The National Automated Clearinghouse Association (NACHA), the Electronics Payments Association, has recently announced that ACH (Automated Clearing House) overall transaction volume in 2016 made up 25.6 billion.
According to NACHA, the 25.6 billion transaction volume represented a 5.3% increase over 2015 volume. This is the 3rd consecutive year, in which the volume has grown by a billion transactions or more over the previous year. Moreover, in 2016, the ACH Network processed $43.7 trillion, which represented a 5.1% growth from 2015.
When it comes to the launch of Same Day ACH in September 2016, the payment type was responsible for over 13 million credit transactions making up almost $17 billion. Same-day direct deposits accounted for 52% of Same Day ACH volume. Business-to-business (B2B) transactions accounted for 32% of Same Day ACH. Person-to-person (P2P) payments made up 13.5% of same-day volume. Consumer bill payments accounted for the remaining 2% of Same Day ACH volume.
How It Started and Developed
If you were a business with at least 9 months of credit card sales, you could apply for a merchant cash advance. In return, the credit card sales company was let to invade your credit sales for the day and take its percentage. The process didn’t work with all merchants.
To keep sales private, it was necessary to use a 3rd party account for the processor to claim money from. As a result, the company and the customers were able to keep their client private and the company could keep the payments going, even though it made the business get its money 3 days later as the process was ongoing.
As time passes, programs go on improving and the number of companies offering the ACH increasing. Today, there is no need to leave the credit card company you prefer so to be able to get approved for an advance. You can easily find what you need and what best suits your business wants and needs.
What is ACH and how can you get the best for your business needs from a reputable business loan provider like firstamericanmerchant.com (FAM)? Turn to First American Merchant, an award-winning business funding provider, to get answers to all your questions FAM offers exceptional business loan opportunities, including a merchant cash advance, to merchants of any type and size. FAM boasts an A+ rating with the BBB and specializes in the high risk industry.
Reliable and secure business loan providers like FAM can help you obtain an ACH Merchant Advance funding and grow your business successfully.
There are times when you are happy with your merchant provider but it won’t offer you a business loan to help you expand your business or just to pay some unexpected bills. Happily, there are other options that might meet your needs without the need to change your merchant supplier. The ACH loan from a reputable business loan provider that is ready to offer it might be the answer to your question.