Paycorp Solutions has launched an Automated Clearing House (ACH) payment gateway that is said to become the most convenient financial alternative to credit cards, debit cards, net banking and unified payments interface (UPI) payment options for e-commerce consumers.
With this new method of payment, consumers can now opt to split their e-commerce payments into easy installments right at the point of checkout without using their credit cards, said the company.
Consumers are aware that converting a card transaction into installments, 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 installment on the installment due date they won't face any financial burden, Paycorp added.
Paycorp.io also prompts the consumer in advance to maintain a sufficient balance in their bank account towards the upcoming ACH installment due. Therefore, consumers can now plan their purchases better.
For consumers who wish to pay by ACH can choose the ‘Pay by ACH’ option listed along with all the payment options at the checkout point in the e-commerce portal.
“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 finance 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.