Card Networks and wires and ACH, oh my!

Choosing your payment type can be a headache.

Choosing your payment type can be a headache.

Do you want your payments to arrive super fast, but have to pay higher fees?

Or do you want to pay your routine bills and payroll deposits with no (or small) fees, but have to wait a few days for the transaction to clear?

Let’s look at some options and when to use them:

Card Networks (fast but costly): Quickest to authorize, but significant processing fees. You can also get screwed over by disputes even after payments are “finalized.” This is the best option for small, immediate transactions.
Bank Wire Transfers (secure but expensive): Reliable and secure, taking a few days to process with minimal risk of failure. The biggest downside is that each transfer costs $10-$30+ which makes it suitable only for large amounts. Use this for significant transactions where security is important.
ACH Transfers (economical but slower): ACH payments are processed in batches, taking a few business days to clear. They’re mostly rejected only due to insufficient funds or incorrect account details. It’s best to use ACH transfers for recurring bills and payroll deposits.

Different strokes for different folks, and different payment options for different circumstances.

Learn more: 4 Ways To Accept Payment Online

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