One of the providers you mentioned charges 75 bps for an ACH payment... IMHO that's not competitive, especially if you are processing high $$ payments. For businesses, bank relationships should be the first stop for these services. Chances are you'll get better pricing.
I am so sad... everyone makes videos about how to collect money using ACH. What about businesses that want to PAY people using ACH? For example employees, contractors or other business expenses. Would love to know how to set that up
For employees, set up payroll with your bank. Have the employees submit the checking info to the bank account they want to receive their money. In terms of everyone else. Ask them if they offer ACH as a form of payment. I would think they would have to do some setup on their end.
Can you answer why we're constantly hearing rumors and claims that "same day ACH is here" or "on the way" but we never see that happen. I've found 8-10 year old videos on RU-vid saying this is coming. Is same day ACH just for the big companies only (business to business)? Will same day ACH be available for plain personal online savings accounts?
Hi there! We apologize for the delayed response. To answer your question, yes, ACH is available for personal accounts! Same-Day ACH is a relatively new type of ACH payment that was introduced in 2016. They're expedited ACH payments that are settled on the same day they are sent. To be eligible for Same-Day ACH, files must be submitted to the ACH operator by 4:45 p.m. ET. Same-Day ACH transactions are capped at $1 million! Keep in mind that ACH processing fees for same-day ACH transfers are much higher than traditional ACH payments. We hope this helps answer your question. Thanks for stopping by! 😊
One of the biggest benefits of ACH payments is cost. ACH fees vary, but they are consistently cheaper than credit or debit card payments, making them a more cost-effective way to go cashless. They can add convenience for your customers while also reducing your costs.
