Using ACH Processing to Save Your Business Time and Money

by Wayne Akey

More Banking Articles

Published on this site: December 15th, 2009 - See more articles from this month

ACH Processing - Time is Money

Businesses spend lots of time keeping track of just about everything. If you totaled the hours spent collecting payments, sending invoices, making collection calls, posting payments, bank trips etc that number would be depressingly high. How can you cut down on both time and dollars spent?

Let's say you spend 10 man hours a month-10 hours at $30/hour is $300 just in time. If your business implemented an automated payment processing system allowing for both ACH and credit card processing you could collect recurring payments like clockwork. Take electronic checks (ACH Echeck) and credit cards by phone, fax or via your website. To avoid making bank trips for depositing paper checks you may also convert those payments into electronic transactions. The paper check is converted to an electronic payment. Besides the advantage of not having to drive to the bank you get faster notification on problem (eg NSF- Non-sufficient funds )payments. If you do happen to receive an NSF you again benefit from technology by being able to electronically represent that check for collection (up to two more times). If your business feels it is at risk of accepting potentially bad paper checks you can employ sophisticated check verification technology (ATMVerify) that ascertains in real-time the checkwriter has a valid bank account with positive funds balance. If you are in the mail order business this can be an excellent risk mitigation tool.

All recurring payments now automated, using ACH check by phone for collection calls, encouraging payments to be made online and convert all mailed payments into ACH electronic checks (and advanced check verification) . Your 10 hours is down to one. 90% time and dollar savings while at the same time creating predictable, reliable cash flow.

Using ACH Processing saves time and time = money. Consider using these time and money savings tools and you will be amazed at how much more time you have to grow your business.

Wayne Akey: Secure, Efficient Payment Processing Solutions Guaranteed to Save Time and Money To learn more on how you can save 80-90% or more on fees
visit www.ACH-Payments.com.