ACH Payments Are Changing How Small Businesses Work
Automated clearing houses (ACH) provide services that clear transactions between the payer’s and merchant’s banks electronically. They are a secure payment made under the supervision of the Federal Reserve Banks. ACH processing offers an option to small businesses to securely and quickly receive and send payments at lower costs than other options such as credit cards. Additionally, small businesses can benefit from ACH to pay employees and perform other financial outgoing financial transactions.
ACH Simplifies The Payment Process
Direct Payment via ACH helps simplify the payment process for both you and your consumers. Because transactions are electronic it is much easier for your business to collect receivable consistently and securely. With ACH, you can ensure the safety and integrity of your relationship with your customers and reduce the risk of fraud, monetary loss and thefts of identity. These payments save your business time, money and even helps protect the environment by reducing the need for paper processes.
ACH Processing Benefits Business
Businesses that deal with a lot of checks and cash payments, ACH is a great alternative to the higher costs of credit card processing. Some of the benefits of include:
- Timely payment
- Fewer errors or delays in payment
- Automated collection attempts for bad checks
ACH For Consumers
ACH Payments also benefit the consumer and make the processes easier for them. No more bouncing check from clients who possibly overspend before you deposit the check into your account. These dramatically reduced timeframes for payment allow the consumer to opt for automatic electronic payments. In this way, you will always get paid on time.
Accepting ACH Payments From Consumers
To begin accepting ACH payments, you’ll need a payment processor. Begin asking service providers if they can handle your ACH payments for:
- The financial institution for your business accounts
- The companies the process credit card and other financial payments
- Your accounting service provider or software
Choose the provider that best suits all your financial needs. Make sure the addition of ACH Payment Processing ensures your business growth and satisfies your consumer base.
