How to Accept ACH Payments
An ACH solution with FintechMerchantAccounts is the easiest way how to accept ACH payments from your customers. ACH payments will allow you to process bank 2 bank payments electronically with ease. You may be surprised to learn that ACH is the payment method that is commonly used for online payments. In addition to that accepting ACH is fast becoming one of the top choices for merchants who want to know how to accept ACH payments on your website. Often as a cheaper alternative to credit cards.
When you accept ACH payments you will also ensure that your customers will be able to pay for their purchases by debiting their bank account. This provides your business with peace of mind that the funds are available. Merchant’s find that ACH payments will enable a business owner to process credit cards online without a high-risk or high-cost merchant account.
High-risk businesses are those that accept high volumes of high-value purchases. They are also those that deal in or store large sums of money. Online gaming casinos and internet poker sites are an example. Some High-risk businesses may also experience fraud, high chargebacks, and other problems, which could result in a decline in your sales. You may experience these issues if you do not have a high-risk merchant account. In these cases, a specialty merchant processor can be implemented for a solution. Doing this will allow you to process payments online and provide your customer with a safe way to make online payments. Taking ACH payments will also ensure that the funds sent to your business will be deposited into your company bank account.
Businesses that process ACH payments will be able to provide their clients with access to their funds more quickly. When a business processes payments by check it takes several days for the check to be drawn on your company bank account. Your company’s check processor may debit the bank immediately, resulting in a check being cut off. This can also result in the company’s check being held for several days until the check is either cashed or the funds are replenished. Processing payments by ACH takes only a few seconds to process the payment and typically will not result in the need to hold check balances for several days. Merchants also find that ACH payments will enable a business owner to process payment at a much lower cost than credit cards.
ACH Payment Processors
Merchant payment processors that accept ACH are similar to most merchant account providers. However, there are differences between these processors and your regular credit card merchant accounts. One key difference is that ACH processing is not free. Fees are collected by most ACH payment providers. If you are interested in using this service then be sure to shop around and read all of the fees and conditions. When comparing processor options you will want to compare all aspects of ACH including the costs associated with the service.
If you use your own accounting system or network to process your customer’s checks, then accepting ACH transfers is a great way to save money over the long term. The reason that electronic payments work so well is that they have minimal risk of fraudulent use. Merchants who accept ACH transfers do not have to pay third party fees just to process the transfer. This cost is passed onto the customer.
While it is possible to perform a manual check for ACH payment transactions, most people find it easier to use an automated clearing house (ACH). Automated clearing houses process transfers as soon as they are received by your company. They are designed to pull funds from bank accounts. When they receive a check and perform what is necessary for the check to be cashed. Some companies choose to keep their ACH balance in a separate account. They only allow authorized personnel access to pull funds. Either option should be able to meet your company’s security requirements.
Contact FintechMerchant Accounts
If you decide to go with an ACH processor that allows you to accept electronic ACH payments, make sure you enter the appropriate bank account number before authorization. Many processors will prompt you with an error if you do not. If you enter the wrong account number during an ACH transaction, the transaction may not be completed. If you choose to use a different bank account number, you will need to enter it into the online system. This is usually done in the “Fees” section your payment gateway.
If you agree with us, that ACH payments will help you grow your business and reduce cost, we want to speak to you! We can set you up and show you how to accept ACH payments from customers. FintechMerchantAccounts will also provide you with a method and teach you how to accept ACH payments on your website. Just pick up your phone and call us at 617-918-7235. Maybe you are just looking for more information on how to accept ACH payments. In that case, you can fill out our contact form HERE and we will email you a summary. You also can ask the assistant at the bottom of your screen or ask in the comments section below.
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