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ACH (Automated Clearing House) payments are electronic fund transfers that use the ACHnetwork to move funds between bank accounts in the United States. This payment method is widely used for direct deposit of payroll, payment of bills, and business-to-business payments.
In this article, we'll explore the ACHnetwork and ACHpayments, how ACHpayments function, and the ways in which it impacts our daily financial transactions. What are ACHpayments? Fundamentally, the meaning of both of these terms can refer to the same actual transaction.
ACHPayment Wire Transfer Speed of transactions Typically takes 1-3 days for the receiving bank to receive the funds Within a day for a domestic wire transfer. International wire transfers can take up to 7-10 days Costs and fees Around 1% of the paymentamount. No fees on the receiving side.
With an electronic check, money is electronically transferred from the payer’s checking account to the seller’s checking account, where it is directly deposited after passing through the national ACHnetwork. Paymentamount. As an eCheck comes in an electronic format, it requires fewer steps to process it.
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