Nowadays, it is very difficult for a business to survive and gain profits just by relying on a single payment method. A customer may prefer to pay by another payment method which he might feel comfortable with. That’s why a business merchant should adopt a diversified payment processing solution. In fact, not just sticking to debit cards or credit card processing may be profitable for you. Others like echeck ACH payment can provide you with several benefits. TheEcheck is one of the most reliable merchant account and payment processing solution providers. Contact us now at +1-855-403-3855.
How A Merchant Will Get Benefit With Echeck ACH Payment?
A business merchant will get several benefits if they start accepting echeck ACH payment. The full form of echecks is Electronic Check that is based on electronic funds transfer features. It’s just like a regular paper check, and the difference is that it is in a digital way. The echeck funds get transferred over the ACH (Automated Clearing House) network. This makes it easier to transfer funds among other checking bank accounts. The best feature of echeck ACH payment is that it is cost-effective as it offers low processing charges for the transaction. It means you can save a lot in terms of overall processing costs compared to that you pay for debit cards or credit cards per transaction processings.
Some of the significant benefits are as follows:
- Convenient Payment Method For Business Merchants/Payee: As the echeck ACH payment is in digital form. There is no need for physical paper involved and such need to submit it to the bank manually. Businesses can easily retrieve payments over the email or telephone and get it settled quickly. All this at a very affordable processing transaction fee.
- No Expiration: There is no problem of payments and reissue of services as was in the case of credit cards.
- Convenient For Payer/ Customers: Echeck ACH payment allows a customer to pay quickly at their convenience. They also get an option to pay with the help of recurring payments methods. This helps the customers to pay in multiple transactions for a fixed tenure of time, in respect of not paying a lump-sum of money at a single time.
- Safe And Secure: The echeck payment services offer one of the most reliable and secure payment processing services. There is no need to take a credit card or bank account details every time. Thus there are fewer chances of any phishing or fraudulent transaction.
What Is The Procedure To Accept Echeck ACH Payment?
To start to accept ACH payments, first, you need to have an echeck merchant account for your business. This merchant account is accessible to retrieve if you apply from a reliable payment processor like TheEcheck. You need to fill the merchant account application form with all the necessary details. After this, you need to submit some documents for the verification purpose. This may include:
- A government-approved identity like a driving license
- Bank account records up to the last six months
- Processing records up to the previous six months
- A Void Check
- Taxpayer Identification Number (tin) or Social Security Number(SSN)
- Your merchant account may become ready to process payments within 48 hours after submitting the form along with all the necessary documents.
If you still have any concern, you can write to us at firstname.lastname@example.org.