Today, the average small business has a number of mobile payment processing options for their consumers. However, not all payment processing options are equal. One of the biggest challenges with mobile payment processing today is the high processing fees that eventually eat up business operating costs. This phenomenon often causes businesses to cease operating because they are unable to sustain themselves and pay for those fees at the same time. Fortunately, there is a solution to that persistent problem. Also known as automated clearing house payment processing, ACH payment processing reduces the need for businesses to maintain high processing fees, instead of allowing small businesses and individuals to bypass these fees entirely. At iWallet, ACH payment processing may be what you need to take control of unnecessary fees and provide customers with a seamless mobile payment processing option.
What is ACH mobile payment processing?
Automated clearing house mobile payment processing eliminates the need to worry about high payment processing fees for both business and customer. This seamless mobile payment processing method operates via an electronic financial transaction network that is able to process large batches of credit and debit transactions across the country. Instead of relying on other payment options like paper checks, customers are debited directly through their bank when using ACH mobile payment processing. Businesses are able to take the payment directly from the bank account of their customers without accumulating excessive fees on their end. As long as you already have the means to take customer payments, implementing iWallet ACH mobile payment processing is relatively simple.
Depending on the type of business you have, our iWallet app handles ACH mobile payment processing in several different ways. Across many types of merchants, several types of mobile payment processing options exist. They consist of check scanning/imaging, virtual terminal payments, and website payments.
Website and mobile-based payments are straightforward. This payment option allows businesses to set up a payment gateway where they can collect customer payment via their website. Similar to other web-based payment options, customers do not have to worry about having their payment information available when making a purchase through your portal. They also do not have to worry about excessive payment processing fees. When some payment processors have fees totaling a few dollars per transaction, ACH mobile payment processing generally costs as little as a few cents per transaction.
The large volume of ACH mobile payment processing batches usually get processed through the existing network up to three times a day. This ensures businesses receive customer payments on a relatively expedited schedule, which affords them the opportunity to process orders as soon as possible.
Why choose ACH mobile payment processing over other options?
Payment processing fees do add up. When these fees add up, today’s small businesses have trouble keeping up with the fees and maintaining their business operations. By using ACH mobile payment processing, small businesses have the opportunity to eliminate those worries with a more efficient way to receive and process customer payments.
ACH mobile payment processing has significant benefits over traditional payment processing methods, such as through paper check or money orders, credit cards, and debit cards.
Paper checks and money orders, for example, take up a lot of unintended resources. They are not optimal for mobile payments, even though they can be scanned by means of an app. ACH mobile payment processing, on the other hand, provides a more secure way for customers to pay. It eliminates the need for a paper trail by creating an electronic record of each transaction instead. Customers are also able to better maintain recurring payments with ACH mobile payment processing, thanks to the presence of an electronic record and low processing fees.
When it comes to credit cards and debit cards, ACH mobile payment processing also provides considerable benefits. ACH mobile payment processing reduces the chances of declined payments, whether a single transaction or a recurring payment. The automated clearing house technology relies on the existing electronic record to help process payments, eliminating the need for customers to worry about expired card information. ACH mobile payment processing also requires customers to pay little fees when compared to credit card and debit card payments. ACH payment processing also provides a way for people who do not use credit or debit cards to pay for online transactions.
ACH mobile payment processing also has a unique advantage over wire transfers. This form of payment processing is much less expensive for businesses to deploy over traditional wire transfers. Small businesses, especially, should consider ACH mobile payment processing if they want a direct payment transfer option without excessive fees.
We keep mentioning low fees for ACH mobile payment processing, and there is a reason for that. Most providers of automatic clearing house payment processing charge low fees as either a percentage or a flat fee. Flat fees generally cost as little as 20 cents to as much as $1.50 per transaction. The typical percentage fee ranges from as little as 0.5 percent to as much as 1.5 percent. Either way, the fees are generally lower than those associated with other mobile and web-based payment options.
Choose ACH mobile payment processing at iWallet
Today, small businesses need ways to reduce costs in areas that matter without compromising the quality and efficiency of their services. High payment processing fees for mobile and web-based transactions do not have to sap resources from your business anymore. At iWallet, we provide a number of solutions for small businesses who desire to provide efficient payment processing without the high costs. ACH mobile payment processing is a hands-free, 1-click way to expedite payments for customers and eliminate high costs for small businesses like yours.
ACH payments are becoming increasingly accepted at a number of merchants across the web. Why not make your small business the next adopter of ACH mobile payment processing? At iWallet, we provide a number of payment processing solutions to help streamline the way your small business when it comes to processing customer payments. Our use of ACH mobile payment processing is one way we are helping bring our customers into the future of mobile payment processing.