With the new capabilities of same-day ACH transactions officially having been implemented by NACHA (National Automated Clearinghouse Association), Merchants and Business Owners now have even more reason to add electronic check or ACH processing to existing payment acceptance options.
While credit and debit card transaction costs remain primarily based on Interchange rates as set forth by the card networks, ACH payments are processed at a significantly lower rate, providing merchants with substantial savings based on their conversion to ACH payments. Also, with high level security features available such as Payment Guarantee through processor initiated credit recovery, merchants have the benefit of accepting ACH payments with a higher level of confidence than ever before.
Some of the Industries that could expect to benefit the most from new ACH capabilities include:
- Recurring Payments/Membership Payments
- Service-based Industries
- Property Management Companies
- Insurance Companies
- Non-Profit Organizations
The cost and transaction time-frames of ACH services will vary depending on the processor providing the service. Merchants should be sure to obtain these costs up front, and most will be pleased to discover the substantial difference between the cost of an ACH transaction and a traditional card-not-present credit/debit card transaction.
Payment Acceptance Solutions provides a complimentary cost analysis and anticipated savings based on agreed conversion projections. Contact firstname.lastname@example.org for more information.