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All About ACH

March 13, 2017

 

PayHub Payments provides services that allow your customers the opportunity to use ACH payments as a way to pay electronically rather than cash or credit/debit cards. Here are a few key questions and answers about ACH acceptance.

 

What does ACH stand for? ACH is the abbreviation for Automated Clearing House, which is an electronic network that processes transactions in batches that are debit or credit, to your bank. These transactions are made electronically, easing processing time and cost.

 

What is ACH used for? Common types of payments include single and recurring payments, government payments, payroll, vendor payments, business to business transactions, consumer payments, international transactions. Chances are, your paycheck is transferred to your bank account via ACH direct deposit.

 

What is ACH an alternative for? Paper checks, and debit or credit cards.

 

To what extent is ACH used? Data shows that this payment service authorizes more than $41 trillion made up by 24 billion electronic transactions per year.

 

What kind of transactions does ACH process? Direct deposits and direct payments.

 

Why ACH? ACH provides more options than just using debit or credit cards, or cash. It is one of the largest and safest payment systems on the market, and it is also faster and less expensive than some other options.

 

How long does an ACH payment take to process? ACH payments are very efficient with timing, generally taking no longer than one business day.

 

What is the time frame for to process an electronic check? These transactions usually take 24 to 48 hours from the original payment time for a check to be verified.

 

To learn more about ACH processing call us at 855.572.9482!

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