Modern consumers have access to various payment options, including cash, cards, checks, and digital wallets. The ACH (Automated Clearing House) transfer has been around for a long time, but they are poorly understood despite being a leading mode of payment. Switching to digital platforms enables you to have a better banking experience. So, at Zil Money, we offer you fast, secure, and cost-effective ACH processing.
ACH payments have paved the way for digitalizing your money, which would help in the long run. You need to rush to the bank for every small and big transaction in the traditional banking model.
ACH payments are one of the famous digital banking payment modes. This payment mode is not only fast but is secure and pocket friendly too. According to the National Automated Clearing House Association (NACHA), the number of transactions in this mode had a growth in every payment category. The payment category includes direct deposit, same-day ACH, internet payments, international payments, healthcare claims, B2B, and P2P payments. This payment model has made the online banking experience much more lucid and hassle-free.
Coming to the first category, same-day ACH, businesses, governments, and individuals have chosen the faster mode to fulfill their payment needs, which led to a steep growth of 53.3% in the first quarter of 2022. Then comes internet payments. The number of online transactions increases, making the ACH payments grow swiftly. There is an 8.1% increase in the first quarter of 2022 compared to the previous year. Businesses of all sizes and nature rely on this mode of payment to fulfill their payment needs. There is an increase of 15.5% in the first quarter of the current year than in the previous year’s first quarter. Likewise, the healthcare claims also rose 8.9% in this year’s first quarter.
Even though other categories like direct deposits and person-to-person (P2P) payments have ample numbers, the values deteriorated. There is a decrease of 7.8% and 12% in direct deposits and P2P payments, respectively.
ACH payment mode is widely accepted because of the merits it possesses, like:
- Safety and security guaranteed: Since the transactions pass through the clearinghouse, there are minimal chances of forgery or theft. At Zil Money, your account details are safe as the data is stored in our cloud-based software.
- Cost-efficient: ACH payment processing is not an expensive mode of payment. At Zil Money, you can process your ACH payment for free.
- Easy tracking of income and expenses: The accounts are easily reconcilable using this mode of payment. The transactions will be stored at a single location.
- Saves time: Payments are scheduled ahead of time, which reduces the time taken to process your payment. Using Zil Money, you can process your ACH payments fast.
The recent technological advancement in ACH payment, which is the same-day ACH limit, has increased to $1 million and has benefited many businesses. The improved percentage is proof of this statement.
ACH Payments with Zil Money
ACH payment processing is now free with Zil Money. You can make online payments using this mode one time or recurring using Zil money. Log in to our platform and add your bank account for free and Pay and Get paid by ACH transfers. Businesses can make or accept ACH payments anytime through computers, tablets, or smartphones.