How to Choose the Best ACH Services for Your Small Business

Mar 11th, 2024

ACHPayment ProcessingGeneralEvent & Equipment Rentals

When looking into payment processing, you might consider Automated Clearing House (ACH) as a form of accepted payment. In short, ACH involves electronically moving money directly from one bank account to another, such as direct deposits and direct payments. 

Generally speaking, ACH is a less expensive payment method than credit cards – which is good news for your bottom line and helps keep as much earnings in your pocket as possible. 

You’ll find many options out there, and some will suit the needs of your rental business better than others. Here are a few tips for selecting ACH services for small businesses. 

 

Understand Your Business Needs

When it comes to getting the payment services you need, start by thinking about what types of transactions and payments you’ll need to process. 

Do you need to handle one-time payments, recurring payments, or both? Different ACH services will specialize in different types. If you run a rental business, you’ll likely require a mix of both. You may also need something with the ability to easily handle security deposits. 

It’s also important to consider whether the ACH processing service integrates into your business software. Can the integration accept debits, credits, or just one? If you need to handle incoming payments from clients and outgoing payments to owners and vendors, you’ll need an option that can do both.

Will you need a third-party processor? Some banks allow direct transfers to other accounts at reasonable rates, but it’s unlikely that your bank will integrate with your software. In this case, you’d have to manage it manually and you likely wouldn’t be able to accept payments from clients.

Finally, figure out your expected transaction volume. Some providers cater to higher volumes with lower per-transaction fees. Be realistic about how many transactions you process in a month to see if you can benefit from some of these price breaks. 

 

Look at Transaction Speed

How long do funds take to process? For incoming payments, ACH processing speeds can depend on your payment partner. Ask how often they submit ACH batches to the clearing house and whether or not they have any bank partnerships to speed up the process. Customer service can also play a role, since prompt resolution can help you avoid any unnecessary delays.

For outgoing payments, look for a service provider that offers Next Day Funding on credits and Real-Time Payments (RTP), which disburses funds within seconds and dramatically reduces payment returns. With greater transparency and control over payment timing, you can build trust and enhance customer relationships.

Ascent is proud to offer RTP services through Check Commerce. To qualify for RTP, the receiver’s bank must be able to support RTP to access this service. When it’s unavailable, funds are typically provided the next day. Ascent can discuss the qualifications with you and get your business set up for RTP.

 

Compare Costs and Fees

The next thing to consider is the cost to process a payment, and what other costs might be associated with the ACH service.

In general, there are two fee methods: percentage or flat fee. Most small businesses prefer to find an ACH provider that does not charge a percentage but rather offers a low flat fee for each transaction. 

Make sure to ask about application fees and setup fees to get your ACH payment processing off the ground. You should also be mindful of whether they will lock you into a long-term contract. If you decide that this payment processor is not the right fit for you, what will the termination fees look like?

 

Customer Support

Many companies claim to have quality support, but unfortunately, this isn’t always the case.  

Smooth, seamless payments are part of offering a positive customer experience. If you have issues with a customer’s payment, you’ll want payment processing support that can answer questions and help you sort things out right away.

Investigate whether they’ll help you with initial onboarding to make sure everything is set up properly. How will they help you with your integrations and can they offer any industry-specific help? General-use ACH services like Stripe might not be able to offer the specialized advice needed to take your business to the next level. 

Plus, advanced customer support can often help your business with other things, such as reviewing your documentation (including cancellation and return policies) or offering assistance with chargeback disputes. 

 

Security and Compliance

Every small business needs to ensure that they are protecting themselves and their customers when it comes to both payment security and compliance. For example, you’ll want an ACH processor that complies with NACHA’s Operating Rules. 

Tokenization and data encryption are both considered best practices for electronic payment processing, including ACH and credit cards alike, along with proper employee training that reduces the risk of human error.

 

Let Ascent Help You with Payment Processing 

If you’ve been searching for a payment processing system that accepts ACH, credit, debit, and crypto payments, then Ascent is here to help. Our friendly customer support team can guide you through the process of selecting the right technology behind your payment processing and reporting. The result is that you get the money you are due for services rendered as quickly as possible. 

We’re committed to finding you the correct solution at the lowest cost available with dedicated support every step of the way. When you’re ready to take your small rental business to the next level with ACH payment processing, get in touch!