US Rev Pets subscribers: Save on processing fees with ACH payments!
ACH (Automated Clearing House) payments are electronic payments made through the ACH network. This network, operated by the National Automated Clearing House Association (NACHA), facilitates the transfer of funds between banks in the United States.
What is an ACH payment?
An ACH payment (Automated Clearing House payment) is a type of electronic payment that allows funds to be transferred between bank accounts. It is likely you are already familiar with ACH payments, even though you might not be aware of the lingo. If you pay your bills electronically (instead of writing a check or entering a credit card number) or receive direct deposit from your employer, the ACH network is probably at work.
How does an ACH payment work?
To make an ACH payment, the payer provides their bank account information to the payee, who initiates the transfer of funds through the ACH network. The ACH network is a secure system that processes large volumes of electronic financial transactions, including direct deposits, bill payments, and other types of automated payments. ACH payments are currently available for our US users with Rev Pets Payments.
What are the benefits of ACH payments?
ACH payments are typically less expensive than credit or debit card payments, and they can be easily set up for recurring payments or one-time payments. ACH payments are also considered more secure than checks because they are transmitted electronically and are less susceptible to fraud.
Here are a few benefits of accepting ACH payments for small businesses:
ACH payments typically have lower fees than credit or debit card payments. This can be especially beneficial for small businesses with low-profit margins.
ACH payments are considered more secure than checks because they are transmitted electronically and are less susceptible to fraud. When you make an ACH payment, you provide your bank routing number and account number, but not your personal information, such as your name or address. This reduces the risk of identity theft and fraud. Additionally, ACH payments are typically subject to less fraud than other forms of electronic payments, such as credit card transactions.
Improved Cash Flow
With ACH payments, funds are transferred directly into a business's bank account, which can improve cash flow and reduce the risk of bounced checks.
Convenience for Customers
ACH payments can also be very convenient for customers because they can be set up for recurring payments or one-time payments without the need for a physical check or credit card. For example, businesses can use ACH payments to automatically withdraw funds from customers’ accounts on a recurring basis, such as for monthly subscriptions. This can save time and money for both the business and the customer, as it eliminates the need for manual billing and payment processing.
ACH payments can be easily tracked and recorded, which can simplify bookkeeping and accounting for small businesses.
Overall, accepting ACH payments can be a cost-effective and secure way for small businesses to process payments. One of the main benefits of ACH payments is that they can be processed in batches, which means that multiple transactions can be processed at once, rather than one at a time. This can greatly reduce the time and costs associated with processing individual transactions.
More and more businesses are using ACH payments because of its advantages like cost savings, security, and convenience. Additionally, with modern technology, many businesses are able to integrate ACH payments into their existing systems, which has made it even easier to use.
ACH payments are an efficient and secure way for businesses and individuals to make electronic transactions. They have a lot of benefits such as lower processing costs, increased security, and more convenience. With more technical support, more and more industries are using ACH payments as an alternative to traditional payment methods.
ACH payments are currently available for our US users with Rev Pets Payments! Get started now!