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ACH (Automated Clearing House) payments are electronic fund transfers that use the ACHnetwork to move funds between bank accounts in the United States. This payment method is widely used for direct deposit of payroll, payment of bills, and business-to-business payments.
In this article, we'll explore the ACHnetwork and ACHpayments, how ACHpayments function, and the ways in which it impacts our daily financial transactions. What are ACHpayments? A few years ago, NACHA held a vote to upgrade ACH and make same-dayACH the default method of payment.
Additionally, ACHpayments are processed in batches and take a few business days (though they’re usually cheaper), whereas wire transfers are processed individually and can be completed within the sameday. International wire transfers can take up to 7-10 days Costs and fees Around 1% of the paymentamount.
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