Given the rapid evolution of payment methods, it's easy for ISVs to concentrate on innovative ways to process credit and debit cards. However, many businesses and merchants still rely on cash and check payments and will continue to do so. ISVs must offer these options to deliver a truly comprehensive solution.
This is where ACH processing comes in. ACH provides numerous benefits to merchants, including faster access to cash and lower costs. A robust ACH payment solution can also handle check processing. However, not all ACH solutions are equal. Choosing the wrong partner can lead to compromises and the need for workarounds.
An ideal ACH partner offers the flexibility, transparency, and freedom necessary to transform ideas into profitable payment solutions.
Flexibility The right ACH payment partner will be flexible in creating solutions for your customers. Many ACH partners use their banks to clear transactions and then send the settled funds to your bank. This approach works for modest transaction volumes in well-established industries. However, many ISVs and their large or high-risk merchants have relationships with banks that understand their business.
An ISV with enterprise and high-risk merchant clients needs a partner that allows direct collaboration with their banks to set underwriting standards, manage risks, and expedite funding. A payment processor that can support a direct-to-bank ACH file in a scalable and reliable manner makes ACH and Check Capture centered around your needs.
The best ACH partner can process transactions with any bank and quickly adapt to new banking relationships as they arise.
Adaptability ISVs need to develop solutions that can evolve alongside their merchants. This is particularly crucial for accepting cash and checks. Initially, some ISVs may prefer to rely on a processor to handle transactions, minimizing their risk. As they grow, however, they may want to take on more risk, customize their solutions further, and even become the processor themselves. A great ACH partner provides the tools and banking options to support this evolution, paving a path for success and growth.
By partnering with an ACH provider that offers easy enrollment, robust technology, management tools, and bank clearing to assume risks, ISVs won't need to switch partners as they evolve. Over time, a superior ACH partner can gradually transfer responsibility for risks, enrollment, and banking, all while accelerating the flow of funds and reducing costs.
Easy Integration
In today's fast-paced world of innovation, integration should be smooth and effortless. A quality solution provider will offer a well-documented RESTful API that simplifies the process for your development team. However, just having a RESTful API doesn't guarantee seamless integration. Many ACH vendors have preset integration processes that might seem straightforward but often lead to additional coding work for your team. Every minute spent on unnecessary and unexpected integration tasks is time lost.
Look for an ACH partner that offers flexible integration processes to minimize your development team's workload. When discussing integration, inquire about the resources and communication provided. Ensure the ACH payments partner can integrate with your existing workflow without requiring process changes.
An ideal ACH payments solution should easily integrate and support ongoing development efforts, enhancing your competitive advantage without diverting developers from their core focus.