What Is the ACH Payments and How Does It Work?

The ACH payments are electronic methods of transferring money from a bank account to another in the most direct way. Your company can introduce the ACH transaction as an alternative to the standard credit card payment method. The transfers made through this method requires 3 steps:

• Customer request. The first step is for the customer to make a request towards the merchant of using the ACH transaction to make the payment. The money is not sent directly. Only the intention is conveyed in this step. Why? Because the merchant must authorize the transfer.
• Merchant authorization. The merchant has three methods that he can use to authorize a transfer. He can either use digital, written, or verbal authorization. But he can also include the terms and conditions, and the customers must accept them before making the transfer.
• The customer makes the transfer. The last step is for the customer to accept the condition and use the ACH to make the transfer. The funds will be directly sent in the account of the merchant. Then the customer will receive the products or services that he paid for.

3 Benefits That You Can Expect from Introducing the ACH Payments Processing!

But why should you introduce the https://xpressprocessing.com/products/ach/ ACH payments processing? What benefits can you expect from doing this? Well, there are three critical benefits for your company that you can’t neglect. There are also smaller ones, but the three essential ones are enough to make you understand the importance of introducing this method.

• Larger market. The first thing that you need to know about introducing a new payment method, like the ACH transaction, is that you instantly get access to a larger market than before. Thought the credit card payment method is used by most people, not all of them use cards. So, by introducing a payment alternative that does not require a card, you get access to the part of the market that does not use cards. And this will allow your company to increase its market share. The revenue and profits of your company will rise, and you will have the possibility to increase the growth rate of your company. So, it is in your best interest to introduce one or two more methods besides card payments.
• Fast payment processing. The second benefit of introducing the ACH payments method is the speed of the payment processing that it provides. Although the credit card payment method is the most popular, it requires 3 to 5 days for the transactions to be processed. So, you will have to wait for all that time until you receive the money in your account. On the other hand, the ACH transaction method will transfer the money directly to your account in real-time. The processing is made on the spot, and you do not need to wait for the money. This will increase the versatility of your company and streamline its financial transfers.
• No risks. And lastly, the risks associated with this method are zero. The transfer can’t be made by someone else other than the owner of the account. Also, the money reaches your account instantly, so there is no risk of something happening along the way. Even though the number of people using this method is much lower than those using cards, but you will not need to worry at all for using this method. You can even use the safety provided by this method to market your company. Every advantage that you can provide over your competitors will allow you to attract more customers.

Why Should You Look for a Payment Processor That Provides ACH Transaction Services?

Now you know what an https://xpressprocessing.com/products/ach/ ACH transaction is, and why you should introduce it. But how should you do that? The best method of introducing electronic payment methods for your customers is through the use of a reliable payment processor. These companies will not only help you with the processing of every transfer. But they will also provide you with extra services like fraud protection, detailed reporting, and a multitude of integrations. All these tools and features can be used to increase the different characteristics of your company. For example, some of them will increase the efficiency of your employees. While others will reduce the costs of your company. But to get these benefits, you will have to do a little research and find the best payment processor for your business.

The first step that you will have to do is use the internet to find payment processors that you can use. There are two alternatives. You can either visit their website one by one and choose the first one that you like and use its services. Or you can take the long path. What is that? Well, you will need to make a list with all the payment processors that you find and make a list with all of them. And next, you will have to visit them one by one and do thorough research on their website. Only after you finish with all of them should you choose the best one for your company. It is your decision which of the two alternatives you are going to use. Luckily, you do not need too much about making the wrong decision.

Most payment processors offer a trial period in which you can use their services and products, like the ACH payments, for free. So, after you make your choice, you can test the software for free in that timeframe. If you discover that you made the wrong decision, then you can try again and find another processor. One which covers more of your company’s needs. If that is the case, then you can repeat the steps mentioned above until you find the best alternative. Keep in mind that your chance of finding the best option for the first time is through the use of the long path. So, if you make a list and through research, you can also be sure of finding the best alternative.