For a quicker, safer, more efficient way to electronically move funds among banks and financial institutions across the United States, merchants must consider accepting ACH debit transactions. Understanding ACH ACH debit and credit transactions occur on the Automated Clearing House (ACH) network, which under the oversight of NACHA, connects more than 25,000 banks and other financial institutions, allowing for to...
Processing just got a little bit faster. Mid-September, it was announced that the nation’s automated clearing house network had launched same-day clearing and settlement for debit transactions. Same-day debits have been called “Phase 2” in NACHA’s faster-payments plan. Phase 1, same-day credits, was introduced a year ago, allowing users to move payments from their bank accounts to the accounts of...
According to the Electronic Payments Association, almost $5 billion in US electronic payments were brought in on the same day in October 2016. This happened after the adoption of new rules by financial institutions to accelerate the transfers. The trade group stated nearly 3.8 million same-day transfers (the average amount made up $1.303) were registered in October 2016. According to...
A new rule by the Electronic Payments Association (NACHA) will enable same-day ACH payments. NACHA moves money between banking institutions with a guarantee of 48-hour transactions. Generally all financial institutions are required to participate because if the sender participates, the receiving bank must follow suite. When same-day ACH payment is adopted it could change everything, and your business should be...
