As per the official statement, the new update aims to eliminate the reliance on traditional payment methods like checks and wire transfers, which often cause delays and are reportedly unpopular among consumers.
The launch also capitalises on the increasing popularity of ACH transfers. According to a study conducted by Nacha referenced in the official release, during the first quarter of 2022, the ACH Network processed a total of USD 7.7 billion in payments valued at USD 19.7 trillion. This reflected a growth rate of 6.4% compared to the previous period.
By making ACH payments available through the Xero integration, Helcim seeks to enable businesses to offer payment options that cater to the increasing demand for more efficient transactions.
Following the launch of the new solution, customers can now switch between credit card and ACH payments without the necessity of logging into their online banking platform.
Cost-wise, the new integration is expected to provide businesses with a reduction in expenses, as the new rate extended sits at 0.5% + 25 cents, capped at USD 6. The new offering is particularly useful for businesses handling high transaction volumes.
When discussing the latest integration, a representative from Xero emphasised the importance of providing digital payments to small business owners as a way of encouraging cash flows.
Helcim is a payment service provider that offers a wide range of payment tools and software solutions to businesses that want to accept credit and debit cards online or in person.
The company services thousands of enterprises in Canada as well as the US which operate across 800 different industries.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now