ACH payments are responsible for $43 trillion and 25 billion electronic financial transactions every year.
Category: Ach Payments
Email Breaches, the Connection to Same-Day ACH and a little “PCI”
Unfortunately, we have more “breaching” to report this week: As Reuters reports, “hundreds of millions of hacked user names and passwords for email accounts…
Plans Move Forward for “Same Day ACH”
You know about ACH — those Automated Clearing House payments that we also offer here at AVPS. Sometimes called “Electronic Check Processing,” it is, as our own website notes, “a form of electronic payment… often confused with a wire transfer because it works in a similar fashion. However, unlike a traditional wire transfer, it can be used to process higher amounts, or for small payments which may settle from 1 to 2 business days.”
Old Hacks, New Payments
It’s a long, fascinating moment of transition in the world of payments — and for payments around the world. That changing landscape includes virtual wallets, growing P2P payments, and ways to make existing platforms more secure — as with the EMV standards coming to American payment cards this fall.
The Benefits of Accepting Checks & Processing Checks Online
While the use of credit cards has exploded over the last years and many people carry plastic, many people still also use checks. If your business does not accept checks, both online and off, you could be losing money to your competitors who do. When shopping online, people will abandon their shopping cart if they reach the checkout and cannot use their preferred payment method. When shopping offline, people expect to be able to write a check so they can use the money in their bank account. If you cannot accommodate them, they may walk away.
Is There a Way Accept Checks Online?
Every business needs to be able to accept checks as a form of payment, even if the business sells products or services partially or wholly online. This is still a very popular payment method and you do not want to lose sales because you can’t accept your customer’s preferred method of payment.
Taking Checks Still a Good Idea & Other Fallout from Recent Breaches
A thoughtful analysis on Pymnts. com talks about some of the unexpected “fallout” from the recent high-profile credit card breaches. One might expect that such an event would accelerate the calls for adapting more secure “EMV” card standards here, or even spark discussions on whether customers should have ever-shifting “account numbers,” etc., as a way of minimizing security risks. And those discussions have happened.
Accept Checks and Credit Cards with a Merchant Account
A merchant account will enable you to accept checks and credit cards, ensuring you have a safe, effective way to process payments. Most businesses know they need to accept credit cards these days but many customers still use checks so it’s still important to be able to accept checks online (as well as offline). Not offering your customer’s preferred payment method could mean a lost sale.
Getting Clear on Automated Clearing House — What ACH Can Do For You
ACH, or “Automated Clearing House,” has been in the financial news of late, particularly in a couple of MarketWatch articles about ongoing changes to the system of payments, particularly in this era of instantaneous digits.