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 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