04/28/2021 | Press release | Distributed by Public on 04/28/2021 10:36
Today, Square announced businesses can now accept Automated Clearing House (ACH) payments on Square Invoices, bringing convenience and payment flexibility to businesses and their customers alike.
ACH payments are an electronic bank payment method that provide a simple and secure alternative to card networks. ACH payment acceptance is another way that Square is meeting the needs of large businesses - particularly those with high ticket items where card processing fees can be cost prohibitive. During its beta testing period, Square found that the average ACH transaction on Square Invoices was $3,500 . Additionally, Square recently found that 28% of larger businesses are looking to accommodate a larger volume of transactions as sales increase, while 25% were looking for ways to lower overhead . Finally, with lower transaction costs through ACH payments, businesses can reduce operational costs and ultimately save money.
'We absolutely love using ACH payments on Square Invoices since it offers our patients another way to pay that is convenient and smooth,' said Renee Pickering, Director of Strategy at Dr. Daniel Barrett Plastic Surgery. 'ACH payments are seamless to implement and use on Square Invoices, with everything being handled on the back-end, and also offers us the opportunity to save on fees, which is a huge bonus.'
'Large businesses need integrated, seamless tools that enable them to operate smarter and more efficiently, all while being able to save on expenses,' said Ashley Grech, Global Head of Sales. 'ACH payments on Square Invoices allows us to compete for and better serve complex businesses like wholesalers, home and repair, and service providers that need lower transaction costs, while giving businesses another option in how they accept payments that ultimately brings huge benefits to them and their customers.'
With ACH payments, businesses can offer an additional way for customers to pay that is both simple and secure, while still providing safe, contact-free commerce. Customers can simply login with their bank details and complete the bank transfer remotely online.
24% of merchants surveyed report administrative tasks like billing and payment processing as key pain points in running their business . ACH payments on Square Invoices offers an integrated solution to streamline transactions by bringing all forms of payment under one roof, removing the need for a separate provider to handle ACH payments. In addition, for businesses with recurring billing needs, merchants can now use Bank on File with ACH payments, enabling them to automatically bill a customer by collecting and saving their bank information and billing them on a recurring basis, reducing missed or late payments and giving merchants time back by minimizing efforts spent on collecting payment.
Square Invoices is free for Square sellers and ACH transactions have a processing fee of 1% with no hidden fees for failed ACH transactions. To learn more about what your business can do with ACH payments on Square Invoices, visit here.
 Based on Q1 beta data of Square Invoices sellers using ACH payments. *
 *Based on Q1'21 survey conducted with Panel Fieldwork of 519 US active members of the buying/decision making group for business finance and operations.
About Square, Inc.
Square, Inc. (NYSE: SQ) is a technology and financial services company that offers software, hardware, and financial tools to empower businesses and individuals to participate in the economy. Sellers use Square to reach buyers across online and in-person so they can start, run, grow, and adapt their business. Square has offices in the United States, Canada, Japan, Australia, Ireland, Spain and the UK.