If you can't figure it out maybe math is the issue. 25 cents for ACH. CC is 2.75% and up. If you are doing 400k a month in CC that adds up to about 10k more in fees. In all the time we did ACH we probably lost an additional 3k that we would not have lost with CC. So.... 3k in 10 years is less than 10k in one month.
So why do people still do it...they can do simple arithmetic? You do raise some valid points. If you have to have the money and can't wait two days and so want to pay an effective annual interest rate that is enormous. If you are drafting the routing and account info is your customers not yours. I had someone fraudulently present a check for 92k on my account. Maybe that proves your point, but the bank credited my account in a couple of weeks and it really wasn't a big deal to get done. Only time it has ever happened. So again, the math tells me even if that happened every year one time instead of once in twenty years, and I didn't get my money back, I would still be better off using ACH. But, to each his own. I know a lot of people don't like the 2 day settlement period for ACH. in truth, CC is longer. You have what... 60 days for someone to contest a charge. While they do it the bank takes the money back. Not that that is a big risk. Probably about the same as someone's ACH not clearing. On Thu, Jun 28, 2018, 9:39 PM Matt Hoppes <mattli...@rivervalleyinternet.net> wrote: > ACH is slow (2 days to clear) > ACH is insecure (bank account numbers can be gotten off checks, etc) > ACH can wipe you out (if someone gets those account numbers) > ACH does not provide real-time-feedback (may not know things didn’t work > until it bounces two days later) > > Why anyone still uses ACH or checks or beyond me. > > A credit card is: > Instant (funds transfer immediately, you instantly know if the funds are > coming or not) > > Secure (there is a CVV code required - just having the number gets you > nowhere) > > Safe (if someone does steal your card they won’t wipe out your account and > you can quickly get the funds/transactions reversed) > > Easy to dispute > > > I have one vendor I pay via check every month because they won’t take > cards. Otherwise everything I pay personally and business is on CC. > > > On Jun 28, 2018, at 21:59, David Sovereen <david.sover...@mercury.net> > wrote: > > Same here. ACH saves us a bundle, and once customers are used to the > recurring payment, there are few bounces. Once a payment does bounce, > however, we only take cash or card... guaranteed funds. > > Dave > > Sent from my iPhone > > *David Sovereen* > > Mercury Network Corporation > 2719 Ashman Street, Midland, MI 48640 > 989.837.3790 x151 office | 888.866.4638 toll free | 989.837.3780 fax > > Telephone * | *Internet* | *Security Alarm Monitoring > > david.sover...@mercury.net > www.mercury.net > > <image001.png> > > > > On Jun 28, 2018, at 6:51 PM, Lewis Bergman <lewis.berg...@gmail.com> > wrote: > > That's true but if you assess a hefty enough penalty then they pay you for > it anyway. I used to make several thousand a month just off of late fees > and disconnect fees. We assessed a 25 dollar fee for any NSF. > > On Thu, Jun 28, 2018, 4:49 PM Matt Hoppes < > mattli...@rivervalleyinternet.net> wrote: > >> Sure but it takes two days for the failure to come back, so the customer >> can use that to game the system if they feel so inclined. With a credit >> card the acceptance or rejection is instant. >> >> On Jun 28, 2018, at 17:30, Lewis Bergman <lewis.berg...@gmail.com> wrote: >> >> I guess it depends on your billing system, how it cuts off people, etc. >> Mine would accept payment, then reverse it and cut people off >> automatically. One of the few things it did well. I was mostly ACH and it >> saved me a couple of grand a month if I remember correctly. >> >> On Thu, Jun 28, 2018 at 4:25 PM Matt Hoppes < >> mattli...@rivervalleyinternet.net> wrote: >> >>> Hey CH is a pain in my neck. Yes I don’t have to pay fees with the fees >>> are very small, but I am not guaranteed my money, and then I have to chase >>> balances and add fees and remove payments. >>> >>> On Jun 28, 2018, at 17:20, Eric Kuhnke <eric.kuh...@gmail.com> wrote: >>> >>> >>> https://engineering.gusto.com/how-ach-works-a-developer-perspective-part-1/ >>> >>> Might be of interest for those of you whose billing systems are set up >>> for ACH direct debits via checking account numbers. >>> >>> -- >>> AF mailing list >>> AF@af.afmug.com >>> http://af.afmug.com/mailman/listinfo/af_af.afmug.com >>> >>> -- >>> AF mailing list >>> AF@af.afmug.com >>> http://af.afmug.com/mailman/listinfo/af_af.afmug.com >>> >> -- >> AF mailing list >> AF@af.afmug.com >> http://af.afmug.com/mailman/listinfo/af_af.afmug.com >> >> -- >> AF mailing list >> AF@af.afmug.com >> http://af.afmug.com/mailman/listinfo/af_af.afmug.com >> > -- > AF mailing list > AF@af.afmug.com > http://af.afmug.com/mailman/listinfo/af_af.afmug.com > > -- > AF mailing list > AF@af.afmug.com > http://af.afmug.com/mailman/listinfo/af_af.afmug.com > > -- > AF mailing list > AF@af.afmug.com > http://af.afmug.com/mailman/listinfo/af_af.afmug.com >
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