If you have been in business for awhile, then chances are good you have heard about ACH (Automated Clearing House) processing. For those who haven’t, this is a payment processing service that almost instantly transfers money between two accounts. Whether your customers pay by credit card, debit card, or check, the ACH system will deduct the money from their account within 24-48 hours and put it in your business account. While it is mostly used to pay for goods and services online and offline, there are numerous other uses for this payment processing service.
Pay Employees – If you have employees that you pay on a regular basis, then you probably know how much of a hassle it is. You have to purchase checks and then print the payroll. If you office is not advanced enough to have a printer, then you probably have to hand write the checks. If an employee loses a check, then you have to void the one gave them and reissue another one. With ACH processing, you can transfer their wages directly into their bank account, which will eliminate much of your payroll headaches. All you will need to do is issue a statement detailing a breakdown of their hours worked and taxes paid on their behalf.
Bill Payment – Many companies today realize how convenient and cost-saving ACH process is and allow their customers to pay their bills this way. The benefits of this are enormous. There is no hassling with labeling the envelope, finding a stamp, and getting to the Post Office. Payments are processed quicker. So if you remember at the last minute that the electric bill is due tomorrow, you can simply log onto the power company’s website and make a quick payment. This is a great service to offer your own customers as well.
Do Business Overseas – One of the hardest things about doing business overseas is making or receiving payments. There are often a lot of steps involved that deduct a fee each time a transaction is made. This can cut into your profits or make purchasing supplies overseas more expensive. ACH processing can cut down on the number of steps involved in financial transactions which will allow you to keep more money in your pocket. ACH processing is good for making large or high-volume domestic purchases as well. There are many things you can do with ACH. Look for the best company to service your needs.