Bengaluru based, Paycorp Solutions Pvt Ltd has launched first of its kind Automated Clearing House (ACH) payment gateway that is set to become the most convenient financial alternative to credit cards, debit cards, net banking, and UPI payment options for eCommerce consumers. With this new method of payment, consumers can now opt to split their eCommerce payments into easy instalments right at the point of checkout without using their credit cards.
Consumers are aware that converting a card transaction into instalments, blocks the entire transaction value from their available credit. ‘Pay by ACH’ is the best option to mitigate this challenge. As long as they can maintain sufficient balance in their bank account for the instalment on the instalment due date they won’t face any financial burden. Paycorp.io also prompts the consumer in advance to maintain a sufficient balance in their bank account towards the upcoming ACH instalment due. Therefore, consumers can now plan their purchases better.
For consumers who wish to pay by ACH, it is a 3 step process, which can be completed in 3 minutes. At the checkout point in the eCommerce portal, ‘Pay by ACH’ is listed along with all the payment options. In the first step, the user chooses the “Pay by ACH” option. The partner bank presents the option to split the payment into easy instalments of 4, 6, or 12 months. Next, one can choose the preferred instalment duration option and proceed to the page to fill bank account details, presented by Paycorp.io. Lastly, after authentication of identity, and banking details, Paycorp.io sets up the ACH auto-pay successfully.
Balaji Jagannathan, Chief Executive Officer of Paycorp.io spoke about the benefit of ACH payment method. “Consumers greatly value the option of paying for their purchases in easy instalments. However, the possibility of missing their credit card due date and the consequent penal charges make them reluctant to convert card payments into instalments. Besides, when a card purchase is split into instalments, the entire value of the purchase is blocked in the credit card, effectively restricting the consumer’s purchasing power. The “Pay by ACH” option mitigates both these challenges and helps consumers plan their finance better.
Karthik Thenkarai, Chief Business Officer at Paycorp.io spoke about the launch, “This technology service has been launched in liaison with few select banks in India. The banks will offer the ‘Pay by ACH’ option to all their eCommerce and other corporate customers who can extend it to their consumers. These banks will provide the underlying credit and the instalment options, while Paycorp.io will become the backbone, providing them with necessary technology.”