How ACH and Check Processing Beneficial for Online E-commerce Store

ACH Payment Processing for E-commerceAlmost every potential customers have credit and debit cards in their pockets and many who do not owns both. ACH and electronic check processing offers you varieties of payment options and gives you the ability to augment your credit card payments by offering the same convenience to this large and underserved market—for less than half the cost of credit card processing.

Some Effective Benefits of ACH Payments


Effectual than traditional checks –
choosing the ACH payments is faster and secure than just to wait for a check to clear. Electronic check acceptance is higher security and priority than paper checks. Easy and fast clearing helps your cash flow.

Alternative Payment Options – E-Check processing offers varieties of payment options as best possible. Of course cards payments diversify the traditional payment acceptance but ACH Payments give customers without cards. It simply prefers to pay with bank debit card an alternative to cards.

Cost Effective – ACH payments are cheaper than normal card processing. Small and standard merchant’s flat rates can apply. For high-risk merchants, ACH payment processing rates are always less than cards.

High-Level Security – ACH Payment method is the most advanced and secure method of electronic fund transfer in the world. Millions of business, consumers, financial services, and government agencies use the ACH network to receive and send payments.

Accepting ACH Payments? All you need to know about

ACH Payment ProcessingPayment acceptance gives many options to both merchants and consumers. Thus it gives diverse business opportunity to expand and grow business according to national and international market. Merchant specially enjoy the advance payment options that does not cost too much to process the transaction. There are many payment options to process easy and convenience transaction and one such best option is ACH Payments processing that does not cost much as other payment processing charges for per transactions.
One best thing about ACH Payments V/S Credit card processing the fees is less than credit card transaction fees.  Almost 60% of UK Businesses merchants accept this type of payment that are low cost and highly secure according to NACHA, a total of $38.7 trillion was transferred via ACH in 2013, an increase of almost 5 percent from the previous year.

ACH Payment is best known for its advance system i.e. replaces paper checks and less chance of returning checks. It allows business to receive an electronic payment directly into bank account. Commonly known as e-check.

How ACH Payments are different from other cards
ACH Passes the card networks and therefore bypasses interchange and assessment fees. This generally makes ACH far less expensive than card payments.

4 ways you can shop safely with Mobile Payments!

img_online-payment_850x600_0Almost every individual own a mobile phone to carry various tasks and daily activities like: paying bills, online tickets booking, credit cards and insurances policies through mobile devices. And this proved an incredible way to save customers lots of time and money, also it is fast, secure and easy way to make payments. And these process is simply efficient to all who make online payments. Online payments through mobile devices is growing concern to over-come with frauds and cyber-theft. This concepts sincerely made an effort to safeguard the interest of the consumers and a huge step to safeguard online payments.

Considered this useful tips while shop online

1. Check the url address bar – while making online payments for any purchase of goods and services or to make online bank payments, check the address of the url it should be start with HTTPs . these is the first security sign of safe online payment. This HTTPs gives safeguard that the data is safe and exclusively restricted between you and the system.

2. Regular Update your Device – say goodbye to your outdated version, regularly update is an effective method to block the potential loopholes. These security feature will guarantee you with adequate protection from malware softwares that can risk you with frauds and other cyber theft activities.

3. Keep public Wi-fi away – shopping outdoors with public wifi could be harmful while making online payments transfer If you use it, you are unwittingly exposing yourself to cyber-theft.

4. Don’t Save sensitive data in your device – many of us have a habit to save our login credential in our mobile phone, of course this is good habit, but sometime it could be dangerous if your mobile is stolen or your password is hacked by someone. Stop this habit, because it the easiest way to expose your sensitive data to others. If the app you are using for payment has “store and forward” feature, turn it off.

How Wise to use Selfie for Making Payments!

Selfie Merchant Acoount ProcessingThe word Pay by selfie is hitting the commercial global markets. The FIDO Alliance and card issuer consortium EMVCo have decided to bring into line their efforts to produce a new mobile payment specification. Selfie pay is totally new and innovative method for customers and merchants to pay and accept payments by verifying the identity when making transaction online with no spamming and fraud.

This allows card holders to verify the identity by using biometrics through selfie scan and finger prints – at the end the user require taking selfie. The only aim to develop a way to use secure nature of password. The update will introduced in certain countries the UK, Germany, Spain, Belgium and Sweden, following a series of successful trials in the US, Netherlands and Canada.

Finextra reports that the trial in the Netherlands proved very popular with 750 ABN Amro secure credit card users taking part. Over three-quarters of those involved stated that they would continue using a fingerprint scan or a selfie to purchase items. While nine out of 10 said they would replace their password with this new technology.
According to Mastercard nine of out ten people it tested in its Dutch pilot said they would like to replace their password with biometric identification definitively, while 75% of users said they are convinced that biometric payments will decrease fraud.

What are the New Techniques used for Credit and Debit Cards Frauds?

