Aiming to set itself apart from its key competitors, WePay, a leading payments provider service for online platforms, processing billions annually for partners including GoFundMe, Care.com, JetPay and FreshBooks, has introduced ACH bank transfers as another payment type that platforms can offer their customers.
ACH, or Automated Clearing House, is an electronic network employed by US financial institutions to batch and move funds from one bank account to another, thereby allowing organizations and individuals the ability to pay and receive funds efficiently via their banks. According to the industry group National Automated Clearing House Association (NACHA), more than $40 trillion annually is moved via ACH.
WePay’s additional feature means partnering platforms can now allow US users the ability to accept secure ACH bank transfers in addition to credit card payments. Beneficial for high dollar transactions, buyers may now seek to spend above their credit card limits and sellers seek to reduce transaction fees.
“At a time when commerce increasingly flows through online platforms, we’re delighted to lead our category in offering more customer-friendly ways to get paid,” said Karen White, VP of Product at WePay. “We’re particularly excited to see this launch help customers conduct larger transactions within their platforms like never before. This is good for everyone.”
According to the fintech company, WePay’s ACH bank transfer option is immediately available to all of its platform customers. Those platforms that use WePay’s standard embedded checkout experience, also known as an iframe checkout, will now see a new “Pay with Bank” option. Those platforms that have integrated WePay code into custom checkout experiences will simply need to refresh their implementations to include the additional payment type. End users may also make payments directly from their accounts with most major banks through a simple integration unlocked by online banking log-in as well as entering their account and routing numbers, and then authenticating via a series of micro-deposits.
“We see the introduction of ACH payments as a huge benefit to our customers,” said Steve Dugger, Executive Vice President of Operations at BuilderTREND, a cloud-based construction management platform. “This is not just an additional payment method – it’s one that is ideally suited for the economics in our industry, and will likely help our builder and subcontractor customers get paid faster compared to more traditional invoicing.”