How ACH Payments Are Revolutionizing How Businesses Are Making Payments
A new method to make payments has been sweeping the commercial landscape in recent years as more and more businesses choose to change their payment processes. This new method is known as ACH payments – ACH stands for Automated Clearing House – an electronic payment network that completely eliminates the need for paper checkbooks and overpriced credit and debit card transactions. As time has progressed, physical checks have become more and more time-consuming and irrelevant in the fast and efficient face of the commercial industry. They tend to be unreliable, less secure, and no longer have the priority that ACH payments have. Wire transfers, whilst not succumbing to the time or security risks of paper checks, still have worryingly large transaction processing fees that make it very difficult for an active business to afford without losing out on a lot.
But what is ACH payment, how is it different from the traditional methods, and why should businesses start adopting it as the newest method? ACH, as said before, is a network that automatically handles transactions and payments through what’s commonly called eChecks. Using an electronic payment network means that all of the transactions can be handled without having to go through any human interaction, or having to go through the post. ACH is also much cheaper than other transaction methods. This article will take an in-depth look at the ACH payment system and how it is impacting the commercial landscape.