The number of people benefiting from same-day ACH is now more than ever before. Are you a merchant interested in
ACH Network Extending: High Risk ACH Processing
NACHA (National Automated Clearinghouse Association) has recently released new data on the growth of ACH transactions in the US. Based on this, Q3 of 2018 marked B2B transactions as a main driver of ACH transaction growth. As Jane Larimer, NACHA Chief Operating Officer, notes, the ACH Network can be characterized as “thriving.”
Larimer adds that governments, financial institutions, businesses, as well as consumers are enjoying the benefits provided by the ACH Network. What about your own business? maybe you’re searching for secure and low cost high risk ACH processing, aren’t you?
You can get it without challenges if you work with a reputable processor that specializes in the field. A respectable merchant services provider can guarantee the cheapest rates and the best terms to help you take your business to the next level successfully. Work with a payment expert that’s ready to talk to you so to know the ins and outs of your own business.
Bigger Same-Day Volume & Not Only
Transactions on ACH network made up over 5.6 billion in the quarter ended September 30. This was a rise of 354 million transactions (6.7%) compared to the same quarter in 2017. Let’s look at more details to get a better image:
- The growth of ACH transactions in Q3 speaks of over 5% year-over-year (YoY) increase in 13 out of the past 15 quarters on the network. The increase is also the result of the same-day debit processing added by NACHA a year ago. Besides, NACHA started same-day credits 2 years ago.
- Same-day transactions accounted for 43.2 million in the quarter, which was a 192% increase over Q3 in 2017.
- In Q3, the number of B2B ACH payments made up 896 million.
- 24% of small businesses report they carry a balance on their credit cards from month to month. This is according to a recent report released from Mercator Advisory Group.
- According to Andrea Gilman, senior vice president of product management, new payments and commercial products at Mastercard, the statistic from the Tipping Point Playbook reveal that 32% of companies surveyed are going to use this or that type of accounts payable or AP automation. Firms also take interest in straight-through processing to enjoy faster transaction processes.
- When it comes to real-time payments, 33% of corporates report they’re planning to roll out innovations associated with real-time payments.
ACH is a growing part of businesses’ AP, as well as other payment operations, with industry service providers “encouraging” corporates to stay away from paper checks. To get the best and the right payment processing solutions tailored to your own specific business needs, apply to a reliable and experienced processor in the industry.
Author Bio: As the FAM account executive, Michael Hollis has funded millions by using business funding (high risk ACH processing) solutions. His experience and extensive knowledge of the industry has made him a finance expert at First American Merchant.