ACH Payment Processing and Electronic Payments
ACH payments, also known as online checks, is a type of electronic transaction that enables you, the merchant, to receive electronic payments via a web interface or the MobiusPay Gateway and a personal computer. Online checks and electronic payments can be conducted as a single, one-time transaction or as a recurring transaction defined by a preset schedule such as weekly, monthly, quarterly, etc. Accepting online checks as a type of payment broadens your ability to cater to your customers’ needs by offering a variety of payment options as well as strengthens your bottom line. Additionally, some customers prefer the convenience of an electronic draft from their checking account rather than using a credit card.
Typically, there are two types of online check transactions that will be of interest to you. The first is a single ACH transaction, which is a one-time transaction for the sales of goods or services. The second is a recurring ACH transaction, which is completed automatically on a pre-defined timeframe, most commonly being monthly, such as a subscription for goods, services, or any type of membership.
Rest assured knowing that your online check transaction can be safeguarded with Check Guarantee and Check 21 services - your online check transactions are safer than ever before. Check Guarantee offers the protection of covering the amount of the transaction, should the checking account upon which the transaction is drafted should be found to have non-sufficient funds, is closed, or any other situation that would otherwise prevent you from successfully completing the transaction. Check Guarantee guarantees the amount of the transaction will be deposited into your bank account regardless of any situation that may impede the flow of the transaction. Additionally, with Check 21 services, you’re able to check the availability of the funds in real-time to ensure Check Guarantee services will not be required. With each of these features, an extra layer of security is applied to your transactions so you can be assured of the availability of these funds and know that your revenue stream will continue uninterrupted.
Due to federal regulations and operating rules set forth by the National Automated Clearing House Association (NACHA) the availability of the funds is approximately 2-3 days from the date of the settlement.
Offering online checks as a form of payment is not limited to electronic commerce transactions and is also applicable in a retail environment. With your MobiusPay merchant account, utilizing a check reader attached to a personal computer, including a POS terminal, or credit card terminal in a retail environment, the merchant has the option to scan the check for Check 21 and Check Guarantee services. By doing this, the merchant turns the paper check into an electronic instrument of negotiation for the transfer of funds from the customer to the merchant. Doing this not only saves time, but it also saves money; fewer trips to the bank and checking the availability of funds in real-time are both invaluable features beneficial to a business owner of any size.
Contact MobiusPay today to learn more about how our ACH solutions can be beneficial to your business model; both easy and affordable, there’s no reason not to offer this service to your customers.
Leverage alternative payment methods to target global economies in niche markets. Digital Currencies and E-Wallet solutions are some of the alternative payment methods provided by MobiusPay. Contact your sales rep today to learn more about solutions that could work for you.