For billiers, ACH payments improve cash flow predictability, builds consumer loyalty, and saves time and money.
For consumers, ACH payments are a convenient way to pay bills & simplify financial management.
Top Facts About ACH for Bill Payments
- ACH payments are the electronic transfer of a payment from a consumer's checking or savings account into the account of the biller.
- ACH payments are a smart way to accept all kinds of payments. ACH payments are ideal for recurring billing, including loan and insurance payments, subscription billing, health club dues, utility and cable bills, and charitable donations. ACH payments can be used for payments that are the same amount all the time and for payments that vary from month to month.
- ACH payments are reliable, accurate, on time and confidential. Research shows that ACH payments assists consumers save and invest more each month and reduces late payment fees.
- For billers and non-profits, ACH payments improve cash flow, save time, and enhance customer service and increases customer loyalty.
- Issues with ACH payments are rare. If a problem ever does occur, it is easy for the biller and the consumer to correct. Under the Federal Reserve Board's Regulation E, a consumer's financial institution is required to investigate any ACH payment that the consumer believes to be in error.
- More than 84% of consumers who use ACH for paying bills say they are very satisfied with it. More and more billers of all types are offering ACH payments as awareness has increased in recent years.
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