Nationwide economic shifts are causing businesses to reconsider their ACH processor

In the wake of the novel coronavirus, many things remain uncertain, but there is one concrete fact to face: Our country has experienced a seismic economic shift.  While we collectively navigate this new economic landscape, many, if not most, are evaluating spend and looking for ways to save across the board.  

This is a prime opportunity to reflect on your relationship with your current ACH processor and decide if you can do better. When considering switching to a new ACH processor, consider these tips.

Understand all rates and fees assessed

Increased processing rates month over month is the number one reason people seek a new processing partner.  Introductory rates and fees in this industry are common, and business owners can be caught off guard when rates suddenly increase after their introductory period.  Too often, at this point, business owners are stuck in a long-term contract with limited options.   It can be a time-consuming and expensive process to get out of a contract, but sometimes, it is still the best option to save in the long run.

Avoid Unnecessary Fees

Many processing providers also add superfluous fees to their services, often without disclosing them during on-boarding.  Of course, providers have a right to charge you for services they’re providing, however, be wary if you notice high, unreasonable, or undisclosed fees on your invoices.

If you are experiencing monthly increases or are perplexed as to what the fees you are paying are actually for, it may be time to consider a new ACH processing partner.

Take Your Time Before Signing a New Contract

The best time to review a contract is before you sign.  However, if you are unhappy with your current ACH processor and are in a contractual bind, you are not alone. 

Take your time when receiving an initial quote, and make sure to ask all necessary questions before signing the dotted line.   

An ideal processing partner will offer transparent rates, avoid hidden fees, and offer competitive rates.  Additionally, make sure to understand the contractual cancellation structure. During this unprecedented time, you may want to try to request cancellation due to COVID-19, although if breaking contract terms, it will be up to the discretion of the provider.

Consider Switching to EFX as your ACH Processor

EFX’s provides value-added functionality and a higher level of client satisfaction.  This has never been more important than in today’s volatile market. Throughout the spread of COVID-19, EFX has remained open and processing.  EFX is proud to stand by our promise of white-glove customer support, providing one-on-one service while driving results, and minimizing spend.

If you would like to evaluate your current ACH processing solution, or if you have any questions regarding cost savings, please do not hesitate to reach out.