The Impact of Millennials on ACH

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millennialsYou’ll find a lot of analysis and opinions online about the Millennial generation, and much of it is not always flattering.

We won’t weigh in on the debate, but one thing we can say with assurance about Millennials is they expect technology to get things done. Fast.

This is a generation that had cell phones when they went to first grade, and who did homework by researching via search engines. For them technology has always provided instant access to information, communication, and entertainment.

So why, they ask, should financial transactions such as ACH payment processing be any different?

The answer, which is coming soon, is that it shouldn’t. The ACH industry is headed rapidly toward making faster payments possible, with the same benefits associated with card transactions, and that is good news for everyone.

Among those better served by more efficient processing are those starting a business for the first time, as many Millennials are now doing. They are working with suppliers and vendors, who demand surety of payment before shipments are dispatched. A consistent supply chain requires faster payment – if just one link in that supply chain is delayed or severed, the business suffers.

What About Security?

In the drive toward faster and same day ACH, security cannot be a casualty. Millennials want their transactions to be safe, but they also do not want safety to become disruptive. If they can’t push a button and get on with their day, they’ll look for a different system.

At Cliq, we have been making ACH processing fast and convenient for customers of all sizes and types. If your current system isn’t moving fast enough, or if it’s time for something that better meets your business needs, contact us about our virtual terminal solution.