Web based payment processing is no longer just the concern of corporate entities or online businesses. Many individuals use this convenience in daily routines, and the wider applicability of secure internet payments has also helped to raise prosperity in general. Although the obvious foundation of a wider client base is one reason for this, the other is a trickle-down effect that actually increases consumer purchase power.
One of the greater benefits of web payments is the convenience of timing. Transactions can be logged at any time of day or night. Although ACH processing can occur in real time, depending upon the merchant account, batches are frequently reconciled at a set time of the day for the processing to be completed. However, many corporations will defer to the log time of the transaction rather than the process date when considering late fees. For a customer, this can often mean the difference between building credit and taking a hit.
Consumers greatly appreciate this ability to stay up to date with their financial concerns, but businesses will also receive a benefit from processing payments in this way. The first manner in which this is positive is in customer retention and loyalty. When a client perceives this fairness for oversights that may occur within their own busy schedule, they are more likely to continue their relationship with the business. This can be a direct result of either a real time ACH process, or the use of transaction logs for account balancing.
A secondary benefit that creates wider effects comes from the actual credit hit. Forgetting a payment due date on an individual level, or running into technical difficulties that interfere with transfers can happen. However, the credit hit of a late payment can lessen a consumer's credit score. As a ripple effect, this also lowers their buying power, and overall commerce can be reduced. Real time payment processing helps to keep money moving on a number of levels, and this grows businesses overall.
National Processing supports a number of web payment options that benefit business and consumer clients. With a variety of ACH options, e-check handling, mobile payments, and credit card processing abilities, companies are gaining customers, and consumers are able to contribute to keeping commerce moving.