Best ACH Merchant Accounts (2024) - Overview, Features, Fees

Are you tired of waiting for checks to clear and dealing with inconvenient transactions? If you’re a business looking to accept payments directly from customers’ bank accounts, ACH merchant accounts provide a much more secure, convenient, and speedy alternative.

In this article, we'll dive into ACH merchant account types and payment processing. We'll also discuss how Wise Business could be a good option for your ACH transfers, especially if you're doing them internationally.

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Types of ACH merchant services

ACH doesn’t just cater to one type of transaction, either. There is a diverse range of services that meet the needs of various transaction scenarios, business models, and speeds. While the most common is making payroll deposits, other types of transactions include quick payments and deducting recurring subscription fees. To get an overview, let’s check out the most common types of ACH merchant services:

• ACH debit transactions – With debit transactions, ACH merchants can withdraw funds electronically from customers’ bank accounts with the right permissions. They’re typically used for recurring payments, such as monthly fees or subscriptions.
• ACH credit transactions – Credit-style transactions let businesses deposit funds directly into a bank account, which is most useful for things like vendor payments, tax refunds, and payroll.
• ACH payment gateway – Payment gateways act as a secure intermediary between the payment processing network and a point of sale system or website.
• Same-day ACH – In cases where expedited service is required, ACH transactions can be processed within the same business day.

Best ACH payment processing for merchants

In this section, we’ll highlight and evaluate a few of the top ACH payment processing companies with services for merchants to carry out seamless transactions.

1. Wise Business ACH Payments

Wise is an international money transfer service that allows for low-cost ACH payments in various currencies. It's a great option for businesses with global clients or suppliers. It's a business account, not a bank account, which makes it a little less of a commitment financially or otherwise compared to the bank accounts listed above.

Wise allows users to send and receive ACH payments. They will generate a quote based on how much you intend to send or receive for their fees, which are usually minimal and very up-front.

Sound amazing? See for yourself how much time and hassle you can save.

Looking to make or receive payments internationally? Learn more below.

Wise and QuickBooks together

If you have international bills to pay, not only can you pay them at the mid-market rate with Wise, but now you can also sync Wise Business with QuickBooks.

• You can see your unpaid bills in real-time and pay them seamlessly from your ‘Bills’ page on Wise.
• Your bill payments and any other Wise transactions will be synced, matched, and categorized in QuickBooks for simple reconciliation.
• Once connected, all bills you create in QuickBooks Online will automatically sync in real-time to Wise, where you can choose which ones to pay.

Some key features of Wise Business:

Major local account details to receive international payments with ease No monthly account fees just a simple one-off fee for account details Receive payments from e-commerce platforms (such as Amazon or via Stripe). Create invoices using the Wise invoice generator or invoice templates. Accounting integrations, including a QuickBooks Bill Pay connection. Bill payments will be synced, matched, and categorized in QuickBooks for simple reconciliation. Batch payment options. Fast payment of up to 1,000 invoices.

2. Chase Payment Solutions

Chase Payment Solutions covers a broad scope of payments, including in-store, online, and on-the-go payments.

Features

• Same-day deposits with fast funding.
• Tailored industry solutions for retail, ecommerce, healthcare, and more.
• Contactless payments with Tap to Pay on iPhone.
• Chase Customer Insights platform for analytics.
• Integrated payment solutions for websites, invoicing, and more.
• Connects seamlessly with Chase bank accounts.

Pricing

The Chase Merchant Account boasts a 2.90% online rate and $0.25 per online card transaction.²

3. Square Merchant Solutions

Signing up with Square grants you access to their fully integrated network for efficient omnichannel payment processing. They’re one of the best ACH processor platforms for businesses that want a complete system including hardware, software, and payment processing.

Features

• Ability to connect with Square Banking.
• A variety of point-of-sale products, such as the Square Terminal, Square Register, and Square Reader to accept chip cards and contactless payments.
• Integrate with third-party business apps like Wix, QuickBooks, Acuity Scheduling, and more.
• ‘Buy now, pay later’ option with Afterpay.
• Square Online Checkout payment links.

Pricing

Square’s fees depend on the type of transaction you’re conducting. For example, in-person card transactions cost 2.6% + $0.10 each, online transactions come with a 2.9% + $0.30 charge, and manually keying in a transaction incurs a 3.5% + $0.15 fee. The ‘Buy now, pay later’ option comes with a 6% + $0.30 per transaction charge.³

4. PayPal

PayPal offers a range of local and international ACH payment processing tools for merchants to accept major card and PayPal payments from buyers worldwide.

Features

• Request payments with just an email, phone number, or PayPal account username.
• Send invoices with a built-in payment button.
• Integrated checkout with subscriptions and donation options.
• In-person payments with Zettle or Braintree.
• Seller Protection to handle chargebacks and prevent fraud for eligible online sales.

Pricing

PayPal’s pricing depends on the method of transaction, whether it’s a domestic or international transaction, and the seller’s location. For domestic transactions, fees range between 2.29% and 3.49%, with a fixed fee of $0.30 for the US. For international commercial transactions, there’s a 1.50% extra fee + a fixed fee based on the currency received. There’s also a 3% - 4% currency conversion markup from the exchange rate.⁴

5. Helcim

Helcim is a payment processing solution that caters specifically to small businesses in North America. Along with their broad spectrum of payment solutions, they also feature a customer manager solution and inventory management solution.

Features

• Take in-person payments with the Helcim Payments app on any device.
• Option to purchase a Helcim card reader or terminal.
• Virtual terminal to process credit card payments and ACH bank transfers.
• Create a full end-to-end ecommerce store with Helcim Online Checkout.
• Automated subscription plans and recurring payments.
• Accept international credit cards.

Pricing

Helcim’s pricing works on a ‘the more you process, the more you save’ model. For monthly credit card volumes of $0 - $50,000, in-person payments cost 0.40% + $0.08, and keyed and online transactions cost 0.50% + $0.25. On the next tier of volumes of $50,001 - $100,000, the rates drop to 0.35% + $0.07 and 0.45% + $0.20, respectively.

Processing fees also feature Helcim’s Interchange Plus pricing, which helps you save on the processor’s margin that is added on top of the interchange fee.^5,6

6. National Processing

Suitable for both small businesses and larger corporations, National Processing is a straightforward payment processing service that is tailored to industry and specific payment solutions.

Features

• Accepts ‘High-risk’ industries along with retail, ecommerce, service, and more.
• Point-of-sale systems, terminals, and ecommerce solutions.
• ACH and eCheck payment solutions.
• Third-party integrations with point-of-sale systems, websites, CRMs, and accounting tools.
• Email/text invoices and payment links.
• Memberships, payment plans, and subscriptions.

Pricing

National Processing has four plans.⁷

• Basic In-Person Plan: Transaction pricing of 2.5% + $0.10 and manual processing at 3.5% + $0.15 with a monthly fee of $9.95 per month.
• Basic ecommerce: Transaction pricing of 2.9% + $0.30 and a monthly fee of $9.95 per month.
• Advanced Plan: Transaction pricing of 2.41% + $0.10 and a monthly fee of $19+ per month.
• Premium Plan: Custom pricing for businesses that do over $30k in monthly sales with a monthly fee of $9.95+ per month.

What to look for in an ACH payment processing service

With so many ACH merchant account options out there, how do you make a choice? Several factors might sway your decision, such as their international capabilities, their quality and utility, fees, level of security, integration capabilities, and more. Depending on whether you’ll be dealing with in-person payments, online payments, or a mix of a variety of payments, you’ll also want to look at each processor’s specific offerings to see if they’re a good fit.

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Sources used :

1 - Nacha - History Nacha and ACH Network
2 - Chase - Pricing
3 - Square - Payments
4 - PayPal - Merchant Fees
5 - Helcim - Pricing
6 - Helcim - Interchange Plus
7 - National Processing - Pricing
8 - Wise Trustpilot

Sources last checked on 25-January 2024.