Remove ACH Network Remove Payment Networks Remove RDFI
article thumbnail

What is an ACH Deposit and How Does It Work?

Stax

ACH payments are a convenient way for business owners, individuals, and employers to use intuitive automated banking throughout their daily lives. Most small business owners and employers are turning to ACH payments instead paper check payments because of the ease and instant access the ACH network provides.

ACH
article thumbnail

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. Your bank sends the ACH files with the payment details based on the ACH instructions to the utility company (merchant).

article thumbnail

ACH SEC Codes

Payment Savvy

Before diving deeper into SEC codes, let’s take a minute to better understand ACH transactions – if you’ve already worked with ACH transactions and have an idea about what is involved in them, you can skip this section and go straight to SEC codes. When it comes to an ACH transaction, there are two main participants.