You wouldn’t set out on a road trip without directions. After all, who wants to go 200 miles west only to discover you were supposed to go 100 miles east? So why would a business set up shop and work hard, without getting directions on the right way to handle payments?
Unfortunately, that’s been known to happen. And fintechs, for all the brilliance that often goes into them, are no exception.
“They don’t know what they don’t know,” said Kerry Sellen, AAP, APRP, Senior Director with Nacha Consulting, which specializes in several key areas, including payments strategy, ACH assessment and advisory, and product readiness.
Nacha Consulting, formerly Elevation Consulting, works with fintechs and others to help sort out a range of issues. While they stand ready to help at any stage, Sellen said it’s always best if the client gets them involved at the outset.
“We can look and say, ‘What do you want to do?’ and write the requirements. We can give guidance along the way as they’re building their product,” said Sellen. That guidance is crucial so that “they don’t waste their time, money, and energy, and then have to re-do work.”
Nacha Consulting often sees fintechs seeking guidance to comply with the Nacha Operating Rules, as well as to understand whether any other laws, rules, or regulations apply to their product or service. In addition, it can help with areas such as processing issues that can result in losses. Again, problems like this can often be avoided if the team is brought in at the get-go.
“With sooner involvement,” said Sellen, “you’re probably going to mitigate more of your processing losses.”
Nacha Consulting is offering a free, 15-minute phone consultation to discuss your issues and evaluate options. Complete this form if you would like to connect with the Nacha Consulting team to discuss your organization’s payments issues, ACH risk issues, Rules compliance, best practices or other concerns.