April 12, 2018
While total ACH transactions in the U.S. grew 5.7 percent from 2016 to 2017, ACH transactions made via the Internet increased more than 13 percent, according to NACHA. U.S. consumers and businesses made 5.2 billion transactions over the ACH network last year as merchants continue to look to optimize costs associated with online payment acceptance. As faster payments initiatives worldwide continue to advance, resulting in more Same Day ACH transactions, e-commerce merchants may continue to leverage ACH more for online payments.
“2017 marks another significant achievement in the evolution of the ACH Network, as transaction volume was exceptionally strong and Same Day ACH was made fully available,” said NACHA COO and General Counsel Jane Larimer. “The continued robust growth comes as no surprise as the ACH Network continues to evolve to meet the needs of financial institutions, businesses and consumers.”
While ACH has been the standard in the U.S. for payroll, B2B and other kinds of payments, adoption by merchants as an online payment method has been low, despite lower costs for merchants. Credit cards remain king of online payments, for now. But, NACHA’s announcement could presage more growth in this payment method.
The CNP Expo (May 14-17 in Orlando, Fla.) will devote an entire educational session to the challenges and advantages inherent in accepting ACH transactions. Moderated by NEACH CEO Sean Carter, ACH Acceptance: Challenges and Opportunities will help you determine if ACH is right for your business and what you need to consider from a technology standpoint to make it happen.