What ACH Debit Solutions Save Time and Money?

If you’re in need of an efficient and convenient payment solution, this blog is for YOU! This editorial will help you become familiar with VeriCheck‘s One-Time Payment Form, Recurring Debit, Invoice and Billing tools. Utilizing these tools will help to simplify what can otherwise be a frustrating part of your business operation. Note that these solutions may already be included in your VeriCheck ACH account.

What is ACH?

ACH (Automated Clearing House) is a nationwide, electronic payment delivery system that processes credit and debit transfers for institutions nationwide. ACH Debits are processed by using a customer’s bank account information to deduct funds directly from a checking or savings account to pay for goods or services. It is a popular and efficient alternative to traditional credit card or paper check processing. Using the merchant’s bank account information, funds are deducted directly from a business checking or savings account to pay vendors, peers (B2B), and payroll (direct deposit).

What is an ACH One – Time Payment Form?

A One-Time Payment Form is a tool that collects individual electronic ACH payments. This tool allows you to process payments at the point of sale via fax, email, or even over the phone.  You can also add a One-Time Payment form directly into your own website.

How does it work? – You handle steps 1 and 2, we’ll do the rest…

1. Obtain your customer’s authorization.
2. Complete the required fields in the payment form and submit the ACH transaction.
3. The customer’s bank and the ACH processor (VeriCheck) communicate to verify the transaction.
4. The funds are deposited into your account (standard funding time varies from 3-5 days, with expedited funding also available to qualifying businesses).

Website ACH One-Time Payment Form

1. Your customer visits your website and clicks the payment form link.
2. The customer completes the payment form and submits the ACH transaction.
3. The customer’s bank and the ACH processor (VeriCheck) communicate to verify the transaction.
4. The funds are deposited into your account (standard funding time varies from 3-5 days, with expedited funding also available to qualifying businesses).

It’s that easy! Using this tool will help eliminate the need to go to the bank and deposit checks. Your customers will also have a convenient payment option that eliminates their need to come to your location or mail a check in order to make a payment. Offering this payment option is a great way to save both you and your customers time and money.

What Are Recurring Debits?

Recurring Debits is an automated payment tool that automatically deducts payments on a periodic basis (i.e. weekly, bi-weekly, monthly, etc.). This tool is great for fitness centers, spas and other businesses that collect monthly membership fees. It is also extremely helpful when collecting on payment plans or other instances in which the customer is expected to pay the same amount periodically.

How does it work? – Tell us when and we’ll make it happen…

1. Obtain your customer’s authorization.
2. Complete the required fields in the payment form (remember to set the payment frequency and number of occurrences) and submit the ACH transaction.
3. On the designated date, the ACH transaction will be automatically submitted.
4. The customer’s bank and the ACH processor (VeriCheck) communicate to verify the transaction.
5. The funds are deposited into your account (standard funding time varies from 3-5 days, with expedited funding also available to qualifying businesses).

It’s that easy! Using this tool will help eliminate the need to make cumbersome collection calls. Your customers will also have increased confidence because they know their payment will be received on time, every time! Offering this payment option is a great way to help streamline accounts receivables and increase customer confidence, resulting in improved funds availability.

What is the VeriCheck Invoice and Billing tool?

Our Invoice and Billing tool allows you to create a detailed invoice, including a list of items, item descriptions, notes, quantity, unit price, additional fees, discount amount, tax, shipping and handling fees, automated totals and due dates. This tool is useful for any business that would like to issue a comprehensive billing statement.

How does it work? – If you send it, payments will come…

1. Complete the required fields in the invoice form (remember to enter a valid customer email address) and send the invoice.
2. The customer will receive an email with the invoice and a link to the payment form. The customer completes the payment form and submits the ACH transaction.
3. The customer’s bank and the ACH processor (VeriCheck) communicate to verify the transaction.
4. The funds are deposited into your account (standard funding time varies from 3-5 days, with expedited funding also available to qualifying businesses).

It’s that easy! Using this tool will help reduce billing cost by eliminating the need to buy the paper, envelops and stamps needed for traditional paper invoices. Your customers will have the added convenience of receiving the details of their purchase and the link to the payment form in the same email. Offering this payment tool is a great way to organize your records, reduce billing errors and save money.

Note: This blog focused on the benefits of ACH debits, but don’t worry, we’ll be sending you an overview on the benefits of ACH credits shortly. In the meantime, check out “5 Ways to Simplify Payroll with ACH”

To learn more about VeriChecks Payment Solutions, visit our site https://www.vericheck.com or give us a call (404) 872 – 4585.