ACH Payment vs Wire Transfer: What’s the Difference and Which Payment Method Should You Use?
Stax
JUNE 27, 2024
They’re mostly used to process direct deposits and payments. Some people refer to ACH payments as direct debit, direct deposit, or auto-transfer. The utility company (the ODFI) passes the ACH files to the financial institution, which then sends a file with the payment request to the customer’s bank (the RDFI).
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