article thumbnail

How to Choose Between EFT vs ACH: A Comprehensive Guide

Stax

Understanding ACH Payments: The Backbone of Bank Transfers EFT is like a toolbox for digital payments, while ACH is one of the most reliable tools you can find inside. Automated Clearing House (ACH) is a subset of EFT in the United States that moves funds through the ACH network. Lets look into that closely below.

ACH 88
article thumbnail

What Is an EFT Payment?

Payment Savvy

And if you’re ever unsure whether a payment has been processed correctly, contact your bank or financial institution for help. But overall, EFT payments are safe, efficient, and easy to use. Regulations for EFT Payment Methods. EFT Payment FAQs. What information is needed for an EFT Payment? In Conclusion.

article thumbnail

5 Benefits of ACH Payments Over Check Payments

Stax

Paper checks are being ditched by businesses and consumers alike because they are simply inconvenient and lack the security assurance of a digital payment method. Businesses are expected to have procedures in place to promptly address and reverse erroneous ACH payments, maintaining integrity and trust in the ACH network.

ACH 88
article thumbnail

What is a Cash Discounting Program and How Does It Work?

Stax

While electronic payments have been rising in popularity, you still can’t ignore cash. According to YouGov Profiles , 67% of Americans still use traditional payment options for in-store purchases. In 2023, card brands in the U.S. earned approximately $135.75 billion in merchant processing fees.