Local Payment Processing in More Places with South West POS Technologies & Instabill

Local Payment Processing in More Places with South West POS Technologies & Instabill

Our partnership with Instabill has brought our clients a list of affordable financial services. Now, you can utilize local payment processing across multiple countries or regions. That means more of your customers can pay with their MasterCard, Visa, or American Express.

What Convenient Payment Options Does for Your Business

There was a time when people paid with cash almost exclusively. Things have changed a lot in the last few decades. Now, people rely on their debit and credit cards more than the cash they used to carry in their wallet.

Payment processor TSYS conducted a survey in 2017 that included 1,000 consumers. The results found that 33% preferred credit cards and 44% preferred debit cards. Only 12% chose cash as their preferred payment method.

Despite the obvious preference, many small businesses still only accept cash. While it can make things easier when it comes to managing funds, it will inevitably lead to lost sales. Some people choose to not carry money around with them, relying entirely or mostly on their cards. By expanding your payment options, you will be opening up your doors to those people while making the experience more convenient for all customers.

Offering a familiar form of payment can also help build trust among consumers. Accepting all or most of the popular payment methods will send a message that your business is up-to-date and invested in customer convenience and satisfaction.

Benefits of Using Instabill to Accept Payment

Using Instabill will immediately introduce several benefits to your business, including:

  • Quick Integration with Minimal Downtime – Setup is easy and requires minimal downtime. You can introduce this powerful tool to your company using a one-time integration with the partner platform. Get your new payment processing service up and running so you can start using it sooner.
  • Increased Potential to Earn Revenue – As soon as you begin accepting more payment options in more places, you will grow your potential to earn revenue. Instabill has reached new markets, giving you the opportunity to increase your customer base.
  • Expansion into New Markets – Instabill bridges the gap between you and places where accepting payment was previously challenging. Choose your target market and preferred payment methods like UnionPay, JCB, or Alipay.
  • Accept Form of Payments Customers Recognize – Customers are more willing to buy when they can pay with a service that they recognize. Instabill works with local payment systems so you can build confidence in potential customers.

Where Can I Accept Payment with Instabill?

Instabill’s reach is broad and includes several up-and-coming markets that could make a huge difference in your profits. The system currently supports payment processing through:

  • Europe
  • Latin America
  • Asia Pacific
  • Middle East
  • Russia

Each region includes a long list of accepted payment services. Contact us to find out if a service you would like to accept is included or to learn more about how Instabill can grow your business.

Does Your Business Use ACH Payment Processing?

ACH (Automated Clearing House) is a payment processing method that every business should utilize. Transactions are completed electronically, allowing merchants to deduct amounts owed directly from a customer’s bank account.

What Happens When I Receive an ACH Payment?

ACH payments are favored by vendors because they save time and do not come with interchange fees. No documents or check numbers have to be exchanged. It’s a straightforward process that’s secure. What happens when you receive an ACH payment?

  1. First, preauthorized permission is provided by the customer in a verbal, written, or electronic format. This allows the merchant to process the transaction.
  2. Next, a batch file transmission, virtual terminal, or payment gateway is used to convert the payment into an ACH transaction that is sent to the payment processor.
  3. The processor presents the transaction to the customer’s financial institution to debit the funds.
  4. The ACH payment process usually takes anywhere from three to seven days to complete. Recent changes made by the National Automated Clearing House Association (NACHA) have introduced same-day payments.

The Benefits of Using ACH Payment Processing

More businesses are discovering the benefits of using ACH payment processing. The system connects the vast majority of financial institutions operating in the United States. As the world of ecommerce expands, so does the reach of ACH processing. Those who introduce this payment method find that:

  • It is more convenient than processing paper checks
  • It’s cost-effective making it a viable payment option
  • Businesses can reduce the cost of postage and envelopes
  • It can be set up to deduct recurring payments automatically
  • It’s secure and reliable, preventing the theft of checks or credit cards

Why Should My Business Use ACH Payment Processing?

It can be challenging to keep up with changes in the financial industry. As a business owner, it’s vital to know what’s available to you to better serve your customer base. If you do not currently offer ACH payments, now is the time to look into it. You could be missing out on valuable benefits and more business. Why should you start accepting ACH payments?

  • Same-Day Payments Exist, and Customers Love It

Most customers prefer to have debits deducted from their bank account as soon as possible. It’s much easier to keep track of balances when you don’t have transactions in limbo, already processing but still not deducted.

Same-day ACH payments were rolled out in September 2016. It started with credits and transactions of under $25,000 between U.S. banks. Phase two was introduced the same month the following year and expanded the program to allow merchants to withdraw funds the same day. Phase three went into effect in March of this year and requires banks to deposit ACH funds by 5 pm the same day.

  • A More Affordable Payment Processing Option for Any Business

Credit cards are convenient but come with fees. ACH costs less for the merchant. There are fees for transactions. However, businesses do not have to pay interchange fees. Interchange fees are the amount paid by the acquiring bank to the issuing bank for the transaction. This makes up the majority of credit card processing costs.

  • ACH Payments are Secure for Customers and Merchants

Security is a big concern for businesses and customers these days. Technology makes life easier, but it also presents opportunities for thieves. While there is no 100% safe form of payment, ACH transactions come with protections like merchant-specific registration, micro validation, and encryption.

How Do I Start Accepting ACH Payment

Getting started with ACH processing is easy with the help of South West POS Technologies. Contact us today to learn more about fees, benefits, and setting up this in-demand payment method.