ACH Payments are the electronic payments that help in securing the payment transactions from the acquiring bank to the merchant account. It allows transferring funds from one financial institution to other financial institution with the help of a centralized system. This advanced technology of transferring funds can help both the merchant and the customer. ACH networks require less costing, automated and it is easy to keep track of all the payments through it. Webpays gets you the best ACH Payment Processing services that will drive your business to success by empowering you with smooth and flexible payment transactions.
Though you may not be so much familiar with the ACH payments. But millions of transaction are being made daily with the usage of ACH transfer. When employers pay wages to the employee or when consumers make a payment to pay their bills, the ACH network is often responsible for all such payments. There are over 23 billion ACH payment transactions per year. The payment system is getting popular in USA and Middle East countries.
Why merchants grab ACH payment option?
With ACH networks you will have numerous features to your business.
- Easily Manageable
When customer make any payment through check, the merchant is required to wait for a certain time to arrive the mail, once the mail is received then they proceed further to deposit the check with a bank. Sometimes it gets difficult to keep track of all the payments and it’s a cumbersome job to track all the transaction details. Payments that are made electronically quickly transfers from one financial institution to other financial institution. Additionally with ACH network, you are not required to forward checks to the bank and wait for the few days to get the money.
- Not so expensive
For merchants that accept credit card payments, they often have high processing fees for transferring the money. While the merchants who are using ACH networks often cost less to process the transaction. Moreover, you will have an additional benefit for collecting recurring payments. Automating those payments will only provide you with a high volume of sales. Unfortunately, ACH doesn’t provide you with real-time responses, unlike credit card terminals that provide real-time confirmations.
- Remote Payments
Merchants with ACH networks can accept payments remotely; though credit card processing can also do the same thing. In case your customer doesn’t have credit or debit card for making payment they can prefer ACH payment transaction to transfer the funds.
- Flexible Payments
The customer is not required to fill any details in check, re-order them when they run out. And there is no need to check mails in time. ACH allows hassle-free payment transaction to the customer.
- Automatic Payments
Merchant need not to keep an eye on each and every bill with automatic ACH payments you are only required to take action when payments are due. Automatic generation of paying bills is an enhanced feature that provokes customer to use ACH Payment Processing.
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