How ACH Works
When a customer uses Bill & Pay to make a payment to your business using ACH, the customer will enter the name on their account, their bank routing number, and the account number. All of this information can be found on a blank check as illustrated in the image below.
At the end of the business day a request for funds is sent to the bank of each of your customers that made a payment to you that day using ACH. Those funds are then received and deposited to your bank account.
Why ACH is Better than a Check
ACH is a better way to receive payment from your customers because:
- You don't have to endorse each payment check.
- You don't have to manually record each payment check. The payment will be automatically recorded for you and properly credited to the invoices the customer wanted to pay.
- You don't have to make a trip to the bank.
- You get paid faster because your customer doesn't have to mail the check to you. This also saves your customers time and money on postage.
ACH Saves You Money Compared to Credit Cards
When you receive a payment through Bill & Pay by ACH you pay a single flat transaction fee and no "discount rate" on the first $5,000.00 of each payment transaction. Credit Cards cost a transaction fee plus a "discount rate" on the entire amount. A discount rate is a percentage you pay to the credit card companies to accept credit cards.
Bill & Pay Also Works with Credit Cards
We realize that the most important thing for your business is to get paid by any method your customer will use to pay you. That is why Bill & Pay also works with all the major credit card brands through many industry standard merchant gateways.
Bill & Pay allows you to accept both ACH and Credit Card payments through a single product. Payments made using ACH will start saving your business money right away. The convenience and time savings Bill & Pay brings your business will save you money on every payment made, even by credit card.
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