In today's fast-paced business environment, efficient payment processing is critical. At Coreware, we've developed coreCLEAR to help businesses in regulated industries navigate the complexities of payment processing, offering cost-effective and secure solutions. In a recent webinar, we covered key aspects of ACH payments and ATM services and how coreCLEAR is positioned to revolutionize your payment processes.

Understanding ACH and Its Benefits

Automated Clearing House (ACH) is a network for processing payments that offers a cheaper alternative to traditional credit card payments. ACH is commonly used for online transactions and recurring membership payments, especially in the shooting sports industry. One of the most significant advantages of ACH is its cost-effectiveness. Unlike traditional credit card processing fees, which can range from 2% to 4% plus additional per-transaction charges, coreCLEAR offers a flat 1% fee on ACH transactions. This lower fee structure can result in substantial savings, particularly for businesses with high transaction volumes.

Another important aspect of ACH payments is security. While ACH transactions are generally secure, they are not without risks. Fraud and chargebacks, though less frequent than with credit card payments, can still occur. However, coreCLEAR mitigates these risks by offering faster funding times. Traditional ACH funding typically takes 5-7 days, but with coreCLEAR, transactions are funded within 48 hours. This quicker turnaround improves cash flow and reduces the window for potential fraud.

Navigating the Challenges of ACH

While ACH offers many benefits, it also comes with its own set of challenges. For instance, handling disputes is more direct, as no intermediary manages the process. Merchants must engage with consumers directly to resolve any issues, which can be time-consuming. Additionally, businesses must be aware of common reject codes such as R01 (insufficient funds), R07 (authorization revoked by customer), and R29 (corporate customer advises not authorized). Understanding these codes and how to address them is crucial for minimizing disruptions in payment processing.

coreCLEAR’s ATM Solutions

In addition to ACH payments, coreCLEAR offers ATM services, providing businesses with flexible options to suit their needs. There are two primary ATM options available:

Buy the ATM: This option allows businesses to purchase an ATM outright, including delivery, installation, and the ability to offer Bitcoin transactions. While the business is responsible for loading the machine with cash, they retain 100% of the surcharge fee. coreCLEAR charges a flat $1 for processing, and businesses have complete control over setting their surcharge fees. This option provides maximum control and profitability.

ATM Placement at No Cost: For businesses that prefer a hands-off approach, coreCLEAR offers an option where they place an ATM in your store at no cost. coreCLEAR handles all cash loading and management. While the business will earn a lower transaction fee—around $0.50 per transaction—this option requires no upfront investment and minimal ongoing management. The surcharge fee is fixed at $3.50-$4 depending on the location.

Why Choose coreCLEAR?

The flexibility and savings coreCLEAR offers make it an ideal choice for businesses looking to streamline their payment processing. Whether through cost-effective ACH payments or convenient ATM services, coreCLEAR is designed to meet the unique needs of regulated industries.

To learn more about how coreCLEAR can benefit your business, visit coreCLEAR.com.

Be sure to check out our webinar, in which Aaron covers this in detail.