The ACH Payments Method Is One of the Best Alternatives That You Can Use!
The credit card is the most used global payment method. The majority of the people that shop online will use them. But that does not mean that it is enough for your company. You should also introduce at least 2 other payment processing methods. One of the best alternatives that you will be able to find is the ACH payments processing method. There are several reasons for which you should use this additional method.
- Diversify payment options. If you only have a single payment procession method, then you will lose many of your potential clients. Keep in mind that there are still many people that do not have credit cards or that does not feel secure to shop with them. But if you find a payment processor that can help you introduce additional methods, then you will be able to increase your company’s sales volume. Your market share will also increase, making it easier for your company to reach the top of the industry.
- Accommodate late payments for customers. Online shopping may seem riskier to your customers. So, if you can accommodate late payments, they will feel more secure. For example, with ACH, you can accept payments from your customers after their order is delivered. The transaction will be made at the time of delivery instead of the time of ordering.
- Increase the security of your clients. Although credit card global payment methods are essential, they are not the safest payment method for your customers. And even if the risks are small, there are still many people that are afraid of using them. So, by introducing a more secure method, you can convince them to buy from your company. This factor will yet again increase the market share and sales volume of your company.
What Are the Benefits That You Can Expect from Introducing the ACH Payments Method?
Now that you know the reasons for which you need to introduce additional processing methods like ACH payments, you should know the benefits as well. ACH will bring specific benefits that no other alternative will bring. No reason should stop you from finding a reliable processing company that can help you introduce this type of payment processing method. There are 3 big benefits that you can expect to get from ACH.
- Faster access to funds. Credit card processing takes a few days for the money to be transferred to your account. So, you will always need to wait for this period to pass before you can use your funds. But that may affect the cash flow of your company. And you will always have to check and keep track of the money that must be transferred from the past days. On the other hand, ACH is a direct transfer method. This means that the money will be directly transferred from account to account, and there is no waiting time. You will be able to use all your funds on the same day.
- Improve cash flow management. As mentioned above, the cash flow of your company can be affected by delayed global payment methods. So, you will find to complicate your cashflow management. The most popular method for that is to use credit lines. But that will only increase the stress that you will have to deal with it. But ACH can make sure that you can avoid all of this. Although the transactions made through this method will not represent the majority, it should be enough for your company to maintain its operations without needing to use additional methods like credit lines.
- Reduce the risks that your company takes. The most popular processing method comes with certain risks for both your clients and your company. So, one of the methods that you can use to reduce these risks is to introduce a new payment processing method like ACH. Because the transfers are made on the spot, you will not need to worry about any fraud attempts made through this method. The risks are small, but you can reduce them even more. So, no reason should stop you from introducing the ACH method.
What Other Global Payment Alternatives and Services That Your Company Will Need from a Processor?
By now, you already know how important it is for your company to introduce more global payment solutions. But what you need to do is to use the services of a reliable processor. Doing that will not only ensure that you can use all the processing methods that your company will need, but you can also make use of extra services that will ensure faster growth for your company. Besides ACH payments, there are 3 other types of services that you need to make sure that a payment processor provides.
- Credit cards remain the mandatory solution. As mentioned at the beginning of the article, credit card processing methods are mandatory. Most people around the world use this method to make payments for their purchases. So, even if this method has some small downsides, but the upsides are overwhelming. So, you need to make sure that the processor provides the best credit card processing alternative for your company.
- RTP is another top payment alternative. Another method that you should introduce with the help of a payment processor is RTP. This method is the most technologically advanced and increases the convenience and fund availability even more compared to any other method. This is still a newer network, but you can prepare for the future where many of the payments made by your clients will be through this method.
- Fraud prevention. The last type of service that is mandatory is fraud protection. A reliable payment processor will provide you all the tools and features that your company will need to deal with any fraud attempt. Without a good defense, your company may become a target. So, you need to avoid that. Luckily you can eliminate almost all the fraud attempts from ever happening again. But only if you make sure that the processor provides everything you need to ac