Why is ACH Beneficial to Canadian SMEs
The ACH payment method is helpful and beneficial to small businesses, as they are quick, low cost, and easy to use.
► HOW LONG DO ACH PAYMENTS TAKE
ACH payments are fast; each payment is processed in batches, with three batches sent out per day. That means your payment can be processed and posted the same, or next, business day. With that said, the ACH network does not process on the weekend, hence they are only processed on business days.
► HOW MUCH DO ACH PAYMENTS COST
ACH payments have a nominal cost; in most cases, the sender is the one who pays for these costs. The flat cost for an ACH payment can range from $0.50 to $1.50. This type of bank-to-bank transfer is both cheaper and more secure in contrast to wire transfers, which can cost approximately $17 per transaction.
► HOW CAN I USE ACH PAYMENTS
ACH transactions are super easy for a small business to do and almost all banks in the United States support sending ACH transactions. To get paid, all you need to do is include a recipient account number and routing code on your invoice. With the recent pandemic, most customers have become very familiar and accustomed to using electronic bank transfers as a method for payment.