Subscription Payment Service For Every Business Needs!
Recurring billing or say Subscription Payment Service is now in the trend of payment processing solutions. In this digital era, if a merchant still relies on traditional cash-based transactions, then it will be very much difficult for them to grow their business. Nowadays, people are more interested in paying using subscription-based payment services because this makes it easier for customers to pay for the products that they are willing to purchase. In order to provide recurring billing, the business merchant needs to have a subscription payment service in order to fulfil those transactions. Quadrapay is one of the reliable and most trusted payment service providers. Now easy to get approved for subscription payment service.
What Is The Procedure To Accept Echeck Payments For Business Website?
The Echecks are an advanced version of paper checks which tends to get settled faster while compared to the traditional paper checks. It also saves a lot of extra funds and time as well because it does not require you to manually fill the details and then posting it the bank for full and final settlement in your business merchant account.
The whole procedure to accept Echeck payments is majorly divided into these four steps as follows:
- Transaction Approval Request: In order to initiate the transaction, a business merchant needs to retrieve approval from the customer regarding the transaction. This can be taken by a written request, phone call conversation or an email as well.
- Initialize The Payment Process: When the customer provides the approval for the transaction, a form needs to be filled by the customer, which will include payment pieces of information.
- Finalize The Transaction: All the information provided by the customer needs to be submitted on the payment portal for forwarding it to the payment processor through the ACH network.
- Completing The Transaction: After submitting all the payment details of the customer to the payment processor, it will be verified with the electronic check processing machine. Upon approval, the funds get debited from the customer’s bank account and get credited into the business merchant account. This process may take expected around three to five working days for the funds to get settled and reflect in the business merchant’s acquiring bank account.
What Are The Major Advantages For A Business To Accept Echecks?
For those businesses that are operating under the high-risk category might need to pay a lot higher charges in terms of processing rates. This is because of the number of risks involved in the transactions, and that makes it difficult for a high-risk business merchant to get a card processing solution. But a business owner can take advantage of Echeck/ACH processing to accept payments online while paying less processing charges compared to high-risk credit card solution.
Some of the benefits of Echeck processing service are as follows:
- Low Processing Rates: There are several types of payment processing solutions available. But the primary factor that affects the sales and profits of a business is the charges that a business merchant needs to pay for processing payment transactions. These charges can affect much higher for a business that is running under the category of high-risk business classification. That is why the business should focus on electronic checks online. Echeck/ACH processing offers an affordable solution while compared to other payment methods like credit cards.
- Subscription Payment Service: The feature that makes Echeck solution so popular is the subscription payment service. This also provides facility for your customers to pay quickly in the form of recurring billing service or subscription payment service. At that time, money gets debited directly from the customer’s provided bank account and gets settled into your business merchant account. Subscription payment service also helps to improve the business merchant and customer relations.
For more information on subscription payment service, you can mail us at [email protected].