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 • Employee’s 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, NACHA’s 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 company’s payroll into their employee’s 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 Email: hello@iwallet.com Website: https://menu.iwallet.com/