How Does ACH Work for My Business?

In 2018, the ACH Network transferred 23 billion payments, or $51 trillion. Within the same year, internet payments went up 14.2 percent, valuing $2.9 trillion. 

According to NACHA, consumers are certainly becoming more comfortable with internet payments via ACH. More and more merchants, especially small businesses and eCommerce merchants are capitalizing on the benefits that ACH has to offer. If you’re not familiar, brush up on our step-by-step guide to how ACH transactions work

The reality is that payment processing is changing, and it will change your business as well.

The NACHA Operating Rules generally allow for ACH credit transactions to settle in one to two business days and debits to settle on the next business day. New ACH rules now permit originated credit transactions to be processed the same day. Both payees and your business can access funds more quickly. ACH payments made by 10:30 AM are usually settled by 1:00 PM. Payments made by 2:45 PM are settled by 5 PM. With a third window, NACHA may increase this time period of payment settlements.

eCommerce companies top the list of businesses that are capitalizing on ACH as a secure, convenient payment method for customers. 

Time is money. When you’re running a small business—or any business—you’ll want to find more innovative ways to save on both. A lower chance of fraud will also prevent you from experiencing a time-sucking headache. 

In addition, you want to implement a system that will grow with you as your business does. For small businesses, the ability to monitor all instances of activity through an efficient dashboard can help to capitalize on all the benefits ACH has to offer.

Merchants and businesses must also follow standards in order to accept online bill pay services and electronic payments. In order to stay compliant, a payment processor can significantly ease the pains of accepting payment via credit or debit card and paying astronomical fees. Learn more about electronic payments compliance 101.

It’s simple to provide the convenience of ACH to customers:

  • No checks or paper—environmentally friendly
  • Automatic payments can be scheduled—making it easier on your customers
  • Reduces the time spent on payment processing
  • Reduces the cost of fees

Reliafund caters to a number of industries that can benefit from ACH payment processing. 

With ACH, you’ll be able to open up resources within your company for other important ventures. Find out more about how ACH can benefit your business.