100+ Payment Industry Terms Explained in Plain English
Clearly Payments
MAY 22, 2025
ACH Bank-to-bank transfers, like direct deposit or bill pay. EFT (Electronic Funds Transfer) Same as ACH, used more often in Canada. Contactless Payment A tap-to-pay method using NFC. Canadian-Specific Terms Interac Canada’s debit card network. ACH (Automated Clearing House) The U.S.
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