3 Reasons Why ACH Processing is on the Rise

ACH payment processing systems are becoming more and more prevalent, and now is the perfect time to integrate one into your own business.

The ACH Network just released their second-quarter reports, showing Direct Deposit payments rose 17%, internet-initiated payments (online bill payments and account-to-account transfers) rose 48%, and check conversions decreased by around 45%.

Having a reliable payment processing system has never been more important. Here are three reasons why ACH processing is outpacing check conversions as the future of transactions continues to trend towards digital offerings.

ACH Payment Processing Saves Your Business Money

In these uncertain times, scaling back on expenses is a must to ensure the continuity of your business. ACH payment processing costs about $.60 per transaction, compared to an estimated $1.22 per check and anywhere from 2-3.5 percent transaction total for credit card processing. The differences may seem miniscule until you add up a week or month of transactions.

ACH also takes the confusion out of transaction fees while also eliminating complicated late fees, termination fees, and statement fees.

Many businesses offer small discounts to customers who pay in cash, but as the world embraces e-commerce more and more, having a cost-effective and reliable payment processor saves you money every time someone swipes or taps to pay.

ACH is More Secure

Cybersecurity is an ever-evolving responsibility for institutions that conduct business electronically. As trends change, hackers and online criminals continue to take advantage of new technology to manipulate weaknesses in a company’s

ACH payment processing is subject to the rules and regulations of the NACHA and the Federal Reserve, meaning you and your customers can rest easy knowing all transactions must go through a rigorous process of encryption and multi-level authentication.

ACH Payment Processing Is Fast and Easy

ACH payment processing can also streamline payment options in a variety of ways. As the COVID-19 pandemic continues to change the global economy and day-to-day activities, the NACHA has trimmed transaction settlement times down from two or three business days to just one.

Customers can also set up automatic bill pay within ACH systems to make sure they never miss a payment or deadline. The feature is user-friendly and can be set up in minutes.

Solutions from ReliaFund

ReliaFund’s ACH processing system can help you in many different ways by boosting efficiency, allowing you to get paid faster, and lowering costs while making collection and disbursement of funds, setting up recurring billing and accepting online and phone payments easier. Offer your customers alternative payment options with ACH processing. Our fully integrated payment processing software allows you to process checks using just the bank routing and checking account number.

Let us help you save time and money with ACH Processing solutions – contact us today. 

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3 Reasons Why ACH Processing is on the Rise