You may not be familiar with the term, but you’ve probably been using ACH for some time. If you pay your bills online, pay your employees through direct deposit, or if you’ve ever moved funds between banks, you’re making these transactions through the Automated Clearing House (ACH) Network.
How it Works: Paladin securely stores the customer’s account and routing number printed on the bottom of a standard paper check. Each time that customer makes a purchase, Paladin uses that information to deduct funds directly from the customer’s checking account. To the customer, it’s like having a charge account, but with fewer hassles.
Customers Love ACH: ACH is convenient for customers. There’s no need to write checks and no monthly bills to pay. Checkout is fast and painless. Unlike paying with a paper check, the customer bank statements show the amount, and the payee’s name when ACH is used. No research required to find out where the money was spent.
Businesses Love ACH, too: Fewer paper checks mean fewer lost payments, less record keeping, and fewer pieces of paper to keep track of. Payment is received quickly and reliably, often by the following business day. As an added bonus, fees for accepting ACH payments are lower than those charged for accepting credit cards.
A Hidden Benefit: ACH payments are stored in point of sale and processed at the end of the business day instead of in real time like a credit or debit card. If your internet connection were to quit during the day, you could still take cash and ACH payments.
New Options: ACH will soon be available to many Paladin users. In addition to Wells Fargo customers, Vantiv will be offering ACH to its payment processing customers. If you’re not a Vantiv or Wells Fargo customer, our support team can help set up ACH with your local bank.
To take advantage of lower costs and faster transactions associated with ACH payments, call our Technical Support Team to discuss your options at 1-800-725-2346 (option 2).