Modern banking institutions have found ways to solve nearly every problem when it comes to getting money where it needs to go. Transferring funds and sending money for payments should be as quick and safe as it is easy. This is especially important for business such as a retail store that handles a high volume of transactions. The benefits of working with a processor with direct ACH connect are numerous, so it’s hard to cover every detail.
Transaction fees may seem insignificant, but they can add up over time. If a business owner is paying per transaction they could end up paying considerably more if they experience an increase in sales. ACH transaction fees are much lower than traditional fees. Linking directly to a bank account also helps avoid credit card and checking fees.
Faster processing is very important when it comes to major purchases. Customers that just spend a considerable amount of money on a product are going to want their product delivered right away. Business owners making a major transaction are going to want to be able to track their finances easily. Having to wait until a transaction fully processes can throw everything off balance and frustrate everyone involved.
Recurring billing is incredibly convenient for business owners that just want to set it and forget it. Automated drafting and transaction authorization makes it incredibly easy to take care of monthly expenses. Services such as inventory delivery can be taken care of without a second thought.
Dispute resolution is much more straightforward with ACH. Unlike some other transactions, there are only three reasons to dispute a transaction. If the issue doesn’t fall into one of these categories the business owner won’t have to worry about charge backs or cancellations. Not only is ACH faster, it’s also a much more reliable way for business owners to get paid for the services and products they offer.
Security has been a major concern for anyone making transactions online or using anything but cash. One of the best benefits of working with a processor with direct ACH connect is that a direct link between two or more bank accounts is much more secure that credit cards of even checks. Security is everything when it comes to financial information regarding businesses or their customers.
Reduce paper costs by eliminating paper from these transactions. There are some documents that still need to be printed to meet compliance standards. Having hard copies of certain paperwork around is a given, but quite a bit of paperwork can be completely eliminated. Some companies can even use their new green office standards for a tax write-off. Details about tax incentives should be discussed with an accountant or tax expert. Not only will the company save money on office supplies, they can help reduce their impact on the earth, and write-off a considerable sum at the end of the year.
Using the right methods of making transactions can make or break a business. It’s no use trying to stick with an older method that costs too much. There are numerous advantages ACH transactions offer that more traditional methods don’t. Business owners can talk to their finance expert about switching today.