Creating payment experiences that combine innovation, reduced friction, and cost savings is at the core of what we do. With access to over 20 banks, you can count on our solution to deliver true impact to your revenue management. Get started with us today to see our platform in action, or reach out to our team to learn more.
More Payment Options and No Hidden Fees
You’ll be limited by volume for the first 90 days, and then you could get more if you keep your chargebacks low (less than 3%, typically). Keep in mind that high-risk businesses tend to pay more in fees. There are several ways to lower your business’s payment processing costs. However, there are many options, so you’ll need to take time to determine which solution would best suit your business’s budget and current state. If you’re being paid by a company as ACH transfer a vendor through a platform such as Gusto or Bill.com, it might cost you nothing to accept an ACH payment. Companies typically pay a subscription fee to use their payment processor, which covers ACH transaction fees.
Checkout Links: Accept Payments…Fast
- Zoho Billing’s seamless ACH integration lets you accept recurring payments directly from your customers’ bank accounts.
- With ACH payment processing, you reduce the number of processing fees you pay compared to credit cards and collecting and depositing paper checks.
- Businesses may also process bank payments with Wave for a 1% fee for each transaction or a minimum $1 fee, whichever is greater.
- Check out Clover for simple, easy-to-use small business point of sale solutions.
- ACH payments are electronic transfers from one bank account to another, almost exclusively within the U.S.
- ACH requires no specialized equipment, just a processing platform.
- For instance, with a basic account, you can now get simple employee management, inventory management, and reporting, set up a website and accept payment online, and more.
And with consumer trends skewing toward digital payments, you can’t go wrong with ACH payments. Almost all US banks and credit unions are members of Nacha, the governing body of the Automated Clearing House (ACH) network, and can accept ACH payments. While it’s rare for banks outside the US to accept ACH payments, many other countries have their own automated payment networks, and Nacha coordinates with many of those. If you have a marketing team, ask for help crafting a letter to “sell” customers on the idea of shifting to ACH payments. Don’t shy away from explaining how ACH transactions benefit your business, why ACH is your preferred payment method, and normal balance how your customers can benefit from ACH, too. To ensure your customers are aware of this payment option, you may need to highlight ACH payment details on your online store’s checkout page or the invoices you send out via mail or email.
Priced right for small businesses
Let our teams analyze your transactions to help you identify and implement the most cost-effective solutions for your business. However, there are several legalities involved in the practice of both surcharging and charging convenience fees. Square is one of our favorites because it offers a sweet spot of low processing fees, virtually no merchant account fees, and many freebies that seem to grow yearly. For instance, with a basic account, you can now get simple employee management, inventory management, and reporting, set up a website and accept payment online, and more. A free merchant account allows you to process credit card payments without a monthly fee. Some payment services, including Zelle, offer instant bank-to-bank transfers via ACH (and other networks) without additional fees.
- Square’s feature list is massive, and most of these features, including ACH, are available without a monthly fee.
- Businesses that pay lots of vendors often have a payment system set up to facilitate ACH payments, so all you have to do is give them your bank information.
- CSG Forte makes it possible to accept ACH payments instantly with our platform Dex.
- Let our teams analyze your transactions to help you identify and implement the most cost-effective solutions for your business.
- When a consumer sends a payment your way, you can expect to see it in your account shortly after—no trips to the bank required.
- These benefits may not make accepting ACH the right electronic payment solution for every business.
- Stax provides an especially favorable rate for businesses that do a lot of online sales.
Also, just like credit card companies have governing bodies (the card brands EMV and the PCI DSS), banks have the National Automated Clearing House Association (NACHA). It creates the rules for direct deposits and payments via ACH processing. ACH payments are becoming more popular—in 2020, the ACH network moved $61.9 trillion and in 2021, Nacha reports it saw almost $73 trillion https://www.bookstime.com/bookkeeping-services/carlsbad through the system. There are no long-term contract requirements, so you can bow out if Helcim’s rates are too high.
Recurring ACH Payments
If you do most of your business in person, you might see less uptake for ACH payments since many customers don’t have their banking details on hand as readily as cash or cards. To make an ACH payment online, log into your ACH provider, select the vendor you want to pay, and input the payment amount you want to send. The simplicity and flexibility of ACH payments can help increase business sales and grow your customer base. ACH is the most cost-effective alternative to checks and credit cards.
Similarly, Stripe charges 2.9% plus 30 cents for online credit card payments, but 0.8% for ACH payments, with a maximum ACH per-transaction charge of $5. ACH debit transactions, which a customer would use to pay a business, must be processed either on the same day or on the next business day. ACH credits, such as direct deposits, can be processed on the same day or up to two business days later. Our FreshBooks Select Plan could be the solution for you, saving you time and money. Get preferred credit and debit card rates, a dedicated number for exclusive Select support, customized training for you and your team, and more.
Can individuals send ACH payments?
Send secure ACH payments with no fee, no information sharing, and no account needed for recipients. With Seamless Chex, your customers can pay online or over the phone – no hassle, no wasted time, and no more waiting for checks to arrive in the mail. While others charge extra for quick transactions, we believe you shouldn’t pay more for speed. ACH is one of the most preferred modes of payment by business as it does not involve pesky payment reminders. ACH will automatically collect payments on your behalf, at a fraction of the cost of other methods. We will reach out to you in as little as an hour to get the ACH merchant account integrated directly on your site.