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ACH Payment vs Wire Transfer: What’s the Difference and Which Payment Method Should You Use?

Stax

ODFI submits ACH file – The originator’s bank or payment processor, also known as the originating depository financial institution (ODFI) submits the ACH entry containing the payment details. One of the main reasons businesses and individuals alike adopt ACH payments is due to the ability to automate recurring payments.

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What Does Return Mobile ACH Payment Mean?

Payment Savvy

It receives the ACH entry and submits it to the Receiver. Receiver The receiver is the individual or company that allows the Originator to initiate an ACH entry. If there is a problem with the payment processing, it is usually the RDFI that sends an ACH return message.

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ACH SEC Codes

Payment Savvy

This type of single entry debit entries is initiated based on written authorization, as well as account information such as the consumer’s routing number or account number, which is taken from a source document, or simply a check. The request is then sent to an ACH operator.