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ACH Payment Processing refers to the moving of money electronically. Essentially there is a communication network that uses the Federal Reserve Banking system to transfer money to and from checking/savings accounts.
NACHA at http://www.nacha.org/ is the agency that oversees and make regulatory changes to the ACH network. The vast majority of banks in the US participate in the ACH network and are bound by the ensuing regulations. The ACH network is only valid in the US and Puerto Rico.
Worldwide ACH processing is a goal of many but the reality is that the technical burdens are overwhelming.
ACH processing allows the typical business to collect a recurring payment without waiting for the customer to mail a physical check. By having the customer authorize the electronic debit to their account the transfer of funds is accomplished electronically.
A couple of important considerations are:
1) The monies are not transferred immediately. The transaction proceeds as if the customer has a valid account with the needed funds available. It may take 2-3 days (4 is the most except in rare cases) to receive information that confirms the transaction was valid. Funding typically takes place in 4 days.
2) The money is not guaranteed to be paid. A transaction may be returned and the monies no transferred. We can re-collect automatically for NSF transaction (non sufficient funds)
3) Fees are transaction based and typically cost about .32 to start. Volume breaks are available.
Here are links to posts about ACH and payment processing:
An EFT or electronic funds transfer generally refers to the same thing as an ACH but technically refers to a machine initiated transfer (like an ATM).
What Clients Are Saying
Now I know why I keep recommending ACH Payments to other Sedona users. You always get problems solved quickly. Just recommended you to the Sonitrol dealer in Buffalo-they also have Toronto Canada.
The team at ACH Payments has been a breath of fresh air. They have gone beyond the boundaries of their core expertise and provided us with ideas and solutions towards success. I highly recommend discussing your needs with ACH Payments.
Customer billing can be one of the most time consuming, energy draining tasks a business has to perform. Since integrating the ACH Payments solutions into our software, we have been able to automate a time and labor sensitive process.
SE Texas Water Conditioning
Kings III has been using ACH Payments since January 2010 for all of our credit card and EFT processing with great success. ACH Payments is very user friendly and the support has been phenomenal.
AHC-Payments.com was an easy choice for our business. They are helpful, very responsive and provided us with great pricing. We would and have recommended them for any business’s CC and ACH needs.