What is ACH Payment?
The ACH (Automated Clearing House) Network is everyone’s favorite payment processor they’ve never heard of. More than 5.7 billion ACH debit and credit transactions were completed in the second quarter of 2018 alone, and the vast majority of employees receive their paychecks via ACH direct deposit.
This technology is being used to move money and make payments all around us, but what is it? And, how can you harness its power and convenience to maximize the efficiency of your accounting firm’s accounts receivable?
ACH payments are quick, secure and economical. And, offering ACH as a payment method for clients is a great way to provide an additional convenience both for them and for your accounting firm.
The ACH Network
The ACH Network is a payment processing system that allows financial institutions to electronically transmit transactions, rather than processing paper checks or documentation.
When you make an ACH transfer, you provide your bank information (account and routing numbers, the same data seen on a paper check). Your bank processes the transaction electronically through the automated clearing house (ACH) network and dispenses the funds to your payee.
ACH makes it easier for your accounting firm to manage payments coming in from clients because the funds can be transmitted online and client information can be kept on file to facilitate regularly scheduled payments.
How can I offer ACH to clients?
QuickFee’s client-facing portal allows your clients a variety of easy and convenient payment options, including ACH payment processing. You can get a payment portal set up and can start receiving payments as easy as 1-2-3:
Step #1: Connect with QuickFee
Our QuickFee team is available to provide a free consultation and determine whether our payment management services are right for your accounting, legal or professional services firm. Simply complete our contact form and our team will reach out for specifics regarding your business.
Step #2: Enroll Your Customers
Once you’ve signed up for QuickFee’s service, you’ll be able to use a custom-branded payment portal to collect payments from your clients. Using QuickFee’s portal should be an easy “yes,” because it eliminates cumbersome steps in the payment process for both your firm and for the client.
In addition to offering ACH payments to your clients, the portal also gives them the opportunity to pay you via credit card or through QuickFee’s fee financing program. Providing multiple opportunities and avenues for payment can help to ensure clients pay on time.
Step #3: Get Paid
This step is always the most fun, watching your payments roll in. QuickFee can provide your custom-branded payment portal in less than 48 hours and you can begin accepting payments immediately.
Clients love the fact that they can get paid while they sleep – literally. Because the payments are processed through the online portal, your team members don’t have to be available to open envelopes and deposit checks, or to answer phone calls and jot down payment information.
How to accept ACH payments?
The biggest benefit of accepting ACH payments is convenience. ACH payments are easy for your client because they don’t have to process an invoice, request a check, send it through the mail and wait for their payment to post.
Instead, clients can log on and complete an ACH request through the QuickFee portal, and be finished with the entire payment process. And, QuickFee processes ACH transactions quickly, settling them– and getting your money to you– within one day.
Receiving ACH transactions
Receiving ACH transactions can also benefit your accounting firm because your employees will spend less time dealing with paper processing. The additional time and resources QuickFee free up for your firm can allow you to invest in technology and talent to safeguard long-term growth.
When you receive an ACH transaction, you’ll be able to see the correct payment information and sync it with your financial records immediately – no need to waste time deciphering the handwriting on a check and matching it with the proper client or invoice.
Top Questions about ACH
While most of us make or receive ACH payments on a daily basis, we may not be fully acquainted with the technology behind them. We’ve collected a few questions consumers sometimes ask about ACH payments:
Is there a fee connected with ACH?
QuickFee charges a nominal fee for ACH processing. However, we do offer other convenient payment methods, including our fast and efficient fee financing and credit card payments, which are free options for firms.
Do clients know that QuickFee is handling my ACH?
Clients who choose ACH payments interact only with your business. When they use the payment portal, it’s custom-branded with your company’s information.
QuickFee provides the technology and multiple payment options in the background; as far as clients are concerned, they’re working directly with you.
Is ACH safe?
ACH payments are as safe or safer than paper check payments, because customers only share account information once through our secure portal. And, their payment goes directly into an account, instead of going through the mail and potentially being lost or stolen.