Square is adding ACH (bank transfer) payments to their long list of ways you can get paid by your customers. Now you can send a digital invoice and get paid directly through a bank transfer, eliminating the need for paper checks and simplifying the payment process on both sides.
“Adding ACH payments provides our customers another way to get paid that’s simple and secure, at a lower rate compared to traditional card payments,” said Saumil Mehta, General Manager of Square Point of Sale at Square. “Adding more options for payments enables merchants to never miss a sale and keep their customers happy—which keeps businesses happy.”
Saving time and money for businesses
There are many benefits to accepting ACH payments through Square Invoices, from saving money to ease of use. ACH payments cost less than traditional debit and credit card transactions. Which means for large ticket invoices, businesses can experience significant cost savings that will help with operational costs. ACH payments also help save businesses time by eliminating trips to the bank, printing of invoices and get declined less often than credit cards and debit cards that expire.
Simple for both businesses and their customers
ACH payments are easy to set up for both businesses and consumers, making it a go-to payment option. They also eliminate the need to accept physical checks, which saves you time. With no more trips to the bank, you can spend more time on other areas of your business, and less time processing payments. Digital in nature, ACH payments also cut down on human errors and the time you might spend fixing them. Fixing small errors can ultimately cost your business both time and money.
Easier and more secure than checks
ACH payments are also much more secure than paper checks, which often have high fraud rates, get lost in the mail, can be stolen, forged, or tampered with. They provide a secure, contact-free option for customers who may not feel comfortable providing their payment details over the phone—which increases the chances that customers will feel safe doing business with your company.
Not only are they more secure for businesses and customers, ACH payments make the payment process easier compared to writing a check, increasing chances of converting them to a sale.
Take the work out of recurring billing by adding a bank on file
And in the case of recurring invoices, ACH payments can be automatic so your customers don't need to worry about receiving and paying a bill on time, removing friction in their relationship with your business.
If your business regularly bills customers, vendors, and the like, then ACH payments provide great benefits. Customers may forget to pay their bills, resulting in unpaid invoices and cash flow issues. By setting up recurring payments, your customers can pay on time, while you benefit from peace of mind knowing that everything is being taken care of in the background.
ACH payments through Square Invoices offer businesses a payment option that’s more cost effective than accepting cards and more secure and efficient than accepting paper checks. To learn more about ACH payments, visit Square ACH Payments.
Get paid with Square Invoices
Square Invoices lets you quickly send digital estimates and invoices from anywhere. You can track in real time which invoices are paid and unpaid, send reminders, and accept payments via card or ACH bank transfer 24/7. Because they’re so fast and easy, over 75% of Square Invoices get paid within a day.
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