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What is ACH?
Known as The Automated Clearing House, ACH is a network used for electronically moving money between participating financial institutions. It is the main system used to transfer funds between banks for consumers, businesses, or organizations. ACH payments are often called direct transfers or EFT’s.
ACH Payments deduct funds directly from your customer’s checking or savings account adding value to the customer experience and providing an efficient alternative to traditional credit card or even paper check processing.
While credit cards and payment apps are incredible financial tools, millions of consumers still have a checking account. What does this mean for you? It means Unity FI can provide a simple, safe and speedy way to allow your customers to pay directly through their Bank accounts.
How can ACH & eCheck help your business?
Challenges with Credit/Debit Card Payments
- More expensive to establish, operate and maintain
- Credit/debit cards and PayPal demand higher rates
- Not ideal for recurring or subscription payments
- Limited percentage of the market compared to ACH
Challenges with Traditional Check Payments
- Require time and effort to write and deposit
- Carry risk of lost, stolen, or late checks
- Require postage expenses
- Require administration and operation expenses to process
- Carry risk of check fraud and stop payment charges