ACH Processing

American consumer debt is at an all-time high, recently surpassing nearly $5 trillion. Now more than ever, it’s critical to ensure timely collections processes and debt recovery. ACH Collection Services can help you receive more eCheck payments faster.

Credit and Debit cards have become increasingly popular with today’s consumers in making online transactions. However, with ACH payments, you can keep your processing costs low, while adding a revenue stream and additional convenience to customers. This post will explore the top benefits of ACH Collection Services.

Lower Costs

Customers want fast, easy and convenient ways to pay off their debts. Many collections agencies today request that customers send in paper checks or only pay over the phone, which can hurt their business.

Using ACH, also known as eChecks, your business can save costs by eliminating mail and processing float associated with paper checks, while improving accounts receivable.

ACH Collection Services help you further reduce receivables processing costs. Relative to debit and credit cards, ACH transactions generally have lower per-transaction processing fees (and with Actum, there are no flat, added monthly fees). Whether you accept your payment online or over the phone, your fees will stay low with ACH.

Reduced Churn

Involuntary churn can happen when customers forget to update their card details, have their cards lost or stolen, or exceed their credit limits. For collections agencies, this can mean that you risk having more delinquent accounts, which thereby decreases your likelihood of recovering funds.

With direct debits, recurring payment schedules using ACH bank transfers can help reinforce the predictability of your revenue stream. Moreover, since consumer bank account information gets changed on a relatively infrequent basis, it does not expire, get lost, or get stolen– helping you maximize receivables across order-to-cash operations.

Same Day ACH

When collecting debts, you want to maximize accounts receivable and minimize DSO as much as possible. With Same Day ACH, you can minimize the risk of insufficient funds (NSF) by debiting funds on the same day that you initiate a transaction. When you work with Actum, submitted debit transactions clear by either 12:00 p.m. or 4:00 p.m. (Central) on the same day, depending on the file delivery window chosen.

If you elect for a later submission deadline, more of your payments can get included in the same day’s processing batch, helping you reduce DSO. Plus, Same Day ACH transactions are getting even faster soon.

Improved Forecasting

Actum’s secure Authentecheck solution allows your consumers to make payments using only their online banking login credentials– but that’s not all. You can improve your accounts receivable forecasting with unprecedented access to your client data.

Using this data, you can proactively monitor accounts and discover new business insights, including spending behavior, historic income activity, current and forecasted account balances, and future deposit dates. As a result, you can make more data-driven business decisions when it comes to debt recovery schedules.

Support for Many Types of ACH Collection Services

Whether you’re recovering business or consumer debt, Actum has you covered. We support a wide variety of collections services, including:

  • Account, bill, and debt collection services
  • Delinquent account collection services
  • 1st, 2nd and 3rd party collections
  • Commercial or business debt collections

Learn More

As ACH industry veterans, we’ve developed a comprehensive suite of ACH / eCheck payment submission methods, reporting capabilities, and network of software partners and banking relationships, to help thousands of collections businesses connect to the ACH Network.

Contact Us to discuss how ACH payment processing can help your business receive payments faster.

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