Technology has changed the way we pay for stuff and the methods businesses use to accept payments — and it’s a beautiful thing. Case in point: e-checks and ACH transfers. Streamlined, secure and speedy, these credit card alternatives provide great options for consumers and some serious benefits for businesses.
The main benefit, of course, is lower payment processing costs. In general, both e-checks and ACH transfers offer cost savings compared to the transaction fees many businesses pay to process credit card payments. But that’s not the only benefit you enjoy when you accept these forms of payment. We’ve highlighted all the need to know info about e-checks and ACH transfers, including the top benefits of each.
E-checks are simply electronic versions of the paper checks used for decades. They’re just processed through the ACH network for faster delivery of funds. Funding for the payment moves right from the buyer’s bank account, and they’re subject to the same laws that govern paper checks. Want to know more about five of the top benefits? Check this out:
- Faster Payments: Because you don’t have to wait to receive a paper check in the mail, submit it to your bank and then wait for your bank to process it, you gain access to your money faster. The payment starts processing as soon as you initiate a transaction with minimal wait time.
- Reliability: The ACH network is strong and has been around for more than 40 years. It’s the same network that handles direct deposits, so you know it’s got to be reliable!
- Security: E-checks use online identity authorization, duplicate check detection and authentication to reduce fraud and protect sensitive data.
- Fewer Mistakes: The more automated your payment process, the fewer chances for human error.
- Go Green: Who doesn’t love the ability to reduce their carbon footprint and incorporate greener practices into their business? E-checks reduce paper use, which streamlines your business and benefits the environment.
ACH Transfers Explained
Like e-checks, ACH transfers move money straight from the buyer’s bank account. Customers provide their banks’ routing numbers and bank account numbers, but they don’t have to provide a check number. The ACH network handles millions of these types of payments, a trend that the National Automated Clearing House Association (NACHA) expects to continue growing. This payment method comes with benefits similar to e-checks, including:
- Speedy Payments: Because the money is transferred from one bank account to another, there’s minimal waiting involved. That gives you a more efficient workflow and faster access to your funds. When you use the payment processing offered as part of your favorite power dialer CRM, CRMDialer, you receive deposits directly into your bank account within one business day.
- Security: During the course of ACH transfers, payment processors conduct two-way micro validation. Additionally, the best payment processors also support tokenization, which is like Fort Knox-level security for sensitive banking information.
- Convenience: The more payment options you offer, the more convenience you provide your customers. In today’s fast-paced, highly competitive environment, consumers crave the convenience of paying using the method they’re most comfortable using.
How to Get E-Check and ACH Transfer Payment Processing
What if we told you that you can collect payments right from your CRM? With CRMDialer, you can send invoices and collect credit card, e-check and ACH payments all from within your CRM. We’ve designed all our features based on the feedback we get from our clients, which is why we’ve been so excited to unveil this fabulous feature. Best of all, there are no hidden fees, our service is the ultimate in scalability and deployment couldn’t be much faster.
No contracts, no hassles. Just the game-changing tools you need to streamline your business and boost your bottom line.