Cashflow is a PROCESS….

Business

Hello there, folks! It’s me Vern at INGAGE, and I’m here to talk about something that’s going to help you streamline your business operations and keep your cashflow moving: offering credit card and ACH payments with QuickBooks Online and Oracle NetSuite.

Now, I know what you’re thinking. “Vern, why do I need to offer credit card and ACH payments? Can’t I just stick with cash and checks?” And the answer is no, you can’t. Not if you want to keep up with the fast-paced world of business.

So, let me break it down for you in true Verno Inferno fashion.

First of all, offering credit card and ACH payments makes it easier for your customers to pay you. We’re all living in the 21st century now, and people want convenience. They want to be able to pay for products and services quickly and easily, without having to write a check or count out cash. By offering credit card and ACH payments, you’re meeting your customers where they are and making it easy for them to pay you.

But it’s not just about your customers. Offering credit card and ACH payments also benefits your business. It speeds up payment processing, which means you’ll receive your money faster. And, since it’s all done digitally, there’s less room for error. You won’t have to worry about lost checks or incorrect payment amounts.

And, because you’re using QuickBooks Online or Oracle NetSuite, the process is even easier. QuickBooks Online and Oracle NetSuite allows you to easily set up credit card and ACH payments using the INGAGE B2B software, so you can start receiving payments in no time. You can even set up recurring payments, which is great if you have customers who pay you on a regular basis.

But the benefits don’t stop there. QuickBooks Online or Oracle NetSuite using INGAGE B2B payment engine also allows you to easily track your payments and see your cash flow in real-time. You can run reports and get a clear picture of your business finances at any time, which is essential for making informed business decisions. One of the BEST aspects of our service is that we provide an ACH payment option which allows you to offset your credit card expenses. Through our automated convenience fee process, customers have the option to select their preferred payment method and corresponding fees.

A little background info for you….

ACH stands for Automated Clearing House. It is an electronic payment system used in the United States to transfer money between bank accounts. The ACH system is a network of financial institutions that facilitates the clearing and settlement of electronic payments. It is used for a variety of financial transactions, such as direct deposit of payroll and government benefits, electronic bill payments, business-to-business payments, and person-to-person payments. ACH payments are processed in batches and typically take 1-2 business days to clear, although same-day ACH payments are also available. The ACH system is overseen by the National Automated Clearing House Association (NACHA), which establishes rules and standards for ACH payments and ensures the safety and efficiency of the system. ACH payments are often preferred by businesses and individuals as they are fast, secure, and cost-effective compared to other payment methods like checks or wire transfers.

There are several major credit card companies, including Visa, Mastercard, American Express, and Discover. These companies provide credit and debit cards to consumers and also offer payment processing services to merchants.

When a merchant accepts a credit or debit card payment, they typically work with a payment processor like INGAGE who handles the transaction on their behalf. The payment processor communicates with the credit card company to verify the customer’s account information, check for available funds, and authorize the payment. Once the payment is authorized, the payment processor transfers the funds to the merchant’s bank account, minus any fees or processing costs.

Credit card companies charge fees for their payment processing services, which can include interchange fees, which are a percentage of the transaction amount, as well as other fees like monthly statement fees or chargeback fees. The fees charged by credit card companies can vary based on the type of card, the volume of transactions, and other factors.

Despite the fees involved with other processors, accepting credit card payments can be a major benefit to merchants and even moreso using the automated convenience fee Credit cards are a popular payment method, and offering this option can increase sales and customer satisfaction. Accepting credit card payments can also help merchants reduce the risk of fraud, as the payment processor and credit card company handle much of the risk management and security protocols. Additionally, credit card payments typically settle faster than other payment methods, which can help merchants manage their cash flow more effectively.

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