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If your business has not yet set up an ACH payment solution, then it may be time for you to look into it. An ACH (Automated Clearing House) payment provides a fast, easy way for you to collect payments from your customers and big clients. Below, we list five great benefits of implementing ACH processing.
1. Access Funds Faster
The biggest benefit of Getting High Risk ACH Processing is that you will be able to access your funds faster. When you accept checks from your clients, you will have to wait several days for it to clear and for the funds to be available in your account. This can be highly problematic to your cash flow situation. But with ACH processing, you will only need to wait a maximum of one to three days to access the client payments since electronic transactions are often given priority over checks when they are being cleared through the United States Federal Reserve. The faster receipt of payments will allow you to manage your business much more efficiently.
2. Multiple Payment Options
Many merchants tend to solely focus on offering credit card payment option to their customers. This can not only be an inconvenience to some customers who don’t have a credit card but can also distance those who only wish to pay through a bank debit. As such, you will be losing out on potential customers just because you did not provide them with a payment solution of their choice. But with ACH processing, you can give multiple payment options to the customers and keep them happy.
3. Lower Charges
Merchants have to pay a credit card processing fee every time any customer makes payments using their credit cards. These fees can sometimes be too high and will affect the profitability of each sale. But if you switch over to ACH processing, you can accept payments from customers while being charged a lower fee. This helps you to make more profit per sale.
4. More Security
When clients make payments through a paper check, there is a real risk that the check might get lost and may be cashed in by a third party. In fact, misplacement of checks is often a common problem for many big business corporations. But with ACH processing, such a risk can be completely avoided. Since you are only accepting payments through electronic transfers and not paper checks, there is no chance of the payment being lost.
5. Easy Recurring Payments
For businesses that charge customers on a recurring basis, ACH processing is a must. Normally, a customer will have to make a credit card payment or send a check every time the subscription becomes due. This can be a big inconvenience for them. Plus, you will also have to deal with calling the customer on a regular basis to remind them about the payment. But ACH processing will allow you to collect such recurring payments through automatic bank debits. As such, both you and the customer can avoid dealing with the hassles of card/check payments for recurring services.