Risky Businesses and Payment Processing

In certain industries it can be surprisingly difficult to process payments. This is not necessarily due to your business or due to your customers but your business type. Certain industries by their very nature are labeled high risk. A high-risk business can be considered that based upon the goods it sells. Examples of ‘risky’ businesses include electronic cigarettes, medicine, adult services, calling cards, and collection businesses.

Because of this it can be difficult to open an account to allow you to process payments for your business. The standard processing services will view you business as being a risk for feud, questionable customers, or in some cases will not open an account if a business sees a lot of returns. An ACH processing company online however, not only offers you a way to accept payments but several other advantages as well. A general overview is listed bellow.

ACH Processing Company Online: What It Does

An ACH processing company online allows for instant electronic payments. The ACH is a network for funds transferring that is regulated by the federal government and allows the electronic transfer of funds between businesses. A key feature of an ACH processing company online is it allows you to move money to and from bank accounts electronically. This offers advantages over paper checks, which can often bounce, or taking payments by credit card, which the customer may not have.

ACH Processing Company Online: The Advantages

When using an ACH service you’ll find it is not unlike using a check. When accepting a payment the customer provides their bank account information (routing and account number) and the payment is transferred via the ACH service for deposit in your business’s bank account. Most ACH services pay out very quickly as well many making a deposit on your end within twenty-four hours. This quick turn around time allows you to move goods and payment in and out of your store very quickly. For those operating on thin profit margins this can be very advantageous.

You also don’t have to worry about fees associated with processing old-fashioned paper checks. One last advantage is in repeat customers. With an ACH processing company online you can set up monthly payments for customers that either owe for monthly services or buy goods on a set schedule. You can also print out invoices as well which further helps in keeping your business organized and running smoothly.

Another key area aside of ease of payment processing is it helps cut down on fraud and payment sources. When an ACH processing company online processes a payment it first verifies an account to make sure it has the proper funds. By doing this you avoid insufficient funds or finding out a check was bad long after the purchase date. Bad checks are something you can’t afford this means you have to take time out of your busy schedule to collect money you are owed and you may not even be successful in that endeavor.