ACH Module Overview
- 27 Dec 2023
- 2 Minutes to read
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ACH Module Overview
- Updated on 27 Dec 2023
- 2 Minutes to read
- Print
- DarkLight
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This feature is an add-on module and is only available if you have purchased this module. Contact your Bryt Representative to learn more about accessing this module.
Disclaimer
The ACH module does NOT automatically draw from borrowers' bank accounts.
At a minimum, you as the servicer will need to click a 'Schedule with ACHQ' button if opting for the Recurring Payments option. The borrower also cannot automate their payments via the borrower portal. There is no automation currently in place to allow for the automatic collection of borrower dues - although it is something we'll look at adding in the future as our product matures.
At a minimum, you as the servicer will need to click a 'Schedule with ACHQ' button if opting for the Recurring Payments option. The borrower also cannot automate their payments via the borrower portal. There is no automation currently in place to allow for the automatic collection of borrower dues - although it is something we'll look at adding in the future as our product matures.
In need of a simple, easy, and secure way to electronically debit your clients' bank accounts? Bryt has partnered with ACHQ, one of the fastest-growing electronic payment ACH processing companies in the world, to offer you a safe and cost-effective solution that will make payment processing quick and easy. Bryt's ACH Module was specifically developed to keep payment processing simple, while still maintaining a high standard of security for you and your clients.
Automatic Clearing House (ACH) transactions, also referred to as eChecks, are check transactions processed electronically through the Federal Reserve. Bryt's ACH Module enables you to electronically process authorized one-off or recurring ACH transactions, in a secure and easy manner. You can process payments through our payment portal without a paper check, clients can provide banking information online or over the phone. This information is then tokenized to improve security and saved for future transactions.
Benefits of using the ACH Module:
- Save Time – Automated payments allow you to focus more on your business
- Increased Cash Flow – Get access to your funds sooner
- Easy Setup – Signing up takes minutes
- Reporting – Track the status of all transactions
- Custom Pricing – Only pay for the transactions you process
- It's Green – Eliminates unnecessary costs associated with manual payment processing
- Secure – Engineered to keep you and your clients safe
In order to start using the ACH Module, you must first apply for a Merchant ID. Please see Application for Merchant ID to get started.
ACHQ is a long-term payment processing partner with some of the largest and well-established companies in the world – with over 5000+ customers, you can rest assured your clients' sensitive banking information is protected by both Bryt and ACHQ's high-level security.
If you would like to learn more about ACHQ CLICK HERE.
If you would like some more information on how ACH transactions work CLICK HERE
*ACH settlement time is typically 4-5 business days.