Square, providers of software, hardware and financial tools to empower businesses, has announced a new payment functionality. Businesses can now accept Automated Clearing House (ACH) payments on Square invoices.
The new payment solution is designed to bring convenience and flexibility to businesses and their customers alike.
Square Accepts ACH Payments
Due to health and safety concerns, contactless payments have soared in popularity during the pandemic. Compared to cash payments, contactless payments are significantly more secure, providing increased security and protection for businesses.
ACH payments enable businesses to offer customers a secure and simple alternative to card networks. The payments are contact-free, as customers simply login with their bank details and complete the transaction online.
Lower Transaction Costs
The challenges of the past year have also meant many businesses, particularly smaller businesses, are having to cutdown on costs and expenses. Another benefit of ACH payments is that, without any hidden fees, they offer lower transaction costs, meaning merchants save money.
Speaking of the advantages ACH payments bring to businesses, Ashley Grech, Global Head of Sales at Square, said: “ACH payments on Square invoices allows us to compete for and better serve complex businesses like wholesalers, home and repair, and service providers that need lower transaction costs, while giving businesses another option in how they accept payments that ultimately brings huge benefits to them and their customers.”
Used for Recurring Billing
Almost all businesses have experienced missed or late payments at some point. With Square’s new facility, ACH payments can be used for recurring billing on Square invoices. Consequently, the issue of missed or late payments are likely to be minimised, helping businesses and customers stay on track of payments.
Used By Multiple Industries
Square’s ACH payment solution is designed to streamline the payments of multiple industries. Such sectors include wholesalers, home and repair, service providers, caterers, wedding planners, custom craftsmen, and more.
According to a survey Square carried out with Panel Fieldwork of 519 US active members of the buying/decision making group for business finance and operations, almost a quarter of merchants report administrative tasks like payment processing as a primary bane of running their business.
By bringing all forms of payment under one roof and eliminating the need for a separate provider to handle ACH payments, AHC payments on Square Invoices provides an integrated solution to streamline transactions.
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Bringing down transaction costs should be an industry-wide priority. It’s a little crazy that 2.5% or more of a transaction needs to be taken for credit card processing.
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