As a small business owner, it can be overwhelming to understand all of the things that you need to know about financial transactions. It is important to have a merchant account and a company who can make sure that you are receiving the electronic payments when your customers make a purchase. But, how do you know which company you should trust with this sensitive information?
What is ACH?
ACH stands for “Automated Clearing House,” which is a network that is used to process transactions, such as debit and credit card transactions, as well as vendor payments and direct deposits. This facility is designed to clear and settle electronic transactions that occur between different banks.
There are specific rules and regulations which protect ACH payments, and it is overseen by the Federal Reserve. These rules help to ensure the safety of each digital transaction.
Why You Need to Allow Multiple Payment Forms
It is important to understand that your customers have different preferences when it comes time to make their purchase. Just because one person prefers one method of payment, doesn’t necessarily mean that everyone will want to pay that way.
As a business owner, you want to make it simple to help your customers buy something when they want to make a purchase. Part of this process is the acceptance of different payment forms, so that your customers can choose how they would like to make the purchase.
One of the advantages of ACH is the fact that it allows you to accept checks online. Even though many customers prefer to use a credit or debit card for their online purchases, there are some instances where it can be very beneficial if a company can process checks online.
If you want to learn more about the payment processing options that are available, then contact us at AVPS, LLC. We are always available answer any questions that you may have.