How can you tell the difference between ACH and an eCheck?
With people’s very hectic schedule nowadays, personally visiting the banks can be a pain in the neck. Luckily, with the ACH network, this doesn’t need to be the case. This is a prominent way to settle invoices in a secure electronic mode. However, what about businesses who are comfortable with the safety of writing a paper check? Well, the good news is that you can rely on electronic checks. They are a great solution to provide a time-saving and more convenient way of banking.
What is it and How to Send ACH Payment?
This is an uncomplicated and secure way of processing payments. ACH exploits an automated clearing house network, that transmits money from one bank account to another. Basically, the charges linked with other payment methods like processing a credit card are not applicable.
In the same way, businesses can make payments with the aid of one-time authorized ACH credit or debit transactions. In essence, ACH transfers are regarded as one of the most secure means of transmitting money in the U.S.
What about electronic check payments? How do they work?
eCheck pertains to the electronic version of a paper check. It sets up money transfers from one bank account to another. Essentially, this is a kind of digital funds transfer that allows enterprises to process funds electronically.
Depositing money using this approach is remarkably faster than processing a paper check. eChecks are generally safer as compared to other payment approaches mainly because banks stand behind electronic checks. It is the sole payment approach that the U.S. treasury supports for digital payments.