In the United States, the Automated Clearing House (ACH) or Electronic Funds Transfers (EFT)” are a convenient, reliable, inexpensive and commonly used payment method. It requires knowledge of the payee’s bank account and routing transit number, which payees can find looking at the bottom of one of their checks.
Businesses rely on ACH direct deposit transfers for their security and protection and as a way to automate their Accounts Payable processing to reduce costs. ACH payments are used by businesses for invoice and payment processing, by vendors to accept payment, and by online companies or vendors to accept or, in our case, send electronic payment to customers.
ACH direct deposit transfers process within a few business days but offers a higher level of protection than many other payment methods. In addition to fraud protection, using this method means you can stop or alter your payments through the ACH Network even after sending the funds. If your business sends incorrect information, you can review and stop the transaction, giving you tighter control over your funds.
Many businesses still have outdated and inefficient methods of accepting, processing, and posting called-in, mailed-in, and even in-person payments from their customers. Using the Checkissuing ACH Direct Deposit Processing Service can efficiently resolve these issues.