An Automated Clearing House (ACH), is a network that was established for electronic financial transactions in the United States. The network allows for financial institutions to efficiently communicate regarding transactions associated with accounts held by the banks. The network is designed so that large numbers of payments can be made at once.
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For some businesses, ACH payments are one of the most convenient and cost-effective ways to accept payments, providing additional convenience for businesses and their customers. ACH payments are most commonly used as a payment method for B2Bs because they are efficient, paperless, and secure, saving time and money.
ACH payment processing is the low-cost alternative to credit cards and checks, as they tend to carry the lowest processing fees out of any form of payment – with the exclusion of cash – since the fees are typically calculated as a percentage of the transaction. With ACH processing, collecting payment from customers is cost-effective for your business. This is even the case for many high-risk industries. If you are considered to be a high-risk merchant and would like to accept ACH payments for your business, get in touch with a Corepay account manager today!
ACH payments are an alternative way to set up a one-time payment or recurring billing for your customers, and comes with many benefits that help both sides of the transaction. With ACH payments, customers no longer have to search for their checkbook each month, allowing them the convenience of knowing that their bills will be paid automatically and on time.
For those concerned about security, ACH payments are a safe way to pay. By providing their bank account information once, customers are able to sign up for encrypted electronic payments, cutting our all intermediaries, reduce the risk of fraud, and removing the risk of paper checks or invoices ending up in the wrong hands.