It’s just the cost of doing business. And yes they do have 60 days to contest it but most people don’t.
We have a small handful of ACH and the number of bounced transactions that occurred there is much much much higher than anyone contesting a credit card transactions. > On Jun 29, 2018, at 08:21, Lewis Bergman <lewis.berg...@gmail.com> wrote: > > If you can't figure it out maybe math is the issue. 25 cents for ACH. CC is > 2.75% and up. If you are doing 400k a month in CC that adds up to about 10k > more in fees. In all the time we did ACH we probably lost an additional 3k > that we would not have lost with CC. So.... 3k in 10 years is less than 10k > in one month. > > So why do people still do it...they can do simple arithmetic? > > You do raise some valid points. If you have to have the money and can't wait > two days and so want to pay an effective annual interest rate that is > enormous. > > If you are drafting the routing and account info is your customers not yours. > > I had someone fraudulently present a check for 92k on my account. Maybe that > proves your point, but the bank credited my account in a couple of weeks and > it really wasn't a big deal to get done. Only time it has ever happened. So > again, the math tells me even if that happened every year one time instead of > once in twenty years, and I didn't get my money back, I would still be better > off using ACH. > > But, to each his own. I know a lot of people don't like the 2 day settlement > period for ACH. in truth, CC is longer. You have what... 60 days for someone > to contest a charge. While they do it the bank takes the money back. Not that > that is a big risk. Probably about the same as someone's ACH not clearing. > >> On Thu, Jun 28, 2018, 9:39 PM Matt Hoppes >> <mattli...@rivervalleyinternet.net> wrote: >> ACH is slow (2 days to clear) >> ACH is insecure (bank account numbers can be gotten off checks, etc) >> ACH can wipe you out (if someone gets those account numbers) >> ACH does not provide real-time-feedback (may not know things didn’t work >> until it bounces two days later) >> >> Why anyone still uses ACH or checks or beyond me. >> >> A credit card is: >> Instant (funds transfer immediately, you instantly know if the funds are >> coming or not) >> >> Secure (there is a CVV code required - just having the number gets you >> nowhere) >> >> Safe (if someone does steal your card they won’t wipe out your account and >> you can quickly get the funds/transactions reversed) >> >> Easy to dispute >> >> >> I have one vendor I pay via check every month because they won’t take cards. >> Otherwise everything I pay personally and business is on CC. >> >> >>> On Jun 28, 2018, at 21:59, David Sovereen <david.sover...@mercury.net> >>> wrote: >>> >>> Same here. ACH saves us a bundle, and once customers are used to the >>> recurring payment, there are few bounces. Once a payment does bounce, >>> however, we only take cash or card... guaranteed funds. >>> >>> Dave >>> >>> Sent from my iPhone >>> >>> David Sovereen >>> >>> Mercury Network Corporation >>> 2719 Ashman Street, Midland, MI 48640 >>> 989.837.3790 x151 office | 888.866.4638 toll free | 989.837.3780 fax >>> >>> Telephone | Internet | Security Alarm Monitoring >>> >>> david.sover...@mercury.net >>> www.mercury.net >>> >>> <image001.png> >>> >>> >>> >>>> On Jun 28, 2018, at 6:51 PM, Lewis Bergman <lewis.berg...@gmail.com> wrote: >>>> >>>> That's true but if you assess a hefty enough penalty then they pay you for >>>> it anyway. I used to make several thousand a month just off of late fees >>>> and disconnect fees. We assessed a 25 dollar fee for any NSF. >>>> >>>>> On Thu, Jun 28, 2018, 4:49 PM Matt Hoppes >>>>> <mattli...@rivervalleyinternet.net> wrote: >>>>> Sure but it takes two days for the failure to come back, so the customer >>>>> can use that to game the system if they feel so inclined. With a credit >>>>> card the acceptance or rejection is instant. >>>>> >>>>>> On Jun 28, 2018, at 17:30, Lewis Bergman <lewis.berg...@gmail.com> wrote: >>>>>> >>>>>> I guess it depends on your billing system, how it cuts off people, etc. >>>>>> Mine would accept payment, then reverse it and cut people off >>>>>> automatically. One of the few things it did well. I was mostly ACH and >>>>>> it saved me a couple of grand a month if I remember correctly. >>>>>> >>>>>>> On Thu, Jun 28, 2018 at 4:25 PM Matt Hoppes >>>>>>> <mattli...@rivervalleyinternet.net> wrote: >>>>>>> Hey CH is a pain in my neck. Yes I don’t have to pay fees with the fees >>>>>>> are very small, but I am not guaranteed my money, and then I have to >>>>>>> chase balances and add fees and remove payments. >>>>>>> >>>>>>>> On Jun 28, 2018, at 17:20, Eric Kuhnke <eric.kuh...@gmail.com> wrote: >>>>>>>> >>>>>>>> https://engineering.gusto.com/how-ach-works-a-developer-perspective-part-1/ >>>>>>>> >>>>>>>> Might be of interest for those of you whose billing systems are set up >>>>>>>> for ACH direct debits via checking account numbers. >>>>>>>> -- >>>>>>>> AF mailing list >>>>>>>> AF@af.afmug.com >>>>>>>> http://af.afmug.com/mailman/listinfo/af_af.afmug.com >>>>>>> -- >>>>>>> AF mailing list >>>>>>> AF@af.afmug.com >>>>>>> http://af.afmug.com/mailman/listinfo/af_af.afmug.com >>>>>> -- >>>>>> AF mailing list >>>>>> AF@af.afmug.com >>>>>> http://af.afmug.com/mailman/listinfo/af_af.afmug.com >>>>> -- >>>>> AF mailing list >>>>> AF@af.afmug.com >>>>> http://af.afmug.com/mailman/listinfo/af_af.afmug.com >>>> -- >>>> AF mailing list >>>> AF@af.afmug.com >>>> http://af.afmug.com/mailman/listinfo/af_af.afmug.com >>> -- >>> AF mailing list >>> AF@af.afmug.com >>> http://af.afmug.com/mailman/listinfo/af_af.afmug.com >> -- >> AF mailing list >> AF@af.afmug.com >> http://af.afmug.com/mailman/listinfo/af_af.afmug.com > -- > AF mailing list > AF@af.afmug.com > http://af.afmug.com/mailman/listinfo/af_af.afmug.com
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