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Electronic Check Processing Convenient Way To Pay Online
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ACH “Automated Clearing House” a fund deliver system that processes e-payments and electronic debit and credit transfer. Incorporating electronic check payment solutions for your customers can take your business at new heights, as they do not have to go for complex payment process to transact. When you choose for E-payments the most convenient way to reach huge customers can capture the global markets.
The automated clearing house is highly secure and trustworthy payment transfer system now used in U.S.A. These is a network connect all the banks and financial institution to make payments and transfer funds. With Automated clearing house you can do Direct Debit, Business to Business, Business to Customers payments, Debit Transaction, E-commerce payments and Electronic Bill Payments. Beside ACH, E-payments is also hot topic in today’s global market. It’s a type of payment that automatic process by computer to make financial transaction. Many people use this services in regular intervals of time for making payments through debit cards, credit cards, electronic bill payments, direct deposit. E-payments are considered as immediate payment services for account to account transfer. This kind of payment modernized the global markets making east way to scroll high sales volume and capture wide range of customers.
ACH Networks Quick Facts
The bunch processing system where financial institutions Collect ACH transactions for later Bunch processing.
ACH processing transactions are transmitted electronically and process less paper work for necessary transactions thus allowing you for faster payments and same time saves the cost.
ACH Processing networks processes two types of transaction direct deposit and direct payments via ACH
Direct deposit through ACH is deposit for employee expense reimbursement, government benefits, tax and other refunds, and annuities and interest payments. It includes any ACH credit payment from a business or government to a consumer.
The online check processing services is quick and time saving, settlements and transfer of funds from one account to another generally take next business day
Statistic of ACH
The number of paper checks paid in 2012 is estimated to have been 18.3 billion for a total value of $26 trillion. (Source: The 2013 Federal Reserve Payments Study, December 2013.)
Consumer bill payments were the single largest use of checks in the United States, but the estimated number of these checks declined by more than 1 billion from 2009 to 2012 (Source: The 2013 Federal Reserve Payments Study, December 2013.)
For more info visit us on http://www.radiantpay.com/checkprocessing.html
ACH Network volume grew to almost 23 billion electronic payments, an increase of almost 5 percent over 2013
The volume of B2B transactions increased 7.3 percent over 2013
Recurring payments, which account for almost half of total ACH Network volume, grew by 4.4 percent over 2013
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