How does a payment gateway work?
When a customer enters their payment information in the payment application (online, over the phone, or other integrated software), the gateway requests payment from the customer's issuing bank verifying both the accuracy of the account data and availability of funds. Once the information is validated, the gateway sends requests the funds transfer, deposits the payment, and sends the transaction details to your merchant account. All of this takes place instantly and is completed in a matter of seconds.
What is ACH?
ACH is an electronic clearinghouse that facilitates the movement of funds between demand deposit accounts (e.g., checking and savings accounts). Common applications include direct deposit for payroll and direct debit for automated loan payments.
In 2000, the ACH began releasing a wave of new applications collectively referred to as “e-check” applications. These applications make it possible to accept payments by phone, online, and even the conversion of mailed in checks to electronic items.
How fast do I receive funds?
Funds are usually transferred in 24 hours. Many ACH processors impose a hold and/or reserve requirement to manage their transaction risk (e.g., fraud, returns). It typically takes 3 – 5 days to see your money with an ACH transaction.
What are the advantages of ACH over other types of payments?
There are many advantages to ACH payments - faster settlement timeframes, shorter return notification windows and automated return re-submission. This coupled with a low cost per item in comparison to other payment systems such as wire transfers and credit cards make it an attractive payment system for many businesses.
Can my company benefit from ACH?
If you bill for a service or are in the business of collecting payments for others you can benefit from ACH. ACH will allow you to accept payments via the phone, online, and convert traditional checks received into electronic items.
Credit Card Processing
Do I need a card terminal or “swipe machine” to accept credit card payments?
Unless you have a store front or accept walk-in bill payments; no, you do not need a card terminal or “swipe machine”. PaymentVision’s built in virtual terminal functions just like a card terminal, is accessed via the web, and is appropriate for companies accepting payments in a card-not-present environment.
What is a merchant account?
A merchant account is an agreement between your company and an acquiring bank which entitles you to accept credit card payments. A merchant account is required to accept any major credit card brand.