Have you ever paid a bill by direct deposit via your phone or laptop? If yes, then you probably know what ACH is and how it works. As an entrepreneur, you need to manage your employees’ payroll as well as your business operating costs. More than 80 percent of the current U.S companies use ACH to transfer credit or debit electronic funds. If you are still using checks and credit cards to make or receive payments, then here are some good reasons why you should set up ACH payment processing for your business. Skyrocketing processing fees? Well, not anymore! One of the biggest benefits of using ACH for your business is its low processing charges, as compared to checks and debit or credit cards. Bank of America gave an estimate that a person spends between $4 and $20 to issue a check, which includes production & delivery costs, bank charges, and other fees. However, ACH payments involve low transaction fees as funds are directly transferred or received in real time between the two bank accounts through a clearing house. Let’s see how much processing fee you will need to pay when you use a check and credit card for a $200 transaction: Check: An average cost to issue a business check is between $4 and $20. Credit Card: Approximately $5.8 to $6.15 (2.9% of the transaction amount plus $0.35). Those mongrels. Aren’t they like cashivore sharks? Now let’s see how much the ACH billing transaction cost is for the same amount: ACH Forte: $0.25 for every transaction, irrespective of the amount. Authorize.Net: $1.5as it charges 0.75 percent of the total transaction amount. Convincing enough to switch from the traditional and expensive payment processing method to the modern and economical one, right? (Figures calculated using PayPal, stripe, Forte, and other payment gateways) As secure as the Fort Knox Unlike EFT transactions (completed with credit or debit cards), which are under constant attacks from cyber hackers, identity thieves, and international fraud rings, ACH transfers are direct and shield your information against fraudulent activities and security breaches. Since your client could be reluctant to give his account details, with ACH payment processing services you can utilize two-way micro validation process to ensure the authentication of involved parties. To verify bank accounts, the processors send two micro-deposits ranging from $0.01 to $0.99 in the client's and the entrepreneur's bank account. The client needs to verify the exact numbers in order to activate his account and start sending funds. As far as business owners are concerned, this method guarantees two things:
Ideal for recurring billing means ‘NO’ missed payments ACH billing is the best choice for organizations that run a subscription business, as it reduces the risk of missed payment. Also, you no longer need to call or SMS your customers, again and again, reminding them to send you a check. Thanks to this innovative technology, every single future payment takes place automatically without any human involvement. ACH enables you to electronically collect payments on a particular date of each month by directly debiting your client’s saving or current account. It also allows you to accept or send funds in a cost-effective manner, saving you a few extra bucks on the processing fees. On the off chance when things get a bit tight for your client, and they decide to pay the installment a bit late, you don’t need to worry about anything. They need to intercede date and time (conveniently) if they want to cancel any future installment. That’s why it is not wrong to say that ACH Payment Processing services are not only beneficial for your business, but also advantageous for your clients as well. Not only will they get freedom from their burdensome loans, but also their credit records will look great. Happy CUSTOMERS, Happy YOU So, take your time and advice your customers (who make regular credit card or check payments) to consider recurring autopilot ACH payment processing services for their next transaction. For more information, visit our website https://www.apptechcorp.com
1 Comment
2/21/2022 05:32:27 am
Awesome content. Thank you for sharing this wealth of information. It was very interesting and very useful content. You deserve a thumbs up!
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