It’s no secret that the COVID-19 pandemic has accelerated the adoption of digital payments, leading customers to demand more convenient ways to make payments online. Is your business ready to accept online payments via credit and debit cards, ACH, and e-checks? Soon, Fieldpoint’s field service customers who are based in the US and using ERP and accounting platforms such as Microsoft Dynamics Business Central, QuickBooks or NetSuite, will be able to offer invoice payments online to their customers. This integrated payment feature in Fieldpoint is powered by a strategic partnership with PaySimple, a leading payments acceptance solution.
Below, you’ll learn more about traditional forms of accepting online payments, so you can determine the best option for your business. Regardless of the method you choose, you will get paid faster and easier with a seamless, convenient, and PCI-compliant payments experience.
Using ACH and eChecks to Accept Online Payments
ACH transactions are a form of electronic payment that go through the Automated Clearing House (ACH), governed by the NACHA. Think of an ACH transaction as the electronic flow of funds from one bank account to another. These funds travel through the ACH network, which connects thousands of financial institutions across the United States. ACH is a fast, secure and cost-effective way to transfer funds between bank accounts. On your statement, these will appear as direct deposit or direct payment. One way to think of ACH is as an electronic version of the paper checkbook, but with several unique advantages, including lower transaction costs when compared to credit cards and the ability to set up recurring payments, which are not available when using eChecks.
The basic difference between ACH Payments and eChecks is that the latter is a one-time transaction. An ACH on the other hand depends on customer bank account information that’s stored within the merchant, and that’s what makes it an option for establishing recurring payments.
An ACH transaction allows you to accept online payments through a direct debit of a bank account with an eCheck, or electronic check. Here is how it works in two steps:
- Your customer inputs the information from their paper check (routing and account number, name, amount, and authorization) into an online payment form or software interface
- An ACH transaction processes the payment electronically – without the physical presence of a paper check
Accepting Credit Cards and Debit Cards Online
Accepting payments with credit and debit cards is the most basic way to offer online options to customers. Businesses typically need to choose between having a dedicated merchant account or using an intermediary holding account to accept this type of payment. This is typically a good option for small businesses that are looking to enhance their revenue and go cashless.
Click-to-Pay Email Invoicing
This is something that you are probably already doing for your customer: sending invoices via email vs. paper. Email invoicing, using an online payment form, allows customers to pay their bills online and receive a receipt in seconds. Plus, this can help with reporting and managing data more securely: when your customer clicks and makes a payment online, the invoice is automatically marked as paid in your system, streamlining reporting.
Ready to expand your online payment options?
Your ultimate goal should be to find the sweet spot between what works best for your business and what allows you to provide the best experience for your customers. With Fieldpoint, powered by PaySimple, you can set up payment processing using credit, debit, and ACH payments from your online invoices. Managing all your accounts receivables with a streamlined workflow will allow you to save time by adopting one single system for all your tasks.
If you’re interested in learning more about how this new payment feature will work within the Fieldpoint platform contact us today or request a demo of Fieldpoint. Already a customer? Reach out to your consultant or drop us a line at firstname.lastname@example.org.