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How to Choose Between EFT vs ACH: A Comprehensive Guide

Stax

TL;DR: Electronic Funds Transfer (EFT) is the umbrella term for all electronic payments made between bank accounts. Automated Clearing House (ACH) is one type of EFT that processes payments in batches through the ACH Network. In 2024, it processed 1.2 No cash or checks needed.

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Chargeback Rules: What Laws & Regulations Govern the Dispute Process?

Fi911

What do banks need to know about the chargeback legislation process? We will provide insight into how these regulations differ between card schemes, and help financial institutions to better understand the dispute process from all sides. It was a response to emerging technologies like ATMs, electronic POS terminals, and remote banking.

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What is an EFT Payment? Everything to Know About This Method of Payment

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While most businesses already use some EFT payment methods, there are several popular options to consider implementing to improve the speed and convenience of payment processing. What is an Electronic Funds Transfer (EFT) Payment? EFT payments are fast. Streamlined.

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What Is an EFT Payment?

Payment Savvy

Of course, one of the most common electronic payment methods is credit and debit card transactions. Every time you use your card to make a purchase, whether in a store or online, the transaction is processed electronically. But with direct deposits, the entire process can be carried out electronically.

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

EBizCharge

For businesses , EFTs simplify the payment process by allowing direct payments, reducing the administrative workload associated with handling paper checks and enhancing the speed at which transactions can be settled. These electronic transfers range from automated payments to on-demand transfers.

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5 Benefits of ACH Payments Over Check Payments

Stax

ACH payments are more straightforward than how credit card processing works, both on the consumer-facing and business end. These transactions usually process within one to three business days and are most commonly used for payments such as direct deposits for payroll, recurring bill payments, and B2B invoice payments.

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

Stax

billion in merchant processing fees. It’s meant to incentivize customers to pay using cash and reduce the costs associated with accepting electronic payment methods. On the other hand, surcharging passes the processing cost to the customer. Electronic payment methods involve a middleman, which leads to payment processing fees.