![]() ![]() Even if the company you’re paying can’t use the funds for a few days, you’ll know they’re on the way, and they’ll know they’ve been paid. That said, one of the convenient things about making an ACH payment is that you see the funds go out immediately. ![]() Even though they’re electronic payments, it usually takes 2–4 business days for the transfer to complete. How do ACH payments work?ĪCH stands for Automated Clearing House-which only matters because there are a lot of security measures in place that go into the “clearing” part. It’s also safer than using paper checks, which can get lost, or worse, putting your name, address, and bank account info into the wrong hands and exposing you to check fraud.Īnd it’s much faster than sending a check-not just for your vendor, but for your own accounting. Why do so many businesses use the ACH system? For one thing, it’s easy and convenient. Or, if you set up your mortgage or electric bill to be taken automatically out of your bank account every month, those were probably ACH payments too. ![]() If you’ve ever received a paycheck by direct deposit, that was probably through the ACH system. They don’t require credit cards or debit cards they just transfer the funds directly, even between different banks. ACH payments move money electronically from one bank account to another. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |