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ACH Payment Processing

ACH Processing is an electronic payment system that allows your business to save both time and money

The ACH processing network will allow you to electronically debit and credit checking and savings accounts. We provide you simple to use, powerful, secure ACH tools that make getting paid easier for your business.

Would your business run more smoothly if you:

  • Were paid more quickly and reliably using secure ACH electronic payments?
  • Could easily place customers on an ACH based automated payment plan?
  • Were able to process ACH check and credit card payments from one platform?
  • Could accept an ACH e-check or check by phone or fax?
  • Were able to collect cod funds in advance on product sales?
  • Were able to automatically update your accounting package?
  • Were able to collect NSF checks in an automated fashion?
  • Were able to make out bound payments to vendors?
  • Could reduce payment processing costs by 80% or more?
  • Were confident your transactions were securely processed by a business partner with years of experience and many satisfied customers?

If you answered yes to these questions then ACH Processing is for you.

 

Benefits of ACH payments:

  • Save Money. You can save up to 80% off conventional invoicing.
  • Save Time. Automate your payment processing and reporting.
  • Offer multiple payment options. Customers look for options - give them what they want.
  • Move money electronically as you see fit. Whether it be ACH payment processing or direct electronic payments – you decide.

 

What is ACH?

The Automated Clearing House (ACH) Network:

The ACH Network is a highly reliable and efficient nationwide batch-oriented electronic funds transfer system governed by the NACHA OPERATING RULES which provide for the interbank clearing of electronic payments for participating depository financial institutions. The Federal Reserve and Electronic Payments Network act as ACH Operators, central clearing facilities through which financial institutions transmit or receive ACH entries.

ACH payments include:

* Direct Deposit of payroll, Social Security and other government benefits, and tax refunds;

* Direct Payment of consumer bills such as mortgages, loans, utility bills and insurance premiums;

* Business-to-business payments;

* E-checks;

* E-commerce payments;

* Federal, state and local tax payments.

The number of ACH payments originated by financial institutions increased to 8.05 billion in 2002, up 13.6 percent from 2001. These payments were valued at $21.7 trillion. Including payments originated by the Federal government, there were a total of 8.94 billion ACH payments in 2002 worth more than $24.4 trillion.

 

 

Originator
Any individual, corporation or other entity that initiates entries into the Automated Clearing House Network

Originating Depository Financial Institution (ODFI)
A participating financial institution that originates ACH entries at the request of and by (ODFI) agreement with it's customers. ODFI's must abide by the provisions of the NACHA Operating Rules and Guidelines

Receiving Depository Financial Institution
Any financial institution qualified to receive ACH entries that agrees to abide by the NACHA Operating Rules and Guidelines

Receiver
An individual, corporation or other entity who has authorized an Originator to initiate a credit or debit entry to a transaction account held at an RDFI.