Instabill has partnered with a new acquiring bank to offer additional domestic ACH payments and direct debit solutions for high risk industries, CEO Jason Field announced Thursday. Through this partnership, Instabill has significantly broadened its breadth of payment service options to high and low risk merchants.
The timing of the partnership couldn’t be better. According to a recent whitepaper released by PaymentEye, direct debit transactions, which numbered 3.4 billion in 2013, are expected to increase to 4.2 billion in 2022.
Subscription Services, Collections among ACH Industries
With the partnership, Instabill has more merchant account options for high risk industries such as subscription services, memberships and collections – medical and debt.
“The unique part of this solution is that this banking partner does direct debit transactions as well,” said Wendy Jacques, Instabill Sales Manager. “We have always had ACH payment solutions, but this gives us another alternative for ACH and debit-only transactions. ACH processing is also an attractive offering for merchants with imperfect credit.”
More Banking Partnerships Expected
Instabill’s new partnership for domestic ACH payments and direct debit solutions is consistent with its mission: To increase its menu of payment options to merchants and partners. Instabill partnered with four acquiring banks in 2015, and is expected to link with more within Q1 and 2 of 2016.
How Does it Work?
Merchants in search of credit card processing need to contact Instabill. We’ll ask a few basic questions to get a feel for your business. Upon submitting your application materials, we’ll match you with the best banking option we know – certain banks specialize in certain industries – and await your fast approval.
PCI Compliance Program
Along with more domestic ACH transaction and debit solutions for high risk merchants, Instabill’s new partnership presents an opportunity for merchants to become PCI DSS compliant through Security Metrics. Upon approval, merchants will receive a welcome e-mail message with the option to complete a self-assessment questionnaire (SAQ) and to enroll in annual IP address scanning. Along with Instabill’s live support, merchants will have access to PCI compliance educational materials and regular reminders for updates.
Instabill merchant account managers are on hand Monday through Friday from 8 a.m. until 6 p.m. (US Eastern Time) at 1-800-318-2713 or by selecting the live chat option below.