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The customer will input the required payment information on the page and then click Pay to authorize the transaction. Payment verification Once the payment processor receives the now-encryptedpayment information, it will be sent to the issuing bank for verification.
The National Automated Clearing House Association (NACHA) governs the operation of the Automated Clearing House (ACH) network , a centralized system financial institutions use to facilitate electronic payments and transactions across the U.S.
And since EFT payments are made electronically, they’re much more efficient than traditional paper-based methods like mailing invoices and accepting checks. EFT payments are also very secure. The transaction is encrypted and processed through a secure network when you make a payment with a credit or debit card.
sanctioned countries Security Features Highly secure with financial industry standards, encryption, and strict protocols Enhanced security with proof of identity required Best for Recurring bills, payroll, government transactions, B2B payments High-value transactions, urgent payments, international transfers What is ACH (Automated Clearing House)?
This can include fixed payments, such as a subscription service, or variable payments, such as utility bills, where the amount owed may differ each month. Once authorized, the business can adjust the paymentamounts based on your bill, and you do not need to re-authorize the payment each time. In the U.S.,
With an electronic check, money is electronically transferred from the payer’s checking account to the seller’s checking account, where it is directly deposited after passing through the national ACHnetwork. Some of the key security features used in the electronic check transaction process are: Advanced Encryption Standard.
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