ACH Accounts for Echeck Payments
ACH accounts are the most economical method to accept check payments. Millions of Americans regularly purchase goods & services with ACH echecks.
ACH merchant accounts offer you the lowest rates for electronic check processing. And, same day ACH payments are now available which dramatically decrease the time it takes to process transactions. More than 95% of American households have bank accounts and can pay you through an ACH merchant account.
The downside of ACH echecks is that revoked transactions (chargebacks) need to stay under 0.5% to keep an ACH merchant account in good standing. And returns need to be less than 15%. Many standard and high risk merchants have challenges maintaining these ratios, which are mandated by NACHA.org, the governing body of the ACH network.
Still, if you can comply with the ratios, ACH merchant accounts are the way to go. Lower rates combined with faster processing times make ACH echecks great for eCommerce.
And with same day ACH, transactions clear fast. Ecommerce merchants can now ship products within 1 day. Much quicker than ever before. These days, there’s no reason for eCommerce merchants not to accept checks online. The more payment methods you offer, the more sales you make.
Shop Smart for Electronic Check Processing Services
When you shop for an echeck merchant account it’s important to understand what you are getting.
Some electronic check processors create “substitute” checks which are sent to your business bank account for clearing. Substitute checks work well only for low risk merchants that have few returns or revoked transactions. Substitute checks are not a good solution for many standard risk merchants. And substitute checks never work out well for high risk merchants.
Banks flag business accounts if a substitute check is revoked because of a disputed transaction. Plus, business banks do not like to see returned transactions, such as non-sufficient funds (NSF) appearing in a business bank account
In additional, many banks will not accept substitute checks because they are not actually signed by the buyer. These items are marked “Return to Maker” and sent back to your business bank account as a return. As a result, the number of returned items increase. And you are assessed high fees for the returns, increasing your expenses.
When you process substitute checks through your business bank account and have returns & revokes your account can be put in jeopardy. And ultimately your business operating account may be.
How Echeck Processing and ACH Accounts Increase Profits
Whether you use an echeck merchant account or an ACH account, the user experience is the same. Instead of using a card at checkout, echeck payments are electronically debited from bank accounts.
Both ACH accounts and echeck merchant accounts help you capture sales from shoppers that do not have cards, are maxed on cards, or who simply prefer to pay through bank accounts.
ACH processing and echeck merchant accounts rescue sales that otherwise would be lost. If a card declines and you do not have an alternative payment option to offer the customer, the sale is lost. Electronic checks give customers another payment option through which sale can be completed.
Although cards are the most common method of payment in the US, surprisingly 30% of Americans do not have cards. When you accept electronic checks, you give these consumers a convenient way to purchase from you.
Alternative payment methods are the fastest way to increase your profits with no additional work. Businesses that accept electronic check payments report sales “lifts” of 10-30% simply by adding electronic checks and ACH payment processing to their checkout page.
Why Chose PaynetSecure for Echecks and ACH Accounts?
The following are reasons companies use our ACH accounts and echeck gateways for electronic check processing.
- Lower Costs. ACH accounts are have lower rates than card processing. You save money by eliminating card interchange fees.
- High Volume Processing. Once your echeck merchant account is approved, you can process as much volume as you need. Giving customers the ability to pay by check online, results in more sales and increases your profits.
- MOTO Electronic Check Payments. Unlimited virtual terminals are a standard feature in all echeck merchant accounts. Easily accept telephone, email, fax, and mail orders.
- Rapid Bulk Processing. Upload large files of ACH echeck orders to secure servers for quick processing.
- Electronic Check Verification. Verify routing, account numbers and other data fast. Quickly accept good electronic check orders while declining bad ones.
- Superior Customer Service. Get answers you need when you need them. Experienced representatives are dedicated to your complete satisfaction.
- Recurring Billing. ACH echecks are great for recurring payments. Protect recurring payment income. Increase lifetime value of customers.
- Competitive Rates. Our goal is to save you money on payment processing while providing you top-notch technology and service.
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