Best ACH Processing Companies: What Your Business Should Look For
The ACH Processing [Automated Clearing House] Network allows for electronic debiting [and crediting] of checking and savings accounts. ACH Integration The network currently operates in the US and Puerto Rico.
An ACH Virtual Terminal that lets you schedule recurring ACH payments as well as one-time payments via phone
An easy to implement secure ACH Website Payment Collection page. Customize logo, colors etc and collect desired customer payment data
Automated email receipts that can be customized for each customer as well as providing the ability to promote new products/services
Automated NSF handling for rejected ACH transactions. You can resubmit non-sufficient funds transactions automatically with varying rule set eg Retry debit first Friday am after reject
An ACH Integration API that makes automated payment collection and reconciliation
Great customer support. The best ACH companies know that payment collection is vitally important to businesses. When your money is one the line you expect prompt, professional support
Reasonable fees. You shouldn’t pay more than 50 cents per transaction and no percents unless high risk business
Secure data handling and ACH tokenization for recurring payments
The best ACH processors and ACH processing companies are always looking to make product improvements. ACH IVR Payments Account verification is one. You can now ascertain if the check writer has a valid account with money in it before you take payment.
What is an ACH Transfer API, anyway? Quite simply, it’s an ACH API that provides the ability for a software application to integrate ACH processing capabilities for the purpose of providing the application to originate, manage and report on the transfer of funds between bank accounts.
ACH Credits, which allow an originating organization the ability to send funds to an individual or another organization. Examples would be direct deposit payroll or vendor payments.
ACH Debits, which allow an originating organization the ability to obtain funds from someone or another organization who has authorized the originator to do so.
If your organization needs an ACH transfer API, chances are pretty good that the software application that you would be integrating to either has substantial existing volume or it’s an application that other organizations use or will use that require the ability to transfer funds, whether they be debits or credits, for the using base.We are also read for Top 4 Fastest Growing Jobs In The Field Of GIS
Now, let’s get to some of the potential requirements that might be needed from the ACH API provider. Not all ACH transfer API’s are the same. Moreover, not all providers have the same business model. Here’s a few things to ponder:
What are your organization’s specific requirements? We at Agile Payments have been providing ACH integrationservices for more than 18 years. We run across new requirements all the time. The very best thing you can do is start early in talking to potential providers and provide them with a transaction flow document and a list of requirements. Discussions will help everyone involved in gaining a clear picture og everything that might be required.
How are the transactions priced? Are there volume discounts? Can my organization provide a fair market price while still being able to obtain a revenue share? All good questions that you need to discuss with potential ACH transfer API providers. How transactions are priced is related to a flat fee or percentage of the dollar amount of the transaction. Flat fee is just that – a flat per transaction fee for any dollar amount of a given transaction. A percentage fee structure is to price the transaction processing on a percentage of the dollar amount of a given transaction. Providing a fair market price to your application users for ACH processing is a matter of volume. That you likely have or you wouldn’t have read this far. The simple fact is, there’s a cost to marketing and sales, and if you have the ability to be granted a partnership agreement, then your application and your organization become a sales agent for the ACH transfer API provider. So, yes – a fair and marketable price is more than possible. In fact, with any substantial volume, it’s better than doable.
Revenue share provided by the API partner: If the integrating organization’s application is to be used by other organizations and there is a decent outlook for a substantial volume of number of transactions, then the integrating organization might be owed a revenue share by way of a partnership agreement. The integrating organization should discuss what the requirements might be for a partnership agreement that would provide them revenues on a recurring basis.