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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. These networks help the banks transmit the transfer information securely.

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Wire Transfer vs Electronic Transfer

EBizCharge

Automated Clearing House (ACH) transfers are a common form of EFT payment that facilitate the movement of funds between financial institutions in the U.S. ACH transfers operate via the ACH network, managed by the National Automated Clearing House Association (NACHA), for merchants, banks, and individuals to initiate transactions.