iWallet processes payments based on ACH transactions and a Free QR Menu - PowerPoint PPT Presentation

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iWallet processes payments based on ACH transactions and a Free QR Menu

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iWallet is offering Free QR menus for restaurants as well as a chance to remain at the top of the game. The use of ACH systems has facilitated the use of electronic payments and automated money transfers through a centralized system that moves money from one bank to another. – PowerPoint PPT presentation

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Title: iWallet processes payments based on ACH transactions and a Free QR Menu


1
iWallet processes payments based on ACH
transactions and a Free QR Menu
2
Table of contents
  • iWallet processes payments based on ACH
    transactions and a Free QR Menu
  • How it works
  • Why opt for ACH payment systems?
  • Integrating ACH payments into your business

3
iWallet processes payments based on ACH
transactions and a Free QR Menu
  • With the Covid-19 situation around the globe,
    restaurants and hoteliers are facing the brunt of
    the pandemic, with many being forced to shut down
    businesses or downsize to stay afloat.

4
  • However, new and upcoming technological systems
    make it easy for food industry players to
    maintain the required hygiene safety standards,
    while remaining operational, by providing their
    clients with safe and secure methods of
    interaction while visiting dine in or take out
    restaurants. iWallet is offering Free QR menus
    for restaurants as well as a chance to remain at
    the top of the game.

5
  • The use of ACH systems has facilitated the use of
    electronic payments and automated money transfers
    through a centralized system that moves money
    from one bank to another.

6
How it works
  • ACH transactions allow clients to pay for
    services directly from their bank without paying
    extra processing fees, as opposed to going
    through a credit card system, cash, wire
    transfers, or paper cheques. This offers
    convenient and free services both to the client
    and the merchant.

7
  • To enable the transfer of cash from one account
    to the next, the ACH system through iWallet
    requires banking information for account
    verification from the client. This information
    comprises
  • Bank account number
  • Routing number
  • Employees bank account number
  • Type of bank account

8
  • As this information is susceptible to
    manipulation and can be detrimental when exposed
    to the wrong hands, iWallet ensures this
    information remains extremely secure by using
    Plaid, which only provides the bank transaction
    logs to verify the account for authorization to
    transfer the funds immediately. In this way, the
    consumer and merchant information remains
    protected.

9
  • ACH payments are regulated by the federal
    government and NACHA, ensuring the proper
    guidelines are adhered to by participating
    bodies.
  • ACH transactions only go through when the client
    has initiated the transaction, which happens when
    making a purchase. This way, the client is in
    control of when and where the payments are made.
    After initiation of the payment, the payment
    processor, otherwise, the bank of the client or
    originator of the account details, submits the
    ACH entry and sends feedback to the ACH operator.
    This facilitates information flow to the operator
    prompting the centralized system to sift through
    the listings determining whether they are
    payments or deposits.

10
  • ACH transactions only go through when the client
    has initiated the transaction, which happens when
    making a purchase. This way, the client is in
    control of when and where the payments are made.
    After initiation of the payment, the payment
    processor, otherwise, the bank of the client or
    originator of the account details, submits the
    ACH entry and sends feedback to the ACH operator.
    This facilitates information flow to the operator
    prompting the centralized system to sift through
    the listings determining whether they are
    payments or deposits.

11
  • For deposits, the bank ensures that there is
    money in the account before crediting funds to
    the receiver account.
  • This whole process takes approximately two to
    three business days for the funds to reflect in
    your account. However, NACHAs new rules and
    regulations enable same-day processing to any
    virtual ACH payment to any receiving funding
    institution. This same-day processing reduces
    risk and enhances customer satisfaction by
    attaining deliverables immediately to the
    employer or merchant alike. Therefore, business
    owners can access this option when in need of
    same-day processing options.

12
Why opt for ACH payment systems?
  • With iWallet, consumers can initiate safe and
    secure ACH transactions without the use of a
    third-party provider. As a business owner, ACH
    transactions will ensure that your clients can
    make payments directly from their bank accounts
    and into your business account. The Free QR menu
    for hoteliers enable them to Make a QR menu from
    the comfort of their phones.

13
  • For service providers, ACH payments ensure that
    clients make regular payments scheduled weekly or
    monthly directly from their bank account.
    Therefore, product payment is timely and
    efficient.
  • Business owners can also embrace ACH payments to
    make and transfer payments between their business
    and individual accounts, opening up channels for
    an all-rounded business system. Thus, several
    companies can ensure each premise remains afloat
    and functional through the transfer of cash
    between the store business accounts.

14
  • ACH payments make it easier for employers to link
    the companys payroll into their employees
    accounts.
  • ACH payments are most essentially preferred due
    to their cheaper rates. As opposed to credit card
    payments, ACH payments have very minimal
    processing fees or none at all.
  • These payments are also easy to accept and
    maneuver as they do not require any paper trial
    or invoicing. This option also ensures complete
    transparency and accountability to the clients,
    and businesses receive timely payments without
    unnecessary emails to the client.

15
Integrating ACH payments into your business
  • As a business owner, providing your clients with
    several payment options is the way to go. This
    comes with fewer risks associated with the
    transmission of the virus through cash and credit
    card payments. Sensitizing your clients towards
    the benefits and usage of ACH payments through
    iWallet will assist transcend your business to
    greater heights through

16
  • Encouraging ACH payments at your store or online
    platform by advising clients on the cheaper and
    alternate route, and insisting on ACH payments
    for any orders.
  • Offering information on the process of ACH
    payments by ensuring the clients are aware of the
    security measures in place and process of
    initiating these payment requests
  • Encouraging clients to inquire with their banks
    about the authenticity of ACH payments to reduce
    doubt on its usage

17
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