NACHA has recently changed its name from The National Automated Clearing House Association to The Electronic Payments Association. Its goal is to develop methods to improve the ACH payment system. Operating rules and business practices focus on electronic payments for online bill paying, electronic checks and sales transactions completed on the Internet. It carries out many other functions in addition to being the governing force of the ACH payment system. A primary purpose is to develop new payment applications. In 2009, they discussed corporate adoption of ISO20022 within SEPA/Europe. Implementation at select customer sites will test the processes.

NACHA also introduced a solution that allows for invoice delivery, payment creation and auto-cash application integration into popular consumer and merchant accounting packages. It implements risk management tools to reduce risk and improve ACH quality. Marketing materials, public speaking engagements and advertising campaigns are intended to communicate the best use and return on investment of electronic payments. There are many advantages to direct deposits for all parties involved, and their national campaign focuses on this.  During these campaigns, the goal is to provide updates on rulings and procedures. Communication to its direct members and regional payment associations is ongoing.

NACHA issues and concerns are addressed using many venues, from workshops and conferences to journal and periodical articles.  To become a member of the ACH network, a business must meet all of their processing requirements and certifications. There are several levels of membership.  Becoming part of the industry councils and programs provides the opportunity to sponsor business to business billing and payment programs, network with industry experts and participate in global payment forums. Direct members affect the business and legal structure of products and services offered by the ACH. They are actively involved in the voting process that affects the ACH operating rules and standards.

The NACHA members that are regional payment associations are predominantly non-profit trade associations. Their members include commercial banks, savings and loans or credit unions. To become a direct member of the Electronic Payments Association, the business must already be a member of one of the regional associations. Electronic payments are becoming the preferred payment method by merchants and consumers alike. Affiliate members have access to the latest developments and they receive the materials and information directly from the Electronic Payments Association. Contact National Processing for more information on how they can best serve all of your electronic payment needs.

For more information please contact us at www.nationalprocesssing.com or call us at 877-458-3323

An Electronic Fund Transfer is a paperless monetary transaction occurring between two banks.  In the case of online sales, the customer’s checking account information is input onto a webpage.  The customer’s bank then routes and deposits the funds into your account.  There are, of course, many more intermediary steps that occur.  However, most of these steps happen in a matter of seconds and do not require any action on your part.

There are many benefits to both the customer and business owner when using an electronic fund transfer, or EFT.  One of the main reasons to use an EFT is time savings, which are two-fold.  The first being that the funds are deducted much more quickly than when using a traditional check as they do not need to go through the mail.  This means that money is deposited into your bank account that much faster.  The second way that an EFT saves time is by cutting down on the amount of time spent on bookkeeping and keeping up on past-due invoices.

The time and energy savings associated with an electronic fund transfer are also passed onto the customer as they have a decreased lag time between writing their check and the withdrawal being deducted from their account.  This keeps their checking accounts up to date and organized.  It is also much simpler for a customer to click a button or two online rather than getting out the checkbook, finding an envelope and stamp, and heading out to the post office.  Cutting down on the customer’s effort even more, automatic reminder e-mails and payments can be set-up.  This makes customers more likely to pay on time, allowing the payment to get to you faster and reducing the amount of time you spend chasing down past-due checks.

EFTs can streamline payment by enabling automatic payments which can be applied to either fixed or variable amounts.  By setting up an automatic payment, a client is no longer required to remember when they have to pay a bill and risk it being late.  Funds set up to be deducted from the customer’s account on a specified date gets payment to you quickly, eliminates virtually any chance for delayed payment.  You then no longer have to waste your time with past-due invoices and phone calls and your clients do not have to worry about incurring any late-charges.  By having the ability to offer your clients the option of an electronic fund transfer, you are simplifying the lives of both you and your customer and getting paid in the process.

Adding ACH check processing to your business is a great way to reach more customers while streamlining your business.  ACH stands for Automated Clearing House processing and is affiliated with the Federal Reserve Bank.  It is the gold standard when it comes to accepting remote check payments.  Still one of the most popular methods for payment, checks have proven difficult to accept over the internet until recently.  With issues of fraud, lack of funds, and long transaction times, the process of accepting checks remotely has undergone a major overhaul to combat these issues.

We all know that the internet is a great venue for doing business.  Whether setting up an online only store to keep overhead low, or expanding your existing business to the internet, you will benefit from the large number of potential clients.  By adding ACH check processing to your payment options, you can expand your amount of clients by reaching those who either still do not have a charge card or choose to not use one for online purchases.  Using the internet for commerce purposes can also make your sales run more smoothly and cut down on costs involved in processing them.

ACH check processing can also add to your profit by decreasing processing costs associated with traditional checks.  Additionally, as the funds are typically deposited into your account within a shorter amount of time, you have much quicker access to the money you are making.  Any business owner knows that waiting for monies owed is a major drain on your time.  This ultimately affects your bottom line when you are constantly hunting down checks and wasting time following up with past-due invoices.  You are also now able to keep your bookkeeping up to date more easily.

This payment process also cuts down on the amount of bounced checks and, thus, decreases the fees associated with this.  One of the major problems with accepting checks in a traditional brick-and-mortar store has been that there was no way of knowing if the customer’s account had sufficient funds.  It might take up to a week or more to find out that the check bounced and are then hit with a fee from the bank.  Therefore, you are able to cut down on the number of bad checks that eat up profits while increasing your number of customers.  With all of the upgrades it has brought, ACH check processing represents the future of online payment.

Credit Cards are one of the easiest ways to make and receive a payment online.  Having many advantages over other forms of payment, credit card processing allows payments to be made either online or over the phone with a great deal of security.  As identity theft is a major concern in today’s society, security is an important consideration when offering remote payment options to your customers.  As many people are understandable leery of sending payments over the internet, offering credit card processing allows your customer’s mind to be put at ease while providing streamlined and timely payments for you.

One of the major ways that credit card processing can offer security lies in the fact that most credit card companies protect their customers from any fraudulent charges.  Not only is the customer protected in case their account information is compromised, but the credit card companies also offer a tangible course of action in case the item purchased is never received or is found to be in poor condition.  This leaves them feeling empowered in case something goes wrong and this sense of security is crucial in winning over a potential client.  Additionally, reputable online commerce sites use encryption methods when accepting payments.  This is an added protection that can prove very important when a customer is slightly uncomfortable sending personal, financial information over the internet.

Offering credit card processing online offers many advantages for the business owner as well.  There is now no longer a need to purchase or lease expensive processing equipment.  Additionally, you do not need to hold onto and keep track of tons of credit card receipts.  Online credit card processing has low costs associated with it and also offers a consolidated view of your transaction history.  You no longer have to worry about keeping an orderly archive of your receipts as you have online access to an organized view of this accounting information that you can access anywhere and anytime.

Having the ability to accept online payment allows you to access the large group of potential customers that the internet provides you with.  Offering a secure way of accepting this payment is an essential component in being able to take full advantage of this vast population of internet users.  With the capability of credit card processing, you business will have a more professional appearance and will leave your customers feeling satisfied and secure when doing business with you.

ACH payment processing is the updated method for accepting checks remotely.  ACH stands for the Automatic Clearing House.  This is where the funds are routed to for authorization before making their way to your business bank account.  Before this clearing facility was put into place, making remote check payments was nearly impossible.  Not only that, but accepting checks in general took much longer to process.  More and more companies are now making this payment option available to small and large business owners alike.

With ACH payment processing, there are many time saving benefits to be aware of.  One of which is the amount of time between receiving the check information and having the funds available to your account.  You no longer have to physically bring the checks to the bank or wait for them to arrive in the mail.  Instead, once receiving the customer’s account information, it is electronically sent out for authorization.  This also ends up cutting down on fees for processing the checks.  Because it is more cost-efficient than paper checks, this payment method is becoming counted on by more businesses every year.

Another way that ACH payment processing can save you time and money is by setting up automatic, recurring payments. Whether for monthly membership fees, product sent out on a regular basis, or a bill that varies every month, like a utility bill, payments can be setup to be withdrawn automatically.  There is no longer a need to track invoices in order to see who needs to be billed as you are no longer involved in this process.  The automatic payment system will take care of that for you!  Without the need for creating, sending, and tracking invoices you are now able to focus on expanding your business in other ways and will not be bogged down by all the tedious work.

The direct payment that ACH payment processing allows ensures that you will get your money faster.  Also, clearing accounts electronically helps avoid receiving checks with insufficient funds.  Bad checks result in excess fees and an increased amount of time for receiving payment.  All of this complicates bookkeeping and wastes time by needing to track down customers and wait for new checks to arrive.  Another way your business is streamlined is through the ability to setup automatic payments.  Not only is time saved on billing, but late payments are kept to a minimum.  Expediting the payment process from beginning to end results in significant savings for your company.

Although millions of people do not own charge cards, they have, up until recently, been the only viable option when doing business remotely.  The ACH, or Automated Clearing House, has now made it possible to reach clients that use checks as their primary form of payment.  Internet, phone, and fax orders were previously only available to customers with credit cards which drastically limited the amount of potential clients.  By increasing payment options to accepting checks, you can now do business with people from all over the country.  Companies like National Processing make it both simple and cost-effective to expand your business by accepting checks from anywhere in the nation.

The ACH is the clearing facility that electronic funds are routed to before landing in your bank account.  This system was set in place in order to keep up with the needs of online commerce.  Previously, a hard copy of the check was needed in order to deal with this form of payment.  Now accepting checks it is as simple as entering the customer’s transit and routing number.  With this update, not only are you able to do business with a larger population of customers, but the process is also as simple as accepting charge cards.

Without requiring a hard copy, there is no longer a need to send checks through the mail.  This is always a risky prospect for both the seller and the consumer.  For the customer, the danger of the check getting lost or into the wrong hands could mean either loss of funds or canceled check fees.  On the seller’s end, trusting that someone has sent payment can result in bounced checks or not receiving payment altogether.  In comparison, credit cards have previously had a major leg up in this department as the account information was able to be verified at the time of the sale.  With ACH, check information is able to be collected, routed, and verified electronically, eliminating the need to wait for the check to arrive in your hands.

Although using ACH to process checks still takes some time to allow the funds to clear, it is still a much safer and faster process than before.  For customers on the fence about making a purchase online, they are now offered an option that makes them comfortable.  For you as the business owner, this results in more customers and less fees.  Additionally, as credit cards often have high processing fees for the seller, checks just might end up becoming the preferred method of online payment.

For more information please contact us at www.nationalprocessing.com or 877-458-3323, Thanks.