What is modern ACH enrollment?
When it comes to monthly bill payments, your customers want to “set it and forget it.” However, setting up autopay can be a pain. Manually entering payment information or account and routing numbers is cumbersome, prone to error, and vulnerable to expiry dates. With Open Banking technology, autopay enrollment via ACH becomes a breeze. Your customers can seamlessly connect their bank accounts with verified and validated information they already know and which never expires - their online banking credentials.
| Autopay Today | Autopay with Open Banking |
|---|---|
| Manual credit card or account/routing number entry that expires. | Seamless bank account linking with no expiration. |
| Account verification can take days. | Account verification in seconds. |
| Merchant stores payment information for processing. | Payment data tokenized and can be refreshed when requested. |
| Higher cost of acceptance with credit card. | Lower acceptance cost with ACH enrollment. |
Benefits of autopay using Open Banking include:
- Reduced friction during enrollment --> higher enrollment rates
- Instant account and balance verification
- Lowered cost of acceptance
Consult with an Open Banking Expert
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