Transferring payment are just being easy and simple with ACH payment in today's new business world. Yes, I am talking about ACH Transfer the electronic payment solutions allow people to directly with their bank account. Remember it for banks based in United States UK is also equivalent for ACH Payment transfer. Besides it being the most cost-effective means of receiving and transferring payment from one bank to another.
Transferring payment Via ACH help can help to expand the customer engagement for your business, all those customers who don't have credit card access to your product and services can go for ACH Payment transfer.
ACH gives the most advance features and cost-effective method to settle payments. Funds are transferred between two accounts electronically involving zero paper work.
In short ACH Payment transfer is safe and secure and it became more popular with aut6omated online payments and recurring bills. In fact, in 2011 the ACH Network processed over 20 billion transactions totaling a value of $34 trillion!
Direct deposit of payrolls, social security and other government benefits also consumer's bills like utility bills and insurance premium are some common used of ACH Payments.
Accepting ACH Payments is the most cost-effective way to receive payment, it cost lowest of all electronic payment. In most cases the entire cost is a flat fee ranging from 25 – 75 cents per transaction.
The type of business will decide that you need electronic payment processor or not. For instant if you're having general store brick and mortar business that goes with mostly cash payment and ACH may not be helpful for this type of business. If your business heavily relies on accepting online payments than ACH is the best solutions that can gain benefits and giving wide customer satisfaction.
How ACH Payment Processing Works When a customer starts purchasing item from your website using an electronic check, all behind the scene process starts. Before checking all you need is customer authorization by agree them to read and understand the statement. Convert all your electronic check into ACH Transactions. Submit your ACH transactions in a batch to your Originating Depository Financial Institution (ODFI)–a financial institution that supports ACH payments.
Then an ACH Operator will transfer the transaction to customer financial institution where your customer is holding checking account. The amount is deducted from customer's bank account. Further the payment will get transfer to your acquiring bank and go into your merchant account. Until your receive your charge.
ACH Transaction is simple and secure it simple debits the money from customer bank account and settle it in your merchant account. Radiantpay offer best credit card processing and high-risk account for all types of business industry with integration of payment gateway services also offer payment services for those merchants who are interested in ACH Processing.
Author Bio - Pratik D Writer of this article co-associated with Radiantpay and Business Development, Passionate writer on various payment processing services.