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5 Benefits of ACH Payments Over Check Payments

Stax

Another significant NACHA rule is the requirement for authorization. Before initiating ACH payments, businesses must obtain explicit authorization from the customer. The record of authorization must also be retained for a specific period (often two years) to demonstrate compliance if needed.

ACH 88
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The Basics of Electronic EFTs: What is an Electric Funds Transfer?

EBizCharge

EFTs are a reliable and efficient method for electronically transferring money between bank accounts since they use computer-based systems without exchanging physical paper money or checks. Delays can also occur based on the institutions involved and if a transfer is initiated late in the day or after the end of a business day.

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An Overview of Payment Regulation In The USA

Clearly Payments

Key Payment Regulations in The USA Electronic Fund Transfer Act (EFTA): Enacted in 1978, the EFTA establishes the rights, liabilities, and responsibilities of consumers and financial institutions engaged in electronic fund transfers (EFTs).