Integrating Plaid’s secure account-to-account (A2A) bank connectivity technology with PayJunction’s payment gateway will allow B2B and B2C businesses to easily extend to their customers a simple way to pay for goods and services via direct bank transfer, whether online or via invoicing. PayJunction routes the transactions via the low-cost ACH processing rails, which can result in significant savings versus payments made with credit and debit cards.
Paying by bank is on the upswing. According to Nacha, more than 29 billion ACH Network payments were made in 2021, valued at close to USD 73 trillion. Businesses and software companies that partner with PayJunction streamline the enrolment and authorisation of customer bank account information and reduce ACH declines by gaining seamless access to Plaid’s Account Verification and Payments solution including:
Auth - Instantly authenticates the account for ACH Payments eliminating manual entry and boosting conversion rates;
Identity - Verifies bank account ownership to strengthen defences against fraud and account takeovers;
Balance - Real-time fund verification check to reduce the risk of insufficient funds.
Officials from Payjunction stated that their company’s data-driven focus on continual innovation helps customers simplify omnichannel payment acceptance. ACH is a proven, cost-effective payment method, and this partnership with Plaid makes it faster and easier for customers to set up secure bank payments.
Through this partnership, Plaid’s connectivity technology is available to businesses that use PayJunction’s turnkey Virtual Terminal and gateway solution. Additionally, businesses and software companies can quickly and easily integrate these advanced features with their software via a simple plug-in using PayJunction’s intuitive API and developer tools.
PayJunction, founded in 2000, has continually disrupted the payment processing industry with an approach that combines customer advocacy, transparent and ethical pricing, and environmental consciousness. PayJunction’s cloud-based gateway and processing platform consolidates credit, debit, and ACH transactions made in person, online, over the phone, and on the go. Its technology helps businesses increase productivity, reduce costs, and elevate the customer payment experience.
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