According to historians, the first check was invented in ancient Rome, around 352 BC. It took a couple thousand years for the concept to really catch on, with checks enjoying their heyday during the 20th century. Despite the advent of faster, cheaper, and more secure payment options, checks remain surprisingly popular. According to the Federal Reserve, Americans write nearly 17 billion checks annually — with an estimated payment volume of $26 trillion.
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Topics:
ACH/eCheck Payments,
Small Business Tips,
Getting Started with Payments
Wire transfers and the Automated Clearing House (ACH) network are two of the most popular ways to send and receive money electronically. In fact, both methods are so common that they’re often used interchangeably. For many applications, wire transfers and ACH are essentially the same. But as a merchant, it’s important you understand how these two platforms differ. Doing so allows you to choose the right payment option for your business. Let’s take a look.
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Topics:
ACH/eCheck Payments,
Recurring Billing and Electronic Invoicing,
E-Commerce and Online Payments,
Small Business Tips
Digital payments have grown rapidly as a preferred payment option among consumers, but not so quickly among businesses. Often slow to advance to new technologies due to lack of knowledge about the benefits, business owners stick with their tried and true payment methods like checks, cash, and credit cards. Over the course of the last few years, the B2B payments space has expanded. According to Deloitte, global B2B payments are set to reach $23.1 trillion by 2020. With that growth, businesses still want to make sure they are getting the best services, pricing, and security for those transactions.
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Topics:
ACH/eCheck Payments,
B2B,
E-Commerce and Online Payments,
Payment Trends
As the name implies, an electronic funds transfer (EFT) describes the process by which parties send and receive money (i.e., “funds”) through electronic channels. Although the term is often used interchangeably with Automated Clearing House (ACH) payments, EFTs encompass a much broader range of payment options, including wire transfers, e-checks and even PayPal.
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Topics:
ACH/eCheck Payments,
Financial Institutions,
Consideration
As customers continually demand more flexible, convenient payment processing options, businesses are responding by opening advanced merchant accounts that allow for secure credit card, debit card and ACH payment processing options. While credit card processing helps simplify transactions with the swipe of a card, ACH processing makes it easy for businesses to transfer electronic funds directly into their accounts. Below, learn more about ACH payment processing.
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Topics:
ACH/eCheck Payments
How can a business convince customers to switch from paper-based billing to faster, cheaper and greener direct payment options? The short answer: You gotta promote it.
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Topics:
ACH/eCheck Payments,
Recurring Billing and Electronic Invoicing
From direct deposit payroll to B2B transactions, Automated Clearing House (ACH) payments have become the preferred standard for companies and employees around the globe. Throughout its 40-year history, users have continued to embrace ACH payments for their convenience, speed and reliability.
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Topics:
ACH/eCheck Payments,
E-Commerce and Online Payments
According to NACHA – The Electronic Payments Association, billers prefer ACH payments rather than credit card payments. Specifically, they prefer recurring ACH payments. As a business owner, you’ve probably considered ways to set up recurring payments for customers. Here are a few advantages of recurring ACH payments for businesses.
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Topics:
ACH/eCheck Payments,
Recurring Billing and Electronic Invoicing
The days of paper-based checks are numbered. The United Kingdom has already begun phasing out paper checks completely. And even in the United States, the federal government will no longer issue Social Security payments via the postal system.
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Topics:
ACH/eCheck Payments,
Mobile Payments,
E-Commerce and Online Payments
Writing paper checks at the cashier counter used to be the standard payment method for in-store purchases (second only to cash). Using these checks can be a bit inconvenient for those standing behind you in line, but we've all done it (or know folks who have).
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Topics:
ACH/eCheck Payments