Does your business accept ACH payments? An abbreviated term for Automated Clearing House, it is technology that allows you to accept electronic check payments. There are many ways that ACH processing can help your business.
ACH Builds Credibility
A business that offers multiple payment options increases its credibility to customers. Most merchants wouldn't even consider operating a business without accepting credit cards, but they pay little attention to electronic check payments. Adding this option shows that you are established and are prepared for multiple types of transactions.
ACH Broadens Your Market
The popularity of the debit card has made it common to pay with plastic. However, there are still many people who do not have a credit or debit card. If you are a brick and mortar business, this limits your sale to the cash in your customer's pockets. If you are an online business, you could miss the sale altogether. ACH opens this market and gives you more opportunities to make a sale. Offering check payment options gives your customers an additional option to pay for the products / services they want to buy from you.
ACH Allows Seamless Recurring Transactions
If your business depends on regular monthly payments, check payment processing is an essential tool. Subscriptions, membership dues, utilities, and monthly donations are all easier to manage when customers can pay automatically from their checking account. No reminders or collection calls are necessary, and the account will never expire. Unlike a credit card, checking accounts have no expiration dates. You won't have to hunt down updated credit card data to keep payments running smoothly.
ACH Has Low Transaction Costs
Credit card transactions carry substantial fees. The cost of check payments is significantly lower. A simple structure that includes a monthly set-up and flat transaction fee brings the cost of check payments to at least half the cost of a credit card transaction. Encouraging payments by check whenever possible can lower your expenses.
ACH can help your business build credibility, gain new customers, reduce administrative tasks, and reduce expenses. Contact our office today to learn more about check payment processing.