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Understanding ACH

Technology has changed the world in virtually every way imaginable, including the way that we do business, pay bills, make purchases, and more. Behind most of today's business transaction is a system known as ACH, or Automated Clearing House. ACH is a type of payment processing that is designed to provide some very real benefits to those using it including:

Tablet displaying people talking to each other• Flexibility • Convenience • Improved Efficiency • Fewer Errors • Faster Processing Times • Higher Security

ACH works simply. Customers provide a routing or checking account number, and the payment amount is verified digitally instead of having to mail off checks and wait for approval before funds are transferred. It helps ensure that no 'bad' checks are being used, speeds up the entire process, and provides immediate funds transfer in most cases. Checks, debit cards, and online payments can all be managed through ACH.

Another way ACH can be used is through automatic payments. Most companies can set up direct draft payments for mortgages, loan payments, and even electrical bills and other monthly bills. Companies can use ACH to pay their employees through direct deposit instead of paper checks. This automated system makes it much easier to keep timely on payments and adds a layer of convenience that other payment processing options can't match.

The ACH system utilizes a national network that is overseen by the NACHA – the National Automated Clearing House Association. This organization is operated by a branch of the federal government, ensuring that the funds are protected and that all aspects of it operate according to very strict guidelines. The security for this payment processing option is strong and keeps information protected at all times.

The benefits offered by this type of payment processing are so great they simply can't be ignored. For businesses, it allows increased flexibility that will increase sales. By giving customers as many different options for payment as possible, the amount of business will increase substantially. Consumers will enjoy the fast convenience offered by it, and both parties will have access to the information through digital reports that makes tracking expenses and income simply. Employers are able to streamline payroll and stay compliant at all times, as well.

Simply put, ACH is indispensable in today's economy. Almost all businesses already use it on a regular basis, and most consumers already rely on it as well – even if they don't realize it at the time. It's something that is only going to become more important as time goes on, and can't be ignored.

Posted in ACH, ACH Processing on Nov 11, 2013