4 Things to Look for When Selecting an ACH Payment Provider
As a business with an eye for maximizing sales and achieving long-term success it is important to accept multiple forms of payment. As a matter of fact, customers want a variety of payment options to choose from. But since we’re apparently in a world where no one wants to carry cash anymore, prioritizing on paperless payments is the order of the day for most businesses, both online and offline. Automated Clearing House or ACH payment is a system that allows customers to make electronic payments for utility bills, online purchases, POP, P2P, and B2B payments directly from their checking accounts. ACH payments may resemble debit or credit card payments in some aspects but they do differ in many aspects. For instance, ACH payment is more cost-effective when it comes to the associated fees compared to credit card and debit card payments. As a business, however, the payment provider you select will have a huge impact on how much you benefit from the ACH payment system. But how do you select a good merchant provider for ACH Payments? Here are 4 things to look for when selecting an ACH payment provider.
The Best Rates and Fees
As hinted out, ACH is more cost-effective compared to other options like credit card and debit card payment. however, the fees and transaction rates may vary from one ACH payment provider to the other. It is important to have a keen eye on all the charges, fees, and rates before choosing your provider. While some providers charge a flat rate, others charge per transaction or a combination of both. Some provide bonuses based on the volume of transactions, so be keen on this.
Reputation and Safety
Digital payment systems have always been vulnerable to cyber attacks, hacking, and privacy breach. You obviously don’t want to find yourself in the middle of a line of lawsuits from customers claiming that they were defrauded of their money. Without further emphasis, you just can’t ignore the safety and security of your customer’s money and privacy. Choose a reputable provider.
ACH payments take at least 3 to 5 days of processing before you can receive the money in your accounts. This is mostly a security protocol, which tends to be a little more time-consuming compared to credit card payment systems. However, some ACH providers have their way around things. There are even some that allow you to access your money before payment is cleared. Choose an ACH provider that will make your money available faster for you.
Support is critical in this line of business. Whenever there’s an issue with a particular transaction, you need a reliable and supportive provider to sort it out for you as fast as possible. Nothing can be intimidating than having to face a furious customer who thinks they’ve been robbed, overcharged, or disadvantaged. This is especially the case with ACH payments made online. Technical support is a must-watch when choosing an ACH merchant provider.
In addition to the above factors, it is important to consider a provider who has mobile payment options. Otherwise, your selection process should be a breeze with the above few tips in mind.