What is ACH processing?
ACH stand for Automated Clearing House. It is a system of payment processing through which funds can be transferred between both checking and savings accounts. In the first financial quarter of 2015, the ACH network recorded $4.7 billion worth of ACH transactions. The number of companies that are using ACH network for handling different types of payments is increasing with each passing day. ACH processing is being used to complete transactions including direct deposit payrolls, social security payments, mortgages, utility bills and insurance premiums. The ACH network has been in practice for more than 40 years. It is a much more convenient and cost effective method of transactions as compared to the traditional methods like credit/debit cards and paper checks. Over the years, ACH processing has gained a good reputation as a reliable, secure and private way for processing payments.
What is the difference between ACH payments and eChecks?
ACH payment processing is quite similar to electronic checks (eChecks). However, eChecks are only limited to single and on-time payments. On the other hand, ACH payments can transfer funds through credit or debit and offer recurrent billing between bank accounts.
What sectors are most compatible with ACH processing?
ACH payments are best for companies that deal with recurring payments like memberships, monthly bills or other types of subscriptions. Therefore, ACH processing is compatible with various sectors including healthcare, financial institutions, property management services and utility providers.
Is ACHProcessors suitable for payroll and vendor payments?
Transactions initiated through WEB, PPD and TEL are supported by ACH processing provided by ACHProcessors.
How long does it take to settle funds received via debiting?
The time required to settle funds through debiting depends on the banks that are working with ACHProcessors so it depends on what bank you have chosen to settle the transactions.
What kind of file format is supported by ACH processing to send ACH batch submissions?
Files in the ‘.csv’ format or in standard NACHA field formats are accepted for ACH payments.
Is it secure to use the ACH payment solutions by ACHProcessors?
It is completely safe to use ACH payment solutions. All transactions are submitted using technologies that comply with the PCI Level One and SOC.
Are there any hidden charges when using ACH processing?
ACH processing is a transparent system. Clients are given complete details regarding the cost that they will have to afford using ACH processing when they are being setup with the system.
How much fee do I have to pay for using ACH processing?
In order to get complete details about the ACH processing, the setup and the costs associated with it, we recommend that you get in contact with us by using the contact us form. On the receiving of your request, our advisors will get in touch with you as soon as possible to provide you with the relevant information.
How do get signed up for the ACH processing by ACHProcessors?
The first step towards signing up for ACH processing is to fill the contact us form provided in our contact us section. You will be given complete and relevant information as soon as your submission is received by our advisors.
How much time do banks take to underwrite the solution?
Your application will take 36 to 48 hours to get reviewed and approved by the bank. Approval is only possible when all the required documentation has been received by the bank.
How soon should I begin submitting transactions for processing after approval by the bank?
After the approval of your application for ACH processing, a test transaction will be processed and then settled. If it works out, you can start submitting transactions for processing.
What are the terms and conditions of ACHProcessors in regard to ACH processing?
The Origination agreement has a comprehensive outline of the terms and conditions.
What should I do with the transaction authorizations?
You should keep the transaction authorizations with you for a time period of 2 years from that date they were effective. This is the rule of NACHA and authorizations include both verbal and written formats.
How will I know that an ACH payment has been processed successfully?
You can confirm the processing of an ACH payment by logging on to our web-based reporting tool. It is possible that you might face trouble logging on, in which case you should get in contact with our support team to help you troubleshoot.
How much time it takes to process ACH credit payments?
ACH credit payments can take 1 working day to get settled after it has been submitted for processing.
What happens in case an ACH transaction is rejected?
ACHProcessors keeps a portfolio of scrubbing solutions. These solutions help to reduce the risk of unauthorised and administrative returns.
How the ACH payments processed using ACHProcessors’ ACH processing show up on the bank statements?
Merchants are allowed to choose a billing descriptor that suits them for the transactions they are processing.
Do the customers have an option of charging back the ACH payments?
Customers can easily charge back the ACH payments. This can also be done in the case of unauthorised transactions. However, these kinds of situations rarely occur due to better management of authorization from customers before the processing of the ACH payments.