In the modern world we live in, it’s easy to forget that some customers don’t have or do not wish to use credit cards as a payment option. For merchant’s, this means a missed revenue opportunity. It also leads merchants to a question of security. How can my business accept other payment options both efficiently and safely?

ACH and eCheck Payments

If you want to increase your customer base, it’s important that you provide customers with multiple payment alternatives at the point of checkout. This includes in-store and online transactions. You want to make sure your business is prepared to service all potential customers, whether they wish to pay via credit card or with a secure alternative. One way you can do this is by adding ACH and eCheck to your list of payment options.

What is ACH and eCheck?

ACH (Automated Clearing House) is a network established for processing financial transactions that take place within the U.S. This network makes it possible for various banks to communicate efficiently regarding transactions associated with accounts, and the ability to move funds to and from those accounts. ACH also makes it possible for payments to be accepted from anywhere.

For the customer, ACH provides a secure alternative when they do not wish to use their credit card (or they do not have one). For the merchant, ACH reduces the risks associated with accepting physical checks. It also allows them to shorten the acceptance time involved with check-payment.

How does the process work?

The ACH payment process begins when the customer makes a request to send money to the merchant. This is then followed by the merchant authorizing that request; the merchant will provide either a written, digital or verbal authorization of the payment. The customer’s payment takes place via the ACH network, which sends the money to the RDFI (Receiving Depository Financial Institution) for processing. The process comes full circle once the merchant has received their funds and provides the customer with their goods or service.

ACH and eCheck payment options can be secured through a provider like First American Merchant. Because FAM is an alternative lender that specializes in working with “high risk” businesses, all types of businesses and industries can secure these services to grow their business. To ensure your customers have a satisfactory experience, be sure to add ACH and eCheck payments to your list of payment options. Not only will these options boost your customer base, they’ll also provide customers with secure alternatives to credit card payments

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