How Does eCheck Processing Work?
December 20, 2021
eChecks vs. Credit Card Payments
January 20, 2022
In today’s technologically savvy world, there are countless ways for transferring funds from one bank account to another in the United States. In this article, we’ll cover five key ways you can accept global payments in the United States and the advantages of each.
Looking for any type of Payment Processing?
Let’s get started:
1. ACH Payment
ACH, or automatic clearing house, is a network that facilitates the global transfer of funds electronically from one bank account to another. Accepting an ACH payment is easy – all you must do is provide the payee with direct deposit information, a bank routing number, and a bank account number. The payer covers any additional costs involved with making the ACH payment.
2. Payment through mobile
Mobile is perhaps one of the most popular ways of making global payments from one bank account to another. With technologies like Apple Pay and PayPal, making quick and convenient payments through mobile has never been easier. A mobile “wallet” stores your credit and debit card information digitally, allowing you to pay by simply tapping your phone to a payment device. Mobile payments are perhaps one of the fastest and most secure ways of making global payments.
3. Checks
Many businesses think checks are “old-fashioned” and a thing of the past. Paper checks offer privacy and control that are difficult to guarantee with other digital services. What’s more, individuals and businesses save money on global payments with checks because they do not require them to open a brand-new bank account – a task required by many digital payment apps.
4. Cash
Until recently, cash was the most common form of payment in the United States. Cash is still used for smaller, everyday purchases. Cash is certainly a more direct form of payment; however, it can easily be lost, mishandled, or miscounted, which might lead to problems when it comes to accepting payment. Cash also loses its value over time, whereas money in a digital account has the possibility of making interest as the market expands.
5. E-Transfer
E-transfers are a quick and convenient way of transferring money from one bank account to another electronically. This method of payment requires both parties to have an account at a participating bank or credit union and to have an active email address or phone number to confirm the transaction. E-transfers can be set up to be accepted manually or automatically deposited into the recipient’s account.
Whether you operate a medium or large-sized business, and you accept credit card payments like Visa and Mastercard, the opportunities for global payment transfers have never been so diverse. If you’re not sure which type of payment is best suited for your business, you should consider alternative forms of payment. Learn more about our Kapcharge platform; it is a secure, robust, and cost-effective payment gateway made to deliver results.
Kapcharge is governed by experienced payment professionals who strategize to provide specialized online payment processing solutions. Our platform in transactional processing enables all forms of electronic transactions to occur Precisely and Securely. It works with all industries looking to streamline and optimize the submission and reporting of financial transactions. Get in touch with the experts at Kapital Solutions and request your demo today.
We look forward to hearing from you!
Looking for any type of Payment Processing?
