The new solution integrates into the company’s existing TBC Pay Portal, enabling businesses to manage all payment methods from a single interface.
TBC Pay’s aim is to offer a payment technology that delivers better flexibility, security and efficiency for businesses managing their own transactions. Besides the new service, TBP Pay also offers real-time analytics and customisable support for its clients.
ACH moved financial transactions worth more than USD 72.6 trillion in 2021, an increase of over 17% from the previous year. These included government, consumer, and business-to-business transactions, as well as international payments.
The ACH processing service provides an alternative for businesses that either are unable to or choose not to accept credit card payments. ACH was designed to offer the convenience of electronic transactions for both one-time payments and recurring transactions, such as payroll.
Regardless of whether a business operates in a low-risk or high-risk industry, ACH provides access to secure bank transfers, ensuring customers can leverage electronic payment capabilities without the need for credit cards.
Some advantages of utilising ACH include cost effectiveness, improved security, and faster processing times that can improve financial planning. ACH payments also reduce fees as they are cheaper than wire transfers or credit card transactions since these payments are not routed through more expensive card networks.
ACH also provides high retention, as the bank account becomes the source of funds and as such, the risk of involuntary churn is reduced, compared to credit or debit cards that expire, leading to involuntary churn.
One disadvantage of ACH payments is the fact that they are not instant. Payments may take more than three working days to process, and the time of day the files are submitted to the bank can influence this.
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