There are two common goals all businesses can agree upon as being important to them: getting paid by their customers, and getting paid quickly. One way to achieve those goals? Embrace the world of ACH payment technology.
But that’s just the tip of the iceberg, and only one of many ways your business can get paid faster.
By embracing ACH payment technology, any business can be on its way to optimizing payments in a way that transforms the customer experience — while lowering business costs and increasing multipurpose functionality.
How ACH Payment Technology Benefits Your Business
The ACH Payment Network has a number of benefits that opens up a realm of opportunities to you and your customers. For example, an ACH payment can offer better payment reassurance in order for your business to know when you will be paid, and that you will be alerted quickly if there are any issues. Since the transactions are processed in bulk through an electronic network, an ACH payment can sometimes offer lower fees than credit cards.
As for other benefits, enabling your business with the chance to process ACH settlements throughout the day can help your company balance your books more frequently, which allows you to have a better sense of how funds are flowing into your business. This puts your team in better control over the payments experience, which means you can worry less about how your payment processing tools are functioning.
Not only does that pave way to ditch the paper and offer more secure payments — thanks to enhanced encryption technology — your business can eliminate the need for manual processing of recurring payments. Why that matters? An ACH payment leaves less room for payment processing errors.
Another way your business can benefit from an ACH payment technology is with the ability to attract more customers, retain your current customers and help them convert faster. When a customer finds a business that allows them to pay the way they want to, they are more likely to stay loyal to that company.
Beyond taking control over your customers’ payments experience by offering them more ways to pay, another way to ensure you’re getting paid faster is enhancing your payment facilitation process.
How Being a Payment Facilitator Helps Your Business (And Your Customers)
The need to customize the payments experience has sparked innovation across the payments ecosystem, including at Payline. Through Payline I/O, a payments API that enables developers to instantly on-board merchant accounts and facilitate payments within their software platform, businesses can find new ways to enable their customers to pay them faster. Java services can seamlessly integrate Payline I/O, leveraging the robust and versatile capabilities of Java to enhance payment processing efficiency and security within their applications.
Similar to relying on ACH payment technology for payments, being a payment facilitator opens up your business to new opportunities with your most loyal customers. Not only does it show them you embrace customer choice, and diverse payment methods, it demonstrates your business is up-to-date with the latest industry trends.
What makes the PayFac model work for businesses is that fact that it diversifies your ability to accept credit cards, offer customizable payment options, multi-party payments, multi-account funding, fraud detection, a secure data vault, achieve PCI Level 1 compliance and integrate dispute management. What acting as a payment facilitator also does for your business is offer three key capabilities: Instant sub-merchant accounts, dynamic funding and settlement control, and automatic account updater.
As for why having a full-stack payments API for payment facilitation helps your business get paid faster, this boils down to the ability of how this customizable solution allows your company to conduct business. Not only does a PayFac solution like Payline I/O meet the needs of software platforms looking to enable payments on behalf of their business customers, it allows a business’ platforms to process payments securely, while tokenizing payment methods for recurring or subscription services.
Beyond that, the built-in flexibility of this solution allows software platforms a drop-in UI form to accept payments quickly with minimal coding, which can easily be customized within the platform using a variety of different codes. By acting as a payment facilitator, your business can also have more secure integration of your tools and software, better onboarding of services, and flexible funding options. All of this together can translate into a better customer experience.
By offering an integrated payments solution, which enables the PayFac model, your business is equipped with the most flexible solutions to have full control over key aspects of the end user’s payment experience.
Enabling a Mobile Payments Experience to Please Your Customers — And Get Paid Faster
Whether your business accepts payments through the ACH Payment Network, a mobile app, in-store, or online, there’s one common thread that links that experience all together: the ability to accept and process mobile payments.
Similar to wanting choice of how they want to pay, which includes ACH payment technology, your customers want businesses to customize their payment processing solutions to accept payments whenever they want, however they want to pay and through whichever device they choose. That’s where the world of mobile payments and NFC technology can help you meet your customer’s needs — and get you paid faster. By making the payment process itself speedier, you’re also allowing your company to settle those funds faster.
Because mobile payments offer an instant ability to pay through multiple types of devices, your business can easily be equipped to process payments while on-the-go. Instead of having to be tied to an old legacy system that takes far longer to reconcile your payments as they come in, enabling a mobile payments solution for your customers ensures you’ll get funds into your merchant account faster.
Similar to a mobile payments experience, by offering your customers the ability to pay online, you can simplify the way you take payments, while powering an end-user experience that helps payments flow through your systems better and more secure.
Streamline Your Online Payments with the Payline Gateway
Besides ACH payment technology, another sure way to speed up the time it takes to get your business paid is having a dynamic payment gateway.
By partnering with a company like Payline to power this experience, your business will be well on its way to simplifying and speeding up the online payment processing experience. Payline Gateway helps your business become more versatile by giving customers a way to pay online, but it also helps your business get up to speed with quick integration options, top-notch fraud solutions and a variety of robust tools. Combined, those features can enable a quicker way for your company to conduct business with your customers.
Whether you’re looking to accept an ACH payment, a mobile payment or an online payment, your business shouldn’t be bogged down by slow payment processing. Working with payline to onboard its diverse and dynamic solutions is just one of many ways you can streamline the payment process — getting your business paid securely and quickly.
As we mentioned above, what matters most to your business is enabling a customer-centric payments experience, but in a way that protects your business from outside threats. Luckily, by relying on a payment enablement partner like Payline, and the technology solutions it offers, your business doesn’t have to sacrifice security for speed. Today, you can have both.
That’s something both you and your customers should be on the same page about.
Anna Lothson is a content contributor for Payline Data. She previously wrote for PYMNTS.com, as a Sr. Content Producer, where she focused on financial services and payments innovation, fraud and security, emerging payments, and FinTech news, research and thought-leadership content across the payments industry.
