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Some of the most common ACHreturn codes are caused by incorrectly entered information or insufficient funds available, while others can be more complicated and include issues with authorization and more. What Are ACHreturns? An ACHreturn means that the ACH failed to charge money from a customer’s account.
With ACH debit, banks and lenders can automatically withdraw payments on the agreed-upon due date, ensuring timely repayment and a predictable payment stream. Insurance companies are often ACHoperators, using ACH debit payments, making it easier for policyholders to maintain coverage without worrying about late payments.
Most small business owners and employers are turning to ACH payments instead paper check payments because of the ease and instant access the ACH network provides. ACH transactions provide a quick and easy way to pay employees, submit and retrieve tax returns, and automatically control your finances within 1-2 business days.
When it comes to an ACH transaction, there are two main participants. There’s the ODFI, which stands for Originating Depository Financial Institution, and there’s the RDFI, which stands for Receiving Depository Financial Institution. All this is happening at the point of purchase and the check is returned to the customer.
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