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ACH vs. EFT Payments: What’s the Difference?

Payment Savvy

An EFT, or rather an Electronic Funds Transfer, is a type of digital payment between banks or banking institutions of a very broad description and is used by private individuals and businesses alike. Paypal and Venmo are good examples of P2P platforms, both of which have simplified the process of sending money. Direct Deposit.

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ACH Payment vs Wire Transfer: What’s the Difference and Which Payment Method Should You Use?

Stax

They’re mostly used to process direct deposits and payments. Some people refer to ACH payments as direct debit, direct deposit, or auto-transfer. ACH is also the technology behind most peer-to-peer money transfer services in the US, including Paypal, Zelle, Cash App, and Venmo.