Perhaps you’ve heard about the savings or ease of ACH Payment Processing opposed to merchant credit card processing lately. Are you questioning if the benefits might be worth taking the risk? Here are the quick answers you are looking for:
Businesses can benefit from sending and receiving payments through ACH payment processing.
Here are three benefits that might interest you further…
Ease of Use: When a customer pays by check, a business is typically required to wait for a mailed check to arrive, and then deposit the check with a bank. Oftentimes, a payment can get lost in transit and entry of these payments into a recordkeeping system can be labor-intensive. Electronic ACH payments are received quickly and reliably, and there’s no need to forward checks to the bank and wait a few days to find out which checks have bounced.
Less expensive compared to plastic: For many businesses that accept payment by credit card, it costs less to process an ACH Transfer than it costs to take a credit card payment.
This is especially true when a business consistently collects recurring payments from their customers, these savings add up, and automating these payments only increases the benefits. However, ACH does not give you a real-time approve/deny response like a credit card terminal would.
Long-distance payments: Businesses can accept payments by ACH remotely, although this can be done with credit cards too. If your customers don't have credit cards or they prefer not to send their card information regularly, ACH payments can provide a great solution.