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Home What is online ACH payment?
02 Jun 2023 By PAYCEC
ACH is a secure and widely used electronic payment system in the United States that facilitates the movement of funds between bank accounts.
ACH payments offer a convenient and efficient alternative to traditional paper checks, allowing businesses and individuals to send and receive funds electronically. When making an online ACH payment, the payer authorizes the transfer of funds from their bank account to the recipient’s bank account.
To initiate an online ACH payment, the payer typically provides their bank account information, including the account number and routing number, through a secure online platform or payment gateway. This information establishes a connection between the payer’s bank and the ACH network.
The payer’s bank then verifies the availability of funds and sends the payment instruction to the ACH network. The ACH network is an intermediary, routing the payment instruction to the recipient’s bank. The recipient’s bank receives the payment instruction and deposits the funds into the recipient’s account.
Payroll direct deposits, bill payments, business-to-business payments, and e-commerce transactions are all examples of how ACH payments are used. They provide businesses and individuals with a convenient and efficient way to send and receive payments electronically, reducing reliance on physical checks and improving cash flow management.
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