Businesses strive to reach as many clients as possible and one way is by launching an ecommerce website. This allows a business to attract users shopping online and expand their activity internationally. What about payment methods? The good news is that there are many contactless payment solutions available, including credit card processing, e-wallets, ACH transactions, and more. As a company one needs to think of what payment options they would like to have available for their clients. Based on this decision, they should find a processor with appropriate solutions to fill their needs and that is able to process their transactions efficiently and securely.
Why Credit Card Processing
Around the world, credit cards are increasingly the popular method of payment. If you are a business and are not currently accepting credit cards, you may be missing out on many potential customers. Accepting credit cards is a great way to improve sales, maintain your competitive advantage and make your business more profitable. Regardless of the industry type you are in, you will find positive results if you offer credit card processing. Users are more likely to make a purchase if the business accepts credit cards on their website.
Consumers like to have many options at their disposal when it comes to payment methods and are more likely to return to a business or website that offers their preferred payment methods. Gaining potential clients’ trust is essential and working with a reputable credit card processing company is essential. There are many reasons why people prefer credit cards; credit cards are convenient to use, legal, and safe. They no longer need to carry cash around and when shopping online, they can pay directly and wait for the delivery afterwards.
Credit card processing improves cash flow, because electronic payments are settled quickly. Not to mention there are less issues around billing and invoice collection from customers. Businesses need to stay competitive and one efficient way to do this is by accepting credit card payments. People prefer doing everything online, including shopping, so it makes sense they are looking for a convenient way to pay for services and goods. If you are not offering them this payment option, it is very likely they will find a competitor that does.
Many businesses are worried about costs associated with credit card processing , concerned they will pay too much for every transaction. This is not necessarily true. The industry has become very competitive and many processors offer affordable pricing, with custom services and pricing to fit every business’s needs. Depending on the industry type, credit card processing rates are low and even small businesses are able to accept them. When you take into account that your businesses sales will increase, the investment is worth it! Having a merchant account is a great return on investment and you can find one suitable for your business needs.
What Is ACH Transaction
It is recommended to know as much as possible about all payment methods, to be certain of which ones are worthy to adopt for your business. A popular one is payment via an ACH transaction . What are ACH transfers to be more precise? An ACH transaction is an electronic money transfer between banks that allows people and businesses to send and receive money securely and conveniently. There are some common types of ACH transactions that people are already using often without knowing. For example, maybe they have paid bills through their bank accounts, or are making recurring deposits into a retirement account, college saving account, and such.
ACH payments offer a different set of advantages to business owners and it is best to know as much as possible about this payment option for clients. ACH transactions are a fast, secure, and affordable way to transfer money between bank accounts. Whenever a client makes a payment through this method, the funds transfer is done promptly and appears in the account directly. However, not all electronic payments can be classified as ACH and many people tend to confuse them. When people use their credit/debit cards to pay online or on-site, payments are electronic, but not ACH, because these are related to credit card processing.
Why Accept ACH Payments
An ACH transaction has several benefits that consumers and businesses should be aware of, such as flexibility, affordability, and speed. In some cases, transactions are more affordable than credit and debit cards. This is because banks offer lower fees, which in turn can allow lower fees to be passed on to the business accepting ACH. Payments are convenient and prompt. There is no need to go to a bank to deposit checks allowing the business to save time and focus more on growing their business and customer retention.
Another great advantage of an ACH transaction is flexible billing. People can set recurring billing and then simply forget about making them, because they will be done automatically. Businesses can benefit from this substantially, as they can set recurring payments or set them for one-time only. It is possible to schedule future payments as well. This means no one will forget about paying employees, suppliers, because every transaction is done on time.
To benefit from ACH transaction, it is necessary to follow some steps. Opening a merchant account is essential. Don’t hesitate to ask for quotes and information, allowing you to get more familiar with what providers have to offer. Afterwards, customers can use this method by submitting their checking or savings account details using online forms or over the phone. It is quite easy, and you can implement this payment solution faster than you think.
