You Will Never Believe The Truth Behind ACH Check
Nowadays, digital payment processing services are expanding all over the world. The most used payment method is a debit card and credit cards. But a merchant can utilize an alternative approach to retrieve and transfer payments across customers and businesses without paying that much money in terms of processing charges. ACH check payment processing is one of the best and efficient methods for transferring funds among customers and businesses. It is already showing everlasting increment since the last few years that most of the merchants worldwide are switching to accept ACH check payments. Now you can also take advantage of ACH payment facility with the help of merchant account and payment processing solutions provided by Quadrapay.
How ACH Check Payments Thriving Businesses?
There are a lot of benefits that are associated with ACH check payments. Some are as follows:
- B2B Payment: With the help of ACH check payment facility, a business can have a hassle-free B2B transaction processing experience. Even a report generated by NACHA states that about more than 45 percent of business merchants prefer to transfer funds between businesses through ACH check payments.
- High-Risk Merchant Processing: A high-risk business merchant faces a lot of problems while choosing an adequate payment processing solution. Some might even get a credit card payment processing solution. In those cases, a business owner can take benefits of payment processing by implementing ACH check processing.
- Recurring Billing Or Subscription Payments: This is one of the significant benefits for which a business merchant opts for ACH check payment processing solution. A business merchant can improve the customer-business relationship with the help of recurring billing or subscription payment processing. This also helps your valuable customers to quickly pay for the products and services in a dividend amount payable for a fixed tenure of duration.
- Accepting ACH payments With Virtual Terminal: One of the easiest methods to accept ACH check payments is to use a virtual terminal. In this, the merchant inputs all the payment details and customer’s bank account details into the terminal to set-up the recurring billing service. This ensures that you get your payment on time and your customers can pay for it directly from the bank account.
How To Understand The Status Of Your ACH Transaction Or Payment Status?
A merchant should know the actual meaning of these so that there can now hassle while processing the ACH check payments. Some of the essential keywords that justifies the actual status of a transaction are:
- Originating/Pending: If you get this status, it means that the ACH transaction initialization has started, but it is not processed further.
- Originated: This means that the transaction has initiated from the source.
- Voided: This means that money is not able to settle.
- Declined: This means the transaction is rejected or an error occurred while processing it.
- Settled: This means the transaction is successful and funds are settled in the recipient bank account.
- Chargeback: This means that there, not much adequate funds available in the bank or account is blocked.
If you still have any concerns on ACH check payments, you can connect with us at [email protected].