Payment Savvy

FEBRUARY 23, 2023

Some of the most common ACH return 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 ACH returns? An ACH return means that the ACH failed to charge money from a customer’s account.

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EBizCharge

OCTOBER 17, 2023

This article will explore the processes involved in ACH payments, explaining how to distinguish returns vs. reversals and answering common questions such as what is an ACH return and can you reverse an ACH payment? When an error occurs, the transaction is often resolved through one of two methods: ACH reversal or ACH return.

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Stax

JUNE 27, 2024

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). The most common types of direct deposits via ACH transfer include employee salary payments, government benefits, and tax returns.

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Nanonets

MARCH 21, 2023

The ACH network then combines each message into a batch that is sent to the bank receiving the request (the receiving depository financial institution, or RDFI). Day 2, 12:00 PM: The ACH network delivers this latest round of files as ACH credit requests to every bank where your employees have an account (the RDFIs).

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Stax

APRIL 23, 2024

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. Step 4: Payment processing Once the RDFI approves the fund’s amount, the direct payment will be processed. And the best part about ACH?

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Payment Savvy

NOVEMBER 10, 2022

There’s the ODFI, which stands for Originating Depository Financial Institution, and there’s the RDFI, which stands for Receiving Depository Financial Institution. To put it simply, the ODFIs are the financial institutions that send the transaction, while RDFIs are the institutions that receive it.

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PYMNTS

SEPTEMBER 9, 2016

Of the 420-plus customers, Rojas said about 140 are currently using one of the company’s two ACH products, dubbed ACH-ODFI and ACH-RDFI. ODFI focuses on the origination of transactions, while RDFI concentrates on receiving transactions.

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