Jun 10, 2013 Sean Albert
ACH card payments have been on the rise in recent years. Now, a leading cash flow and payment processing company is keeping up with the trend by turning to ACH to simplify operations.
Bill.com recently entered the ACH field, converting over 40 percent of client checking payments to the electronic format, according to the company's website. The source noted that more than 80 percent of all payments between consumers and small business retailers involve some level of paperwork. The implementation of ACH technology is the latest move by Bill.com to completely digitize the payment process in an effort to help retailers save on paper costs.
Every year, Bill.com moves more than $5 billion in cash flow to and from its customers, according to its website. With 40 percent of checks converted into ACH, Bill.com has helped the switch to the electronic system gain even more momentum.
Last year, ACH payments exceeded $21 billion, which was a growth of 4.3 percent from the previous year, the Electronic Payments Association said. The vast majority of those electronic transactions were among retailers, with 91.6 percent of ACH payments in 2012 coming from commercial enterprises.