Unlocking Hidden Revenue: ACH Solution for Crypto Purchases
The convenience of Paybis meets finesse of ACH.
Credit cards have long reigned as the preferred payment method in the USA, offering unmatched convenience and safety. It is the most popular payment method, with 4 out of 10 transactions going through them every time.
Credit cards are so popular that 83% of US adults own at least one. But let’s face it: the crypto realm hasn’t quite danced to the same tune. The culprit? Transactions may be arbitrarily disapproved due to false positives or other reasons that are heavily influenced by the Merchant Category Code (MCC) 6051.
Big banks like Bank of America and Wells Fargo have been called out for gatekeeping as many as up to 45% of transactions trying to buy crypto with credit cards, leaving us all yearning for an alternative.
Enter ACH, the unsung hero of electronic payments. With approval rates soaring as high as 90%, ACH has stood the test of time, proving itself as the reliable payment method for a wide array of transactions.
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ACH for Crypto Purchases: A Viable Alternative?
ACH is an electronic payment network in the United States that has gained significant traction due to its reliability, security, and low-cost nature.
Operating as a batch processing system, ACH groups multiple transactions together, processing them at specific intervals throughout the day. This approach significantly reduces associated transaction costs.
ACH’s user base is also very large, with more than 30 billion electronic payments being processed in 2022 alone. Further, most credit card holders in the US also have access to ACH as a mode of payment.
Now, what if your business had access to this network? ACH is a convenient payment solution for most US households – opening it up as a payment method for your customers will have profound positive implications for revenue.
Paybis: Enabling ACH Payments
One of the many things Paybis is known for is its relentless commitment to bringing the latest and greatest technology – including new payment methods – to as many users as possible.
In the spirit, Paybis engaged in a quest to deliver a payment experience that is unlike any other – a crypto buying experience that would skyrocket your approval rates. No more frustrated customers emailing you and asking why their credit card transactions are being declined.
We dived deep into ACH, recognizing its immense popularity, and saw the untapped potential it held for revolutionizing crypto transactions.
After meticulous research and tireless development, we have masterfully integrated ACH payments into our platform.
Imagine ACH’s awe-inspiring approval rates. The result? A gateway to transactions that materialize at the speed of thought, with approval rates soaring as high as 90%.
ACH also has much lower fees than credit cards, which is why many Americans prefer this payment method for smaller transactions or repeat purchases.
Benefits of our ACH Payment Solution
Customers do not need to worry about their transactions being blocked by large banks as this system is not subject to the same MCC-based approval system.
Higher Success Rates
Payment methods like credit cards often face roadblocks when it comes to processing crypto transactions. Security concerns lead to a significant number of declined transactions, causing frustration for users and lost opportunities for businesses.
Buyers should be able to make purchases without worrying about the outcome of their transaction. This, in turn, leads to higher conversion rates and improved customer satisfaction.
Returning Customers
The Paybis widget saves customers’ payment information and provides them with a secure, simple, and fast checkout experience. This encourages returning customers as they do not have to fill out their details every time they want to make a purchase.
All the billing information is stored in PCI-DSS-certified data centers, ensuring that the customer’s data is safe from malicious actors. Customers can also update their payment information whenever they want, giving them a sense of control and further improving the user experience.
Such convenience, associated with low fees, will encourage repeat transactions and increase the lifetime value of each customer.
Suitable for Small and Recurring Transactions
One of the biggest advantages of ACH is that it can process small transactions with minimum fees. This makes it ideal for businesses that need to send and receive recurring payments from customers on a regular basis or those looking to make small yet frequent purchases.
When you integrate the Paybis White Label On/Off-Ramp on your website or app, you can get up to 40% more transactions to go through that are otherwise declined due to credit card failures.
Large User Base and Volume
It has become the preferred method for various financial activities, such as direct deposits, bill payments, and peer-to-peer transfers. In 2022 alone, the ACH Network processed over $76 trillion spread across 36 billion payments.
This proves that a large user base already exists for ACH, which your business can leverage to attract more customers. By enabling ACH payments to buy crypto, you automatically cater to a larger segment of customers, increasing your customer base and revenue.
Paybis Deterring ACH Fraud
ACH fraud refers to the unauthorized use of ACH payments to acquire goods or services. This type of fraud is common in the crypto industry due to its anonymous nature.
Since ACH is a batch processing system, it requires less manual intervention than other payment methods. This helps reduce instances of fraud and human errors.
Businesses also have an added layer of security with ACH payments, as customer identity can be verified through bank accounts. It eliminates the need for customers to provide sensitive information like credit card numbers, reducing the risk of data theft.
While ACH fraud is not very common compared to other banking scams, it certainly is considerable. A report from JP Morgan suggested a 3% increase in frauds from 34% to 37% from 2020 to 2021.
Paybis understands the need for businesses to protect themselves against fraudulent activities and thus has developed comprehensive anti-fraud systems designed to detect and prevent malicious transactions. We also take several steps to ensure that only genuine users make legitimate purchases.
Our fraud prevention systems scan all transactions for suspicious behavior, which is then analyzed and flagged. We also have a team of experienced analysts who monitor transactions to ensure all activities are taking place in a secure environment.
Conclusion
The ACH payment solution is a great way for businesses to offer their customers an easy, secure, low-cost payment option.
At the same time, customers benefit from high approval rates, reduced fees, and a convenient checkout experience. This helps to increase customer satisfaction, reduce churn, and encourage returning customers.
Overall, our ACH payment solution benefits merchants and customers alike. It provides businesses with a secure way to process payments while allowing customers a safe and hassle-free experience.
Tap into hidden revenue for your business today by integrating the fully customizable Paybis White Label On/Off-Ramp. Start today by reaching out to the team for a demo.
Disclaimer: Don’t invest unless you’re prepared to lose all the money you invest. This is a high‑risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more at: https://go.payb.is/FCA-Info
