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100+ Payment Industry Terms Explained in Plain English

Clearly Payments

ACH (Automated Clearing House) The U.S. Same Day ACH A faster version of ACH that settles payments the same business day. NACHA The organization that governs the ACH network in the U.S. 1099-K A tax form that reports card and third-party payment volume to the IRS for U.S.

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How to make ACH payments

Nanonets

The ACH network is managed by NACHA, which was earlier known as the National Automated Clearing House Association. NACHA is a non-profit organization that is responsible for the supervising and rule-making functions for ACH transactions. There are also Next Day ACH transfers and Same Day ACH transfers available.

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What are ACH payments? And how does it work?

Nanonets

In the United States, ACH is not controlled by the government, but rather by a body known as NACHA (National Automated Clearing House Association) that is made of representatives from most banks in the US. A few years ago, NACHA held a vote to upgrade ACH and make same-day ACH the default method of payment.

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ACH Payment vs Wire Transfer: What’s the Difference and Which Payment Method Should You Use?

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Additionally, ACH payments are processed in batches and take a few business days (though they’re usually cheaper), whereas wire transfers are processed individually and can be completed within the same day. International wire transfers can take up to 7-10 days Costs and fees Around 1% of the payment amount.