You’re probably know that your business should be processing credit cards, but what about ACH payment processing? You’re probably most familiar with ACH because of payroll direct deposit, but ACH is great for accepting other types of payments too. ACH is simply the electronic transfer of funds from one bank account to another via the unique routing number usually seen on the bottom of a paper check.
ACH is an efficient, low-cost, and secure way to accept payment from your customers. Here are the top 3 reasons your business should be using ACH payment processing:
1. Lower Transaction Fees
Other than cash, ACH payments have the lower rates than other payment methods. Let’s say you have a $1000 transaction. These are the fees you will typically pay on that transaction:
- ACH Cost: $1.10
- Paper Check Cost: $2.42
- Credit Card: $19.10 (1.9% fee x $1000 transaction + $0.10 transaction fee)
You can see how quickly those fees add up!
2. Get Paid Automatically
One of the biggest benefits of ACH payments is that you can set up recurring billing. Simply have your customer authorize the billing schedule. When you sign up for ACH payment processing with EPS you get our automated/recurring billing and invoicing system, making the entire process quick and easy.
With the rash of security breaches that have effected major retailers lately, you might encounter customers who are squeamish about providing their bank account information. That’s understandable, but you can reassure your customers that their information is safe with ACH payment processing. With ACH, their account information is entered into a secure system and encrypted. Compare that to what happens with a paper check that that is handled by multiple people during the payment process—increasing the chance that your unsecured data could be stolen.
If you would like to learn more about How EPS can help your business with ACH payment processing click the button below or give one of our knowledgeable customer service agents a call at (855) 897-5818 . We’d love to hear from you.