Offering online payment processing substitutes to customers could help distinguish between whether you can get the business or your rivals. When ACH payment processing and other non-credit card payment options are accepted, your customers do not need to worry about raising debt on credit cards. Other than saving possible credit issues, ACH processing has plenty of other advantages.
What is ACH Payment Processing?
ACH payment processing – it is essential to understand – varies from credit card processing in the sense that it never offers transaction authorization in real-time. Rather, it helps funds get credited or debited electronically to the deposit account of an individual or company in just a few days. This kind of processing lets you directly debit to the bank accounts of customers, transform real checks to eChecks, set recurring billing up, accept payments in-store or through the net or via phone.
Benefits of ACH Payment processing
These are the top benefits of ACH payment processing:
- The kind of fee charged for these types of payments is much less as compared to the amount that you need to pay for payments through credit cards. This can allow you to save money.
- The whole method is quick and efficient, as compared to real checks. It can be an efficient way to boost flow of cash to your business.
- You can attract consumers not proficient in the use of cards when you offer some other online payment option to customers apart from the standard debit and credit cards.
- E-checks are preferred over real checks. Thus, you can get a better opportunity to avail the payment even in case of low funds in your account.
How Can ACH Payment Processing Help in Savings?
ACH transactions, as compared to credit card processing that generally consumes a part of the transaction, are slightly cost-saving options for merchants. This is due to the fact that these often require a low fee for each transaction. Other than this, customers do not need to make payments of interest rates for credit cards or the fees related to the use of paper based checks (buying the postage and checks). When the ACH network is used, both merchants and customers are able to save on funds with the help of recurring billing features and eCheck processing. Clearly, it is possible for you to save money when you use the non-credit card based payment option that ACH payment processing is.