Financial Services

What is an ACH Payment?

An Automated Clearing House or ACH is an electronic network for financial transactions that process large volumes of credit and debit transactions in batches, including direct deposits, payroll payments, insurance premiums, mortgage loans, and point of sale check conversion transactions. Effectively an ACH is a computer-based clearing facility between depository institutions. Previously ACH transactions were…

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How to Prevent Online Fraud

We’ve all been warned about con artists, and most of us probably think we’re too smart to fall for their scams. However, being lured is easier than you’d think. Remember, these are professional liars who are skilled at gaining your trust and using that trust to steal from you. Unfortunately, the online con artist is…

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How Does Electronic Check Payment Processing Work?

When we say ‘electronic check’ (or e-check), a lot of people assume we’re referring to a soft copy check, meaning a paper check has been scanned or photographed and sent my email, text, or instant messaging. This isn’t necessarily true. An e-check actually has several differences. For one thing, a paper check is sent by…

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Should I Accept E-checks For My Business?

One of the most common excuses for late payments is, ‘The check is in the mail.’ Nevertheless, many businesses still accept payments by check because it’s convenient for their customers. If you run one of those businesses, then you probably have measures in place to avoid bounced payments and fraudulent activities. Now there’s another option…

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ACH Payments vs. Wire Transfers vs. EFT Payments

You may have heard the terms ACH, wire transfer and EFT, but are still unsure what they mean exactly, and how they differ from each other. In terms of straightforward definitions, you have the ACH which stands for Automatic Clearing House, and EFT which stands for Electronic Funds Transfer. To start off, we’re going to…

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What are ACH Payments and Should I Accept Them?

As a business, you may think you should accept whatever form of payment your customers prefer. After all, it ensures that you get paid, right? Well, in theory, yes. But in reality, you’re unlikely to accept a barter trade in the 21st century, so when a client suggests a method you haven’t tried before, you…

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How to Make Payments Easier for Your Customers

When people first started exchanging goods and services, they used barter trade, which was a challenge. After all, how do you decide how many bags of salt or heads of cattle are equivalent to an hour’s use of your swimming pool?  Once precious stones and metals became forms of exchange, it was easier to gauge,…

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What Are Interchange and Processor Fees?

Many businesses hesitate to open a merchant account and start processing credit card payments, because they are wary of the interchange and processor fees that may be involved. It also does not help that some merchant service providers can have a labyrinthine fee system that’s hard to understand. This short guide will explain the major…

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The Difference Between ACH and a Debit Card Transaction

The debit card has been an alternative to checks for quite some time. It offers an easy way of transferring money electronically, from either a checking and savings account, and, if it carries a credit card logo, then it can be used for payments anywhere that credit card is accepted. ACH works with direct debit…

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Key Benefits to Payment Processing Integration

The average business receives payments through multiple methods. You might receive cash at the cash register, checks in the mail, and cards online. Chances are you run all three systems separately, so you have one dossier for cash, one folder for checks, and a bank statement for credit card transactions. Fortunately, if you have the…

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