iWallet processes payments based on ACH transactions and a Free QR Menu

1
iWallet processes payments based on ACH
transactions and a Free QR Menu
2
Table of contents

• iWallet processes payments based on ACH
  transactions and a Free QR Menu
• How it works
• Why opt for ACH payment systems?
• Integrating ACH payments into your business

3
iWallet processes payments based on ACH
transactions and a Free QR Menu

• With the Covid-19 situation around the globe,
  restaurants and hoteliers are facing the brunt of
  the pandemic, with many being forced to shut down
  businesses or downsize to stay afloat.

4

• However, new and upcoming technological systems
  make it easy for food industry players to
  maintain the required hygiene safety standards,
  while remaining operational, by providing their
  clients with safe and secure methods of
  interaction while visiting dine in or take out
  restaurants. iWallet is offering Free QR menus
  for restaurants as well as a chance to remain at
  the top of the game.

5

• The use of ACH systems has facilitated the use of
  electronic payments and automated money transfers
  through a centralized system that moves money
  from one bank to another.

6
How it works

• ACH transactions allow clients to pay for
  services directly from their bank without paying
  extra processing fees, as opposed to going
  through a credit card system, cash, wire
  transfers, or paper cheques. This offers
  convenient and free services both to the client
  and the merchant.

7

• To enable the transfer of cash from one account
  to the next, the ACH system through iWallet
  requires banking information for account
  verification from the client. This information
  comprises
• Bank account number
• Routing number
• Employees bank account number
• Type of bank account

8

• As this information is susceptible to
  manipulation and can be detrimental when exposed
  to the wrong hands, iWallet ensures this
  information remains extremely secure by using
  Plaid, which only provides the bank transaction
  logs to verify the account for authorization to
  transfer the funds immediately. In this way, the
  consumer and merchant information remains
  protected.

9

• ACH payments are regulated by the federal
  government and NACHA, ensuring the proper
  guidelines are adhered to by participating
  bodies.
• ACH transactions only go through when the client
  has initiated the transaction, which happens when
  making a purchase. This way, the client is in
  control of when and where the payments are made.
  After initiation of the payment, the payment
  processor, otherwise, the bank of the client or
  originator of the account details, submits the
  ACH entry and sends feedback to the ACH operator.
  This facilitates information flow to the operator
  prompting the centralized system to sift through
  the listings determining whether they are
  payments or deposits.

10

• ACH transactions only go through when the client
  has initiated the transaction, which happens when
  making a purchase. This way, the client is in
  control of when and where the payments are made.
  After initiation of the payment, the payment
  processor, otherwise, the bank of the client or
  originator of the account details, submits the
  ACH entry and sends feedback to the ACH operator.
  This facilitates information flow to the operator
  prompting the centralized system to sift through
  the listings determining whether they are
  payments or deposits.

11

• For deposits, the bank ensures that there is
  money in the account before crediting funds to
  the receiver account.
• This whole process takes approximately two to
  three business days for the funds to reflect in
  your account. However, NACHAs new rules and
  regulations enable same-day processing to any
  virtual ACH payment to any receiving funding
  institution. This same-day processing reduces
  risk and enhances customer satisfaction by
  attaining deliverables immediately to the
  employer or merchant alike. Therefore, business
  owners can access this option when in need of
  same-day processing options.

12
Why opt for ACH payment systems?

• With iWallet, consumers can initiate safe and
  secure ACH transactions without the use of a
  third-party provider. As a business owner, ACH
  transactions will ensure that your clients can
  make payments directly from their bank accounts
  and into your business account. The Free QR menu
  for hoteliers enable them to Make a QR menu from
  the comfort of their phones.

13

• For service providers, ACH payments ensure that
  clients make regular payments scheduled weekly or
  monthly directly from their bank account.
  Therefore, product payment is timely and
  efficient.
• Business owners can also embrace ACH payments to
  make and transfer payments between their business
  and individual accounts, opening up channels for
  an all-rounded business system. Thus, several
  companies can ensure each premise remains afloat
  and functional through the transfer of cash
  between the store business accounts.

14

• ACH payments make it easier for employers to link
  the companys payroll into their employees
  accounts.
• ACH payments are most essentially preferred due
  to their cheaper rates. As opposed to credit card
  payments, ACH payments have very minimal
  processing fees or none at all.
• These payments are also easy to accept and
  maneuver as they do not require any paper trial
  or invoicing. This option also ensures complete
  transparency and accountability to the clients,
  and businesses receive timely payments without
  unnecessary emails to the client.

15
Integrating ACH payments into your business

• As a business owner, providing your clients with
  several payment options is the way to go. This
  comes with fewer risks associated with the
  transmission of the virus through cash and credit
  card payments. Sensitizing your clients towards
  the benefits and usage of ACH payments through
  iWallet will assist transcend your business to
  greater heights through

16

• Encouraging ACH payments at your store or online
  platform by advising clients on the cheaper and
  alternate route, and insisting on ACH payments
  for any orders.
• Offering information on the process of ACH
  payments by ensuring the clients are aware of the
  security measures in place and process of
  initiating these payment requests
• Encouraging clients to inquire with their banks
  about the authenticity of ACH payments to reduce
  doubt on its usage

17
Contact Details