Have you heard of ACH payments but are not sure what they are? Do you wonder how they work and what makes ACH better than other types of payment methods?
If you want to learn what ACH is all about, read on.
1. What is an ACH payment?
An ACH payment is a type of electronic transaction where funds are transferred digitally from one bank to another through the Automated Clearing House (ACH) network in the United States. These payments are used by businesses to make direct deposits of employee wages, tax refunds, benefits, and by individuals to pay for power or other utility bills online.
2. What are the types of ACH transactions?
There are two types of ACH transactions processed by the ACH Network. They are called ACH direct deposits and ACH direct payments.
ACH direct deposits refer to ACH transactions initiated by a business to a consumer. Examples include paychecks, tax refunds, and reimbursed expenses. They can also be made by a government entity to a consumer, such as government benefits.
ACH direct payments, on the other hand, are used by businesses and individuals to send funds. Examples include paying your power, water, or Internet bills online via your bank account, and sending money from your bank account to the bank account of a friend or family member.
3. How do ACH payments work?
Every time an ACH transaction is processed by an ACH payment gateway, the process usually goes like this:
· A business, individual, bank, or other entity, called an originator, makes an ACH transaction.
· An entry is submitted by the originator’s bank, which is called the Originating Depository Financial Institution or ODFI.
· The ACH entries submitted by the ODFI are sent to an ACH operator in batches according to a predetermined timetable.
· The ACH operator within the ACH payment gateway network sorts through the batches of ACH entries and forwards them to their receiving banks, which are also called Receiving Depository Financial Institutions or RDFIs.
· The RDFIs determine which ACH transactions are deposits and which are payments, and debits and credits the receiving accounts accordingly.
4. How safe are ACH transactions?
The ACH network is regulated by the US federal government and ACH’s own National Automated Clearing House Association, and it strictly adheres to enforced rules and guidelines to ensure the safety and security of all sensitive information collected to process transactions. Compared to other methods of payment, such as credit cards, debit cards, and checks, ACH transactions have a reduced risk of loss and fraudulent activity.
5. What benefits can you get from using ACH?
Many businesses and consumers choose ACH as their go-to payment method because of the benefits it offers, such as:
Convenience– You can set up your ACH payments to happen automatically so that you do not have to manually initiate a transaction each time you need to make a payment.
Fast processing – Compared to checks that take days to be processed and posted, transferring funds from one bank account to another via ACH occurs in a matter of seconds.
Low cost – ACH transaction fees are lower than the fees charged when you use credit cards and debit cards.
Website: https://vopay.com/ach/
Every spring, North Americans gear up their grill, stock up on the meat, and prepare for many mouth-watering barbecues.
From the familiar pastimes' origins to surprising tips and tactics, this list will provide you with all the information you need to wow your friends at the next neighborhood barbecue!
Whole pigs were cooked and eaten by the crowd.2) Smoking was used as far as 6000 years ago to make meats safe to eat and store.
The famous statement Ill slip an extra shrimp on the barbie for you, which appeared in Australian tourism advertisements, is often used to refer to the country.4) What most North Americans partake in today isn't barbecuing.
Barbecuing is cooking at temperatures around the boiling point of water (180-220*F) for a longer period, to make the meat tender while preserving its natural juices.
Today, the method most commonly used is broiling: cooking at 475-700*F in much less time.5) According to the Barbecue Industry Association, half of all marshmallows eaten in the U.S. have been toasted over a grill.6) For an easy way to check how much propane you have left, bring your bathroom scale outside and weigh the gas tank.7) The origin of the word barbecue is unclear.
Canada ACH An electronic retail payment solution available 24/7/365 and resulting in the immediate or close-to-immediate interbank clearing of the transaction and crediting of the payee’s account with confirmation to the payer (within seconds of payment initiation).
This is irrespective of the underlying payment instrument used (credit transfer, direct debit or payment card) and of the underlying arrangements for clearing (whether bilateral interbank clearing or clearing via infrastructures) and settlement (e.g.
with guarantees or in real time) that make this possible.Read More
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