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ACH Payment Processing Remains Popular Option
In the six weeks since we’ve reported on ACH payment processing, Instabill copywriters are finding more and more evidence that, despite 1-2 day settlements, ACH remains an attractive option to merchants. There are a number of reasons why: Security, cost-effective, recurring billing optimization and access to nearly every bank in the U.S.
The Numbers Behind ACH Payment ProcessingThere is truth in numbers: According to NACHA, the Electronic Payments Association, ACH payment processing volume increased to 23 billion electronic payments from 2013, a five percent increase or about 1 billion transactions. Specific categories of native electronic payments (payments that start and end electronically) that saw higher levels of frequency included web payments, B2B payments and direct deposit.
Why Are Merchants Choosing ACH Payment Processing?ACH payment processing now serves many functions: payroll, bill payments, business payments, online and mobile payments as well. It is tailor-fit for financial businesses such as loan services, collections, subscriptions and credit repair. “The ACH Network has continually added capabilities over its history to enable a host of electronic payments, such as payroll, bill payments, business payments, online and mobile payments, international payments, and a variety of others,” Janet O. Estep, president and CEO of NACHA told her website. “New initiatives will help us continue to provide new, efficient options for ACH Network users.”
The One Drawback of ACH (And It’s Not a Big Deal)In the digital age where transactions are instant, ACH transactions usually take 1-2 business days to settle. When processing large amounts of money, however, ACH may be the best option. A recent story in American Banker detailed an effort focused on settling ACH transactions the same day they are made. It is likely a few years away, but it is evidence that ACH is a valued method willing to adapt to consumer needs.
Instabill Offers ACH Payment ProcessingInstabill merchant account managers continue to field requests for ACH payment processing, particularly for financial services industries. In addition to credit card processing, Instabill also offers Check 21 processing. Speak one-on-one with a live representative today at 1-800-318-2713 about our menu of options.
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ECS World provides credit card processing services to online and MOTO businesses with its PCI compliant payment gateway solution. Whether you want to process onshore, offshore, or internationally, they have a solution for you!