How to Accept Personal ACH Payments
The Automated Clearing House Network or ACH is a nationwide network electronic funds transfer system. This network provides the interbank clearing of electronic personal and business payments such as direct deposits, business-to-business payments and e-commerce payments for participants. Collecting personal payments through the use of ACH may be the most efficient, economical and reliable method to accept a personal ACH payments for any business. Offering personal ACH payments on any business website checkout page is a quick way to get more sales.
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Instructions
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Locate an ACH processing company on the Web. A good place to start is the Electronic Payments Association (NACHA) website. Compare fees among each processing company and choose the lowest. Fees are often broken down to $150 for setup costs, $20 for the monthly fee and up to 3 percent for the transaction fee. Some processing companies charge a flat 2.9 percent per transaction.
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Apply online with the processing company you have chosen. Complete the application by providing your name, business and other contact details. You will also be required to give a description about your company and the purposes for using ACH.
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Provide bank account documentation, references and an estimate of how many ACH transactions you intend on processing in the course of a day or week.
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Design a Web page on your business website to enable customers to utilize ACH payments. Ask your process company if it provides a template page which can be customized to accommodate your customers. Otherwise, you may have to ask your Web designer to implement a secured Web page by utilizing SSL certificates from companies like Verisign. These online security-protection services provide your customers with confidence to complete their transactions; they enable the strongest SSL encryption available to the most site visitors.
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