements, these transfers are getting faster every day. Now, most ACH transactions take less than 2-3 business days, and in some cases, offer same-day processing. Soon, these transactions will almost be real-time like the other modes of payment.
This blog discusses who should use ACH applications for business.
Extra Benefits of Partnering with iCG for ACH
iCheckGateway.com is your one-stop solution for all payment processing needs. Our integrated ACH solutions offer the best turnaround times and hassle-free transfers. Some of the benefits of partnering with us include:
We handle the payment processing needs for large businesses that often need several additional layers of customization. With these customizations, we can help you offer a seamless customer experience.
We are Nacha’s preferred partner for ACH solutions and automation. Therefore, you can rest assured that your payments and customer details are always in safe hands.
Granular Level Reporting
Reporting with ACH technology is already pretty powerful. The inbuilt mechanisms required to process an ACH payment prevent fraud and misuse of funds. However, an additional layer of security and reporting can help you deal with demanding customers and settle disputes quickly. We offer advanced analytics and reporting features with our customized solutions to improve customer experience and prevent disputes.
Extra Levels of Security
We also add an additional custom layer of data collection and security on our payment forms to prevent fraud.
With the right ACH technology partners and bank custom solutions, you can simplify your customer’s journey and convert more. It is a well-known fact that complicated payment pages can easily affect your overall customer conversion rates. Therefore, by streamlining the overall payment process, your customers can enjoy an easier payment experience and check out quickly. Learn more about the benefits of ACH payments processing.
Date originally published: January 26, 2022
MORE TAGS:ACH Technology, Ecommerce, Nacha Preferred Partnership, Payment Processing, ACH Education, Payments Education, Cash Discount, Banking, Merchants, Consumers, Independent Sales Organizations