![]() ![]() It’s important to note that just like regular checks, eChecks can still ‘bounce’ if a person doesn’t have sufficient funds in their account. The money is then deposited into the payee’s bank account.It is transferred from the payer’s financial institution to the payee’s financial institution. The money travels electronically over the ACH network.A payer authorizes a certain amount of money to be withdrawn from their account.Here’s how eChecks, or ACH payments, work: You’ll often see the term “eCheck” and “ACH payment” used interchangeably. eChecks use the ACH network to move funds from one account to another. It works just like an old-fashioned check, except that the money is transferred between accounts electronically. What is an eCheck?Īn eCheck is an electronic check. Not only do they have different processing times and transaction fees, but they’re processed through different merchant accounts and providers, and have their own chargeback and dispute resolution policies. (Other ACH transactions include direct deposits, wire transfers, electronic benefits payments, and ACH disbursements.)Īt this point, you may be thinking that an ACH payment seems a lot like a debit card payment, but these are actually two very different transactions. ![]() Often they’ll do this with an eCheck, which is a type of transaction that uses the ACH network. Put simply, ACH payments let your customers transfer money directly from their bank account into yours. This transaction is called an EFT, or electronic funds transfer. What is an ACH Payment?Īn ACH payment is any electronic payment that’s sent from one bank to another via the ACH (Automated Clearing House) network. Here’s everything you need to know about ACH and eCheck payments, from what they are to how to set them up. This guide will get you up to speed so you can start enjoying all the benefits that fast, flexible, and cost-effective ACH and eCheck payments can bring to your business! We know that ACH and eCheck payments can be confusing, especially if it’s your first time trying to figure out how they work. SEE HOW PAYSIMPLE CAN HELP YOUR BUSINESS GROW Get Started WHY YOU’RE READING THIS ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |