ACH for Collections

Use ACH Processing for Collections

The economy is tough and this inevitably leads to an increase in late payers. Businesses and consumers are looking to delay payment as long as possible.

Many business owners rely solely on mailing invoices and then hope that payment gets mailed in. If after repeated mailings the business owner may make  a reminder phone call. Many businesses will get the infamous “the check is in the mail” line. Typically more mailings are sent and possibly the account is turned over to a collections agency. There are certainly times when an agency is the only option but in many cases the business has lost  a customer.

One alternative for the business is to implement an ACH Processing Solution. This would allow for an alternative payment option. If the business does not take credit cards it can offer an electronic payment option for their customer. When the customer is on the phone simply let them know the business takes ACH checks by phone. The business may also direct the consumer to their website payment page where they can self enter payment data for an ACH website payment.

Another payment collection tool would be to offer the customer the option to pay over several months. If their bill is $300 offer to bill $100 per month over 3 months. ACH Recurring payments are simple to set up and the business now has the ability to collect the $300 owed AND keep the customer.

So consider adding ACH Processing to your businesses tool kit-it helps get you paid

About Wayne Akey

Providing ACH and credit card payment solutions guaranteed to save businesses time and money. You can find Wayne on Google +. A specialist in ACH Integration for software/ASP providers looking to emdbed payment processing capabilities. Read about Integration. View my LinkedIn profile here