Nov 13, 2013 Dave King
Electronic payments have become increasingly popular among businesses and consumers in recent years, especially considering the quickly rising adoption rates of smartphones. Additionally, ACH cards have started to gain some traction among individuals and employers, as these automated payments can take the strain off accounts payable and receivable departments.
PYMNTS.com recently announced that it has released a new report that tackles some of the intricacies associated with ACH payments, asserting that these transaction methods might be the most commonly preferred options among consumers in the coming years. The study, titled "ACH at the POS: Smartphones Help Bring Real-Time Value To Merchants," explored the interplay of ACH systems with other payment processing technologies.
"Historically, ACH-based POS payment services lacked a compelling enough offer to encourage widespread merchant and consumer participation," PYMNTS.com senior analyst Jeff Green, who authored the report, explained "The broad array of smartphones now used by more than half of U.S. American adults is helping to make it possible to overcome that dilemma by enabling merchants to offer apps that tie embedded ACH products with real-time rewards and SMS text offers to help boost customer loyalty."
According to the news provider, the report also guides businesses through the evolution of ACH payment models, as well as the ways in which these systems will provide companies with perks and impact Merchant Customer Exchange.
Retailers, as well as virtually any company that provides products or services to consumer clientele, need to consider upgrading their payment processing technology in the coming years. Studies indicate that consumers will continue to aggressively adopt tools and devices, and businesses will need to keep up to maintain loyalty and attract new prospects.
Companies will also need to focus on ACH card and electronic payment security to minimize the risk of data loss and theft.