News Update

Launch of PAYCORP.IO’s Automated Clearing House Payment Gateway

• ByStartupStory     |    February 1, 2023

An Automated Clearing House (ACH) payment gateway has been introduced by PAYCORP SOLUTIONS, which claims that it would offer e-commerce customers the most practical financial alternative to credit cards, debit cards, net banking, and unified payments interface (UPI) payment alternatives. 

With this innovative way of payment, customers can now choose to break up their online purchases into manageable installments directly at the moment of checkout without using credit cards, according to the business. 

Customers are aware that splitting a credit card transaction into installments removes the entire transaction value from their credit limit. The best way to get around this problem is to “Pay via ACH.” As long as they can keep enough money in their bank account to cover the installment on the installment due date, they won’t have any financial difficulties, Paycorp added.

Additionally, Paycorp.io reminds the customer in advance to keep a sufficient balance in their bank account to cover the next ACH installment that is due. Customers can now better plan their purchases as a result. 

Customers who choose to pay by ACH can select the “Pay by ACH” option from the list of available payment methods at the e-commerce portal’s checkout stage.

“Consumers greatly value the option of paying for their purchases in easy installments. However, the possibility of missing their credit card due date and the consequent penal charges make them reluctant to convert card payments into installments. Besides, when a card purchase is split into installments, 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 finances better,” said Balaji Jagannathan, chief executive officer of Paycorp.io. 

“This technology service has been launched in liaison with a few select banks in India. The banks will offer the ‘Pay by ACH’ option to all their e-commerce and other corporate customers who can extend it to their consumers. These banks will provide the underlying credit and the installment options, while Paycorp.io will become the backbone, providing them with the necessary technology,” added Karthik Thenkarai, chief business officer at Paycorp.io.

 

 

Follow Startup Story