The ACH payment system has been a part of the United States for decades. Although it now stands as one of the most important parts of the e-commerce landscape, it was originally an innovative solution to the problem of paying millions of U.S. servicemembers worldwide.
When it comes time to significantly revise or improve such a system, there can definitely be challenges. However, in this case, it seems all of the major players are lining up for change.
ACH is a highly secure and convenient service, and it meets or exceeds the services used in other countries in virtually all ways except one: The ability to process payments more than once in a given business day.
NACHA, the organization of experts who guide and strategize ACH, has shown some concern as to whether banks and others in the industry will stand up to ensure it has the resources necessary to “break the speed limit on ACH” once and for all.
Luckily, support has poured in for the plan from many different quarters.
Some of these may well be expected, but others are very unusual.
On record in support of ACH acceleration are all of the following:
This broad spectrum of support goes to show just how widely ACH has been adopted and just how deeply it is trusted across several different sectors of the economy. No matter what does happen with the acceleration efforts, we know ACH will be a pillar of commerce for a good, long time to come.
However, it also shows that the best tools for effective, safe, and fast e-commerce in the U.S. are those that are already tried and true, in the ACH realm, rather than the tidal wave of so-called “disruptive technologies.”
People from all backgrounds and walks of life have already grown to trust ACH and are confident they know how to use it, even if they do not all necessarily know exactly how it works.
That kind of trust is something that can indeed be difficult to come by in today’s world, and is something that small and mid-sized businesses in particular should look to take advantage of!
Posted in ACH on Mar 17, 2015