The modern ACH (automated clearing house) Network has witnessed a 7.7% rise in the payment volume during Q3 of 2021, which made up 7.3 billion payments. The value of those payments accounted for $18.1 trillion. To learn more about the growth, know how you can set up ACH payments, and find a reputable recurring payments service, read below.
Think of ACH payments as an electronic payment form. They’re touchless and don’t require any physical credit card, check, or another payment device. When processing this payments type, you can take a certain amount of money right from your customer’s bank account after getting his/her permit. This way, customers pay for purchased goods or services.
In 2020, the ACH Network processed 26.8 billion payments, which was an 8.2% rise over 2019. The value of those payments made up $61.9 trillion, which was a 10.8% increase. The value of Same Day ACH payments grew by 39% in 2020, thus reaching $347 million.
Here’s how ACH payments are processed:
- Customers authorize the transactions
- You initiate those transactions
- The ACH provider requests a payment
- The payment gets processed.
How to Set Up ACH Payments
Let’s see what steps you should take for setting up ACH payments:
- Make sure to know what fees you’re going to pay to the provider.
- Avoid long-term contracts that you can’t cancel easily.
- Avoid unfavorable or vague terms.
- Look for an easy setup on your end and straightforward for your customers.
- Ensure you won’t pay an extra amount to the ACH provider for recurring purchases. By the way, if you’re interested in a reliable recurring payments service, turn to an expert in payments that can help you get what you need. Thanks to an innovator in payments that services a wide variety of merchants, you can enjoy exemplary services and custom-built technologies for increased reliability and security.
- Pay attention to online reviews about the provider.
How You Can Set Up ACH Payments
ACH payment processing is gaining more traction. If you’re interested in ACH payments, follow the steps above to know how you can set them up. Apply to a reputable payments specialist to get quick access to the merchant services you need.
Author Bio:- Content crafter Alex Wilmont has been active in the payments industry for over 15 years. He lives simply, gives generously and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.