Businesses looking to expand their payment receipt options to include virtual
payments will need to understand ACH processing. ACH processing drives all non-card
electronic payments over the phone or online.
What is ACH?
ACH stands for automated clearinghouse. It is the mechanism that transfers
payments electronically from consumer to merchant in exchange for goods sold
or services rendered. Any payment processing system that allows electronic payments
works through an automated clearinghouse, most likely one of the Federal Reserve
Banks.
Sage
Payment Solutions has convenient and secure products that enable your business
to handle ACH processing. Sage
Virtual Check provides safe transfer of funds from the consumers checking
account to your Sage
merchant account. This feature is available for both
Internet merchants
and MO/TO merchants. Virtual Check is less expensive than credit card processing
and is ideal for membership businesses that use a recurring payment system.
Sage
Collect Direct simplifies processing for payments by paper check and, in
some cases, credit cards. Merchants no longer need an external lockbox system for
collected check
payments. With Collect Direct, merchants get a distributed lockbox system, for
any number of collection sites, which delivers:
Faster check deposits and funds availability
Increased control of funds
NSF notification within 48 hours
Improved cash flow
Easy to use recurring billing
Reduced labor costs associated with check pick up and handling
Increased collection security and reduced risk of non-payment
