Batch Check Payments
ACH can also mean Automatic Clearinghouse. ACH is a form of e-payment or electronic payment. There are two ways payments can be transferred:
(1) by wire transfer, or
(2) through an automated clearinghouse.
Wire transfer is an e-payment system that is designed to handle high-dollar, time-crucial payments, usually between large banks. ACH is designed to be an e-check or electronic check. Unlike the wire transfer, it is usually used to process higher volumes or small-dollar payments for settlement issues within 1 to 2 business days.
All ACH transactions are settled pretty much the same way checks are. The clearinghouse takes all of the ACH files received daily from member banks, it then divides them by the originating bank (where the check was either cashed or deposited) and the paying bank (the bank where the check was drawn), then it totals the accounts, and credits or deducts the accounts accordingly.
Why InfoMerchant/Fasttransact?
Fasttransact provides innovative and integrated merchant account services, providing the terminal management, the Internet payment gateway, the customer support, the transaction processing for credit card, debit card and check related services. Fasttransact also offers and provides online or offline reporting services, consolidating the billing of services. With Fasttransact, merchants do not need to go somewhere else to get what they need. We also handle International Merchant Accounts, Offshore Merchant Accounts, High Risk and basically any solution deemed possible.
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