ACH payments have taken the world by storm – literally. Have you recently implemented an ACH payment system? Are you currently considering implementing an ACH payment system? Once you’ve made the decision to incorporate ACH into your business’s payment methods, the next big task is introducing it to your customers and encouraging them to take advantage of one of the safest ways to process payments today. But how do you incentivize customers to do this?
We’ve got some tips just for you.
Make a ‘Payments Mix’ Plan
Creating a solid strategy and outlining your payments mix goals is a great first step. A payments mix strategy outlines “end-of-year and year-over-year goals for what the customer payment mix (i.e., the percentage of check, ACH, credit card, wire) should look like,” according to Nacha.
Take some time to consider how aggressive you want your strategy to be in terms of shifting payment percentages in favor of the ACH method. There are pros and cons to a rapid approach, but the speed with which you make the transition should depend on the goals you set in the strategy and planning phases.
Incorporate ACH into New Customer Onboarding Practices
Part of your strategy to shift your customer payments in favor of ACH should include updating your customer onboarding processes.
When you onboard a new customer – after you’ve got your ACH processes in place, of course – you can easily orient them toward ACH options. If you introduce a concept early, your customers will be more inclined to accept and embrace it.
Do you have a list of dedicated customers that pay with checks? An easy and effective way to convert longtime customers is to simply call them!
While you probably won’t be able to convince 100% of your customers to make the switch, giving your customers a call and having a candid conversation about the process and benefits of ACH payment processing can go a long way toward persuading them. And while you’re having that conversation, you might as well run through the many benefits that ACH payment processing has to offer (see below).
No matter how big or small a client is, fewer checks coming into your business help mitigate fraud and identity theft risks. We recommend allocating a good amount of time to having your employees reach out to clients and customers who are unfamiliar with or on the fence about setting up ACH payments.
Emphasize the Benefits
Direct Deposits and Direct Payments through the ACH system helps businesses stay organized and save time and money.
It can also help manage and even increase automatic donations.
Sharing these benefits and insights with your customers by emphasizing how ACH can help save them time, money and resources is a great way to turn the tide for your business payment preferences.
Educate Clients on ACH Payments
Once you’ve explained the benefits, you can move on to instructing your customers on how ACH payment processing works.
Educating your clients can be as easy as hosting or linking informational YouTube videos like this one on your website or just talking through it face-to-face or over the phone.
If you take the mystery out of the process, it’s easy for your customers to understand how and why ACH payment processing will benefit your business and theirs.
Whether you are transacting with individuals, small businesses, or large corporations, you should build a helpful FAQ document or online resource to help your employees share cohesive and crucial information with your customer base.
Creating answers to common questions before they’re asked not only saves time but also lets your customer know that you are committed to transparency and mutual success when you are encouraging them to embrace the ACH process for themselves.
ReliaFund is the Perfect ACH Payments Partner
Whether you plan to offer ACH for payroll processing, subscriptions, memberships, or any combination of these processes, ReliaFund’s fully integrated software is perfect for your business.
Contact us to learn more.