Ach Payment Processing - Making It Happen Electronically
ACH payment processing provides a means for the electronic execution of a transaction.Businesses
who are equipped to accept funds electronically are well positioned in today's competitive markets.It is a highly desirable service for customers. It is also an effective way to lower the cost of doing business. Less time spent on collecting payments means more time can be spent on other tasks.Several operations can be performed using this system.
Electronic checks and check verification are ways to use ACH payment processing.The system provides the capability to debit and even credit checking and savings accounts electronically.This can be done for single payments as well as for those that recur.The system can be used for companies of any size, whether you handle 15 transactions in a month or 15,000.Check verification is another vital service.Accepting checks in any form whether hard copy or electronic can involve some level of risk.The ability to certify that a customer has the funds to cover the amount of the check can help avoid a future problem.Loss fees and other fees can be avoided through this immediate risk assessment tool.
ACH payment processing also allows for website payments and collection of checks that have been returned due to in sufficient funds.Making payments via the web is becoming industry standard for almost every retail and service oriented business. Customers expect to be able to pay fees in this way.It is no longer a luxury but a necessity for companies to offer this service.This system also allows companies to deal with the ever present problem of returned checks.It is an almost unavoidable fact of life that some percentage of checks written will be returned.Programs provide a way to electronically seek recovery. The electronic nature of the process makes it much more efficient for the company and much less embarrassing for the customer. If that does not work, the attorney assist feature is put into action.
Another important feature of ACH payment processing is the ability to verify identity.This is a modern feature for a modern problem.This feature is one that helps to protect against fraud.It involves automated interactive question asking that certifies the individual initiating the transaction is who they claim to be. The system matches names to social security numbers, checks lists of deceased individuals, checks for high risk addresses and other checks to complete the verification. The whole process takes place quickly but is reliable.