Credit Card Processings

Now- a-days Credit and Debit Cards Frauds are increased. It’s the threads that is growing and surfacing by every business persons. Although some years ago, many banks and credit unions were enforced to cancel and redistribute thousands of cards as a result of the TJX breach. A recent incident analyses that, banks located in Indiana saw accounts breached from ATM or debit card transactions. Indiana Law enforcement and the FBI are investigating breaches from at least 10 banks, after more than 100 customers reported money missing from bank accounts at the start of June 14. The foremost withdrawals of money from few hundred dollars to a few thousand dollars were dispatched in Nigeria, UK, Russia and Spain.

This year, there are more cases of larger losses of frauds: An Investigation by FBI cyber- crime agent Mr. Albert Murray shows 2 persons, who made hundreds of fraudulent withdrawals from New York City ATM’s, of this year of getting $ 750,000. Although the Industry has made great advances steps in lowering the Credit/ and Debit Cards Frauds. A data called, “Consumers Frauds and Identity Theft Complaint Data” analyses from 2007 shows the complaint database developed by the FTC acknowledged more than 800,000 consumers frauds and identity thefts complaints. Consumers complained loss more than $ 1.2 billion. A Credit Cards fraud, at 23%, was the most common form of reported identity theft.  New schemes are emerging and calls for greater analysis and inspections for institutions and their customers.

Some, of the New Frauds are:

  1. Spear Phishing:

 

In this situation, people accumulate some amount of personal data from several related severs to concept a more direct individual communication that seems very reliable to the customers. Security vendors VeriSign recently shown a study stated that more than 15,000 individuals have been spear phished in this last 15 months.

 

 

  1. Counterfeit Frauds:

 

This is the most top frauds reported for both debit and credit cards. “Particularly skimmed counterfeit frauds.”

Modernized E-business with Electronic Check Processing

electronic-check-processingThe modernized world demands fast, easy, secure and convenient services in different industry sector. And yes, this modern payment technology enables many people to enjoy the benefits of easy, fast and secure payments.

The emerge of electronic check processing given huge advantages in the payment industry, turned paper work into electronic transfer. Electronic check processing also known as e-checks and became an essential part of modern businesses.

How can you Modernized Business by E-checks?

E-checks are classifieds as the most valuable and modern types of payment transfer system for hassle free and low cost method of getting paid quicker. E-payment helps merchants to settle transaction and meet the payment processing needs without obstacles. The e-checks started over traditional checks given comprehensive range of services.

Electronic check processing enables merchants to transfer funds electronically from one bank account to another. Electronic check processing use Federal Reserve Bank’s ACH to transfer funds. The merchants enjoy speedy deposit without wasting valuable time. The service provides benefit like minimize the risk of check stolen or lost.

Check processing solutions increase revenue, reduce overheads cost and time consuming process to transact funds from one account to another. The merchants able to give valuable time to material things in planning, pricing and quality of product and services.

Benefits of E-check Processing                      

Eliminates the daily trips to bank for deposits and payment transaction.

Reduce the time to have funds from checks deposited into a bank account.

Reduces the chances of check stolen, lost and bad checks

ACH transfer is less expensive and can be done in batches

 

Wire or ACH? Which Payment Transfer You Will Choose?

ACH and Wire Transfer Payments
Online Safe and Secure Money Transfer Services

Banks use Automated Clearing House to Transfer Funds Electronically from one bank to another in safe and secure way. In these digital economy people and business firms would like to receive payments through direct deposit. As they find more convenient these method rather than using checks. This electronic transfer of money from one place to another is called ACH OR Automated Clearing House. Whereas wire transfer allows you to move your money from your account directly into the account of someone else.

Let’s Checkout the Difference between ACH and Wire Transfer

ACH Transfer – The electronic transfer of funds from bank account to another. Payment transfer is not occurring on real time the transaction is settled on future date.  Transactions are entered with a date to settle which is normally the next day.  Payments are transferred by your banks in groups or batches along with all their other customer’s scheduled payments, usually at the end of the business day. ACH Transfer is less expensive and can be done on batches. ACH cost banks $0.035 per transaction or $0.025 per transaction in bulk. ACH Transfer is given to customers in between $0.10 and $2.50, depending on volume. ACH by definition is meant to be automated, and meant to be delayed settlement, thus the lower cost associated.

Wire Transfer – It is similar to ACH Payments but have some few differences. Wire transfer perform task on real time and cannot be done on batches, performed manually. Wire transfer is more expensive than ACH Transfer. When an individual make wire transfer, both account holders are verified with the exact money in the account. Wire transfers are fast and secure; and since they’re handled individually by the banks.

Transferring funds, either by ACH or wire, is generally safe when using a financial institution. However, if your computer has become infected with malicious software (malware), cybercriminals can steal usernames and passwords and defeat common methods of user authentication employed by financial institutions.

All Kind of Online Payment Solutions !