ACH and ECHECK PAYMENTS
Provide the options your customers are looking for
Offering an alternate to credit card payments enables you to increase your customer base, which translates to online revenue growth.
In 2008, US citizens made over 2.1 billion online ACH payments, accounting for an online payment industry worth almost US$1 trillion each year. For customers, ACH and eCheck payments are easy to make, secure and provide a trusted alternative to credit card payments. MSPay provides three to ten day settlement and full transaction tracking. Diversify your payments with ACH and expand your online market.
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Benefits of Accepting ACH Payments
- Diversify payment options to attract more customers
- Offer payment alternatives to customers without credit cards
- Reduce risks associated with physical checks
- Protect your credit rating
- Reduce check-payment acceptance times
- ACH processing reporting to identify payment errors sooner
How do ACH payments work?
- The customer makes a request to send money to a merchant, and asks for authorization
- The merchant authorizes the request, and provides written, digital or verbal authorization of the payment (including ‘terms and conditions’ for the customer to accept)
- The customer lodges their payment via the ACH (Automated Clearing House) network, which sends the money to the RDFI (Receiving Depository Financial Institution) for processing
- The merchant receives their funds and sends goods/service to the customer