WHAT IS ACH?
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 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 transfers process within a few business days but offer 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Many businesses still have outdated and inefficient methods of accepting, processing and posting called-in, mailed-in, and even in-person payments from their customers.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 Processing Service, powered by the ACHTRANSFERS platform can efficiently resolve these issues.
HOW CHECKISSUINGS ACH SYSTEM WORKS
Using the Checkissuing Systems, upload or automate through our API a data file that contains your Payees Name, Banking information or Email Address, and the Amount you want to transfer them. Checkissuing verifies the validity of data fields to ensure the entries have the correct character count, format, and structure. This reduces virtually all likelihood that payments will be rejected due to incorrect information.
We will either send the payments directly, or send them an email request containing a link to a secure branded page where they can enter their Bank Account Number and Routing Information into the Secure Form and confirm it.
Then once entered and confirmed, their payment will be automatically sent to them, branded discreetly as ACHTRANSFERS along with your company name. Then for all future payments sent to that Payee, once you send us the data, the payment will be sent automatically without any other information or work from your payee needed. If your payee ever needs to update their banking details, they can easily do so themselves.
BENEFITS THAT MAKE ACH DIRECT DEPOSIT EASIER THROUGH CHECKISSUING:
- Secure Financial Data – No need to store your payees financial information, we take care of that for you with our state-of-the-art industry-leading security.
- Approval Permissions System – Add approvers to a payment—they can review and approve from any device, anytime.
- Next-Day ACH available by preloading funds or the standard timeline of 3 business day transfer.
ACH transfers are considered to be one of the safest and most reliable payment systems available, according to NACHA, the governing body that oversees the ACH network. All ACH Network payments are protected under federal law in case of fraud or error, meaning your business’s funds are kept safely in your control. The high level of security and control that the Checkissuing system offers accounts for the growing number of businesses relying on it as their primary payment method.
No wonder more and more businesses are making the conscious decision to use electronic payment options over paper checks or cash. Learn how Checkissuing helps businesses automate accounts receivable and accounts payable with ACH payments, and get your business started with Checkissuing ACH Processing today.
Frequently Asked Questions
ACH is short for Automated Clearing House, which is run by the National Automated Clearing House Association (NACHA).
ACH Direct Deposit services are the transfer of funds from one bank account to another, sometimes using an intermediary, through the NACHA ACH system.
An ACH Direct Deposit payment is the transfer of funds from one bank account to another, sometimes using an intermediary, through the NACHA ACH system.
What is typically needed for an ACH payment is a name, amount, account type, account number and routing number.
You cannot decline an ACH payment but you can return the payment, or your financial institution can reject it for a variety of reasons